The soybean oil market in Indonesia has shown a generally upward trend from 2014 to 2023, with the market volume rising from 453.0 thousand metric tons to 510.0 thousand metric tons. Notably in 2020, the market saw a significant dip of 16.5%, but quickly recovered in 2021 with a 21.2% increase. The year-on-year growth rate for 2023 was 0.59%. Over the past five years, the compound annual growth rate (CAGR) was 0.52%, indicating steady, albeit slow, growth.
Looking at future trends, from 2024 to 2028, the market is forecasted to grow at a five-year CAGR of 0.5%, with an overall increase of 2.53% by 2028. Market players should watch out for factors such as changes in consumer preferences, regulatory policies, and potential disruptions in the supply chain which could impact future trends.
