In 2023, the domestic food consumption of palm oil in Australia stood at 83.0 thousand metric tons. From the available forecast data, consumption is expected to grow steadily over the next five years, increasing to 84.0 thousand metric tons in 2024, 85.0 in both 2025, 2026, and 2027, and reaching 86.0 thousand metric tons by 2028.
Year-on-year variations indicate a stable market with minor growth:
- 2024: +1.2%
- 2025: +1.2%
- 2026: 0%
- 2027: 0%
- 2028: +1.2%
The average annual growth rate (CAGR) over the forecast period is approximately 0.7% per year, suggesting a relatively stable increase in domestic food consumption of palm oil.
Future trends to watch for include changes in consumer preferences towards healthier oils, potential regulatory impacts on palm oil usage, and advancements in sustainable palm oil production that could influence market dynamics.
