The demand for soybean oil in Malaysia stood at 87 thousand metric tons in 2023, continuing its growth with a 2.35% year-on-year increase. Over the past decade, the demand has exhibited steady growth, marked by significant peaks like the 20.37% rise in 2015. Notable variations include 8.57% in 2017 but also a slight decline of 2.59% in 2020. The five-year CAGR from 2019 through 2023 was 2.21%, indicating consistent yearly growth.
Looking forward, forecasted data suggests that the demand will continue ascending, reaching 96.38 thousand metric tons by 2028, with a five-year CAGR of 1.63%. This points to a trend of sustained but modest growth in the medium term, amounting to an 8.4% total increase over the period from 2024 to 2028.
Future trends to watch for include potential impacts of changes in domestic agricultural policies, fluctuations in global soybean production, and evolving dietary preferences among Malaysian consumers which could significantly influence soybean oil demand. These factors will be critical in shaping the trajectory of the market.
