The demand for soybean oil in Vietnam has experienced significant fluctuations over the past decade. Starting from a high of 94.0 Thousand Metric Tons in 2014, it dropped substantially to 65.0 Thousand Metric Tons in 2015. The trend showed a noticeable recovery in 2016 with a demand of 98.0 Thousand Metric Tons. Subsequent years saw a gradual decline, with minor fluctuations, reaching a value of 78.0 Thousand Metric Tons in 2023, marking a 0% year-on-year change from 2022. The Compound Annual Growth Rate (CAGR) over the past five years has been -0.51%.
Future trends indicate a continued decline in demand, forecasted to decrease to 73.0 Thousand Metric Tons by 2028. This represents a forecasted 5-year CAGR of -1.06% and an overall decline in the demand of approximately 5.19% from 2024 to 2028.
Key trends to watch for in the future include:
- Changes in dietary habits and health awareness impacting oil consumption
- Economic factors and purchasing power of consumers
- Government policies regarding food imports and local production
- Market competition and technological advancements in the oil production industry
