Between 2014 and 2023, the non-food use of palm oil in Mexico has shown steady growth, rising from 116.0 Thousand Metric Tons to 134.0 Thousand Metric Tons. The average annual growth rate (CAGR) over the last five years has been 0.61%, with the most recent year-on-year increase for 2023 being 0.75%. This indicates a stable and gradual increase in demand. Notable variations include a 6.03% spike in 2015 and a 4% rise in 2018, pointing to occasional fluctuations within an otherwise steady upward trend.
Analysis of the forecasted data up to 2028 suggests a continued but slight growth trajectory. By 2028, the non-food use of palm oil is predicted to reach 139.0 Thousand Metric Tons, with a forecasted five-year CAGR of 0.59% and an overall growth rate of 2.96% during this period.
Future trends to watch for include:
- Potential regulatory changes impacting non-food uses of palm oil.
- Technological advancements and shifts towards more sustainable alternatives.
- Emerging market dynamics and economic factors that could accelerate or slow growth.
- Global environmental initiatives that may influence the demand for sustainable palm oil usage.
