In the analysis of palm oil non-food uses in South Africa, the value stood at 404 thousand metric tons in 2023. Over the last two years, the year-on-year variation has been consistently at 0.5%, while the last five-year CAGR is 0.35%. This suggests a stable growth pattern in recent years.
The historical data reflects some volatility, notably the sharp decline of 55.13% in 2015 and a significant rebound of 116.57% in 2016. From 2017 onwards, growth has been relatively steady, with minor fluctuations between -1% and 0.75%, indicating an overall stabilizing market.
Looking forward, the forecast data from 2024 to 2028 shows a projected average annual growth rate (CAGR) of 0.44%, translating to a cumulative growth rate of 2.22% over the next five years. This suggests a continued, albeit modest, upward trend in palm oil non-food uses in South Africa.
Future trends to watch for will include technological advancements in industrial applications of palm oil, potential regulatory changes affecting import/export policies, and shifts in global palm oil supply chains that could impact South Africa's market. Additionally, the growing focus on sustainable and eco-friendly practices could influence market dynamics in the coming years.
