The non-food uses of palm oil in China have seen a fluctuating trend over the past decade. In 2023, the volume stood at 2.24 million metric tons, with a year-on-year decline of 2.01%. Over the last five years, the compound annual growth rate (CAGR) indicates an average annual decrease of 2.55%. Notably, the period from 2014 to 2015 saw a significant increase of 10.27%, whereas 2016 experienced a substantial drop of 40.6%. Recent years have revealed a more consistent decrease, continuing into 2023 and forecasted to extend through 2028.
Future trends to watch for:
- The continued but slowing decrease in palm oil volume for non-food uses, with a forecasted 5-year CAGR of -1.76% and an overall decline of 8.49% by 2028.
- The potential impact of sustainability concerns and government policies on the demand for palm oil in industrial applications.
- Investments in alternative raw materials and emerging technologies that may affect palm oil consumption patterns.
