Sesame oil production in Malaysia experienced a significant decline from 9.3 thousand metric tons in 2013 to 4.39 thousand metric tons in 2023. The year-on-year variation from 2013 to 2014 was particularly notable at -53.63%. A steady stabilization is observed from 2015 to 2023, with most years showing slight fluctuations around the 4.3-4.4 thousand metric tons range. The Compound Annual Growth Rate (CAGR) reflects minimal growth or slight decline, notably -2.68% in 2017.
Focusing on the recent trends (2019-2023), the variation shows a mixed pattern: 0.57% increase in 2019, -5.02% decrease in 2020, 5.26% increase in 2021, and stabilization at 0% in 2022 and 2023. The average annual growth over the past five years (ending in 2023) is marginal at approximately 0.11%. Forecast data indicates consistent production of 4.39 thousand metric tons from 2024 onwards, maintaining the current production levels.
Future trends to watch for:
- Potential impacts of climate change on sesame crop yields and subsequent oil production levels.
- Technological advancements in agricultural practices and their effect on production efficiency.
- Market demand shifts domestically and internationally which could influence production volumes.
- Economic policies and trade agreements affecting the export and import of sesame oil.