The export volume of vegetable oils in Australia has shown a steady upward trend from 2014 to 2023. Starting in 2014, the volume was at 197 thousand metric tons and increased to 242 thousand metric tons by 2023, marking an overall increase of approximately 22.84%. The most significant annual growth rate was recorded in 2017 with an increase of 10.95%, whereas 2016 saw a minor decline of 0.94%. The Compound Annual Growth Rate (CAGR) over the past five years (2019-2023) is 1.11%.
Looking ahead, the forecasted data from 2024 to 2028 indicates a continued, albeit slower, growth trend. The volume is expected to reach 254 thousand metric tons by 2028, with a forecasted 5-year CAGR of 0.81% and a total growth rate of 4.1% over this period.
Future trends to watch for include potential impacts from changes in global trade policies, evolving consumer preferences towards healthier oils, and advancements in agricultural technologies which may enhance yield and quality. Additionally, environmental regulations and sustainability practices could influence production and export volumes.
