The groundnut oil market in Indonesia stood at 27 Thousand Metric Tons in 2023, showing no growth from the previous year. From 2014 to 2023, the market demonstrated a general declining trend, despite some fluctuations. The market dropped significantly from 32.0 in 2014 to 23.24 in 2020, followed by a partial recovery to 27.0 by 2023. The compound annual growth rate (CAGR) over the last five years stands at -1.42%, indicating a yearly average decline. However, from 2019 to 2023, the market showed recovery with a minimal CAGR of 0%.
Looking forward, the groundnut oil market is anticipated to decline gradually with a forecasted CAGR of -0.7% over the next five years, reaching 25.76 Thousand Metric Tons in 2028. This slow decline suggests that market stability may be achieved, albeit at lower volume levels.
Key future trends to watch for include:
- Shifts in consumer preferences toward healthier oil alternatives
- Impact of government policies on groundnut cultivation and oil production
- Global market conditions affecting import/export dynamics
- Technological advancements in oil extraction and refining processes
