In 2023, the domestic consumption of palm oil in Singapore stood at 104.0 thousand metric tons. Based on forecasted data, the consumption is expected to grow steadily from 2024 to 2028, reaching 117.0 thousand metric tons by 2028. On a year-on-year basis, the increase in consumption is anticipated to be approximately 3% from 2024 to 2025, 1.8% from 2025 to 2026, 2.7% from 2026 to 2027, and 1.7% from 2027 to 2028. Over the five-year period from 2023 to 2028, the compound annual growth rate (CAGR) is approximately 2.4%.

Future trends to watch for:

Shifts in consumer preferences towards more sustainable palm oil products.
Impact of government regulations on palm oil imports and consumption.
Technological advancements in palm oil production and alternatives.
Fluctuations in global palm oil prices and their impact on domestic market trends.