In 2023, China's domestic industrial consumption of palm oil stood at 2.50 million metric tons. For 2024, the forecasted consumption is 2.56 million metric tons, a year-on-year increase of 2.40%. The consumption is projected to grow by 2.56% in 2025, 1.92% in 2026, 2.26% in 2027, and 1.84% in 2028. Over the last two years, the average annual growth rate was approximately 2.48%. Over the forecasted five years, the Compound Annual Growth Rate (CAGR) is around 2.20%.
Future trends to watch for:
- Changes in China's industrial policies regarding palm oil usage.
- Shifts in global palm oil prices affecting domestic consumption.
- Potential advancements in alternative oils impacting demand.
- Environmental regulations potentially reducing palm oil utilization.
