Between 2014 and 2023, the demand for oilseeds in Vietnam exhibited moderate growth, reaching 3.99 million metric tons in 2023. The compound annual growth rate (CAGR) from 2014 to 2023 was 0.78%, indicating steady year-on-year increases with an exception in 2015 where demand slightly decreased by 2.05%. Notable growth was observed in 2016 and 2017 at 4.93% and 8.96%, respectively. More recently, from 2021 to 2023, yearly growth rates averaged around 0.86%.
Forecasts from 2024 to 2028 project a continued upward trend with a 5-year CAGR of 0.62%, expecting the demand to grow to 4.15 million metric tons by 2028. This trend represents a 3.16% growth over the forecast period, suggesting a stable yet modest increase.
Future trends to watch for include potential impacts of climate change on agricultural yields, shifts in consumer preferences towards plant-based diets, and any changes in trade policies affecting import and export dynamics in Vietnam’s oilseeds market.
