The demand for vegetable oils in Norway is expected to consistently rise from 2024 to 2028. In 2023, the demand stood at 573.21 thousand metric tons. From 2024 to 2025, we observe a year-on-year growth of 1.35%. The subsequent years show similar increments: 1.31% from 2025 to 2026, 1.27% from 2026 to 2027, and 1.22% from 2027 to 2028. Analyzing the data over the last two years, the trend is clear, with a stable annual growth rate. The compounded annual growth rate (CAGR) over the forecasted five-year period (2024-2028) is approximately 1.30% per year.

Future trends to watch for:

Potential shifts in consumer preferences towards more sustainable and organic vegetable oils.
The impact of economic factors and inflation on pricing and demand.
Technological advancements in vegetable oil production and processing that might influence market dynamics.
Regulatory changes and health guidelines promoting healthier dietary fats.