Vietnam's vegetable oils production experienced modest fluctuations from 2014 to 2023, reaching 312,000 metric tons in 2023. Production peaked in 2018 at 298,000 metric tons and saw slight declines, notably a 3.72% drop in 2020, before recovering to a 1.3% increase in 2023. The five-year CAGR from 2018 to 2023 was 0.92%. Over the forecast period from 2024 to 2028, the production is expected to grow at a forecasted five-year CAGR of 0.99%, reaching 332,000 metric tons by 2028.
Future trends to watch for:
- Impact of agricultural innovations and efficiencies on production volumes.
- Effect of domestic policies and international trade agreements on the market.
- Influence of climate change on crop yields and harvesting.
