From 2014 to 2023, Canada’s demand for palm kernel oil has seen significant fluctuations with a general upward trend. The demand value stood at 16 thousand metric tons in 2023. Initial years depict steady growth until 2015, followed by a notable increase peaking in 2017. Subsequent years demonstrated moderate growth and occasional declines. Since 2021, the trend stabilizes upwards with modest year-on-year variations, showing a 6.67% increase by 2023 and a CAGR of 4.24% over the last five years.
Future demand is expected to grow, albeit at a slower pace with a forecasted five-year CAGR of 2.33%, resulting in an estimated value of 18.4 thousand metric tons by 2028. This indicates a projected growth rate of around 12.2% from 2023 levels.
Future trends to watch for:
- Market influences such as sustainability and environmental concerns impacting palm kernel oil production and consumption.
- Potential shifts towards alternative oils based on health trends.
- Industrial applications and innovations driving demand changes.
