In 2023, Indonesia led global palm oil domestic consumption, showing an 8.58% increase, while India and China followed with 1.42% and a -1.66% variation, respectively. Malaysia saw a 2.42% rise, with the United States and Nigeria experiencing considerable growth at 4.79% and 4.95% respectively. Notable increases also occurred in Colombia (6.55%) and Brazil (6.12%), whereas Russia and Myanmar saw declines of -2.95% and -2.47% respectively.
Key trends to watch for in global palm oil consumption include Indonesia's continued dominance and growth, the potential recovery or further decline in China's usage, and monitoring the United States and Nigeria for sustained increases. Additionally, new entrants with significant growth percentages such as Iraq and Afghanistan could impact the global market dynamics in the coming years.
Top countries in Palm Oil Domestic Consumption Share by Country (Thousand Metric Tons)
# | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
---|---|---|---|---|---|---|
1 | 1 Indonesia | 26 | 2023 | +6.6% | +8.58% | View data |
2 | 2 India | 12.45 | 2023 | +9.55% | +1.42% | View data |
3 | 3 China | 8.05 | 2023 | +12.5% | -1.66% | View data |
4 | 4 Malaysia | 5.07 | 2023 | -0.025% | +2.42% | View data |
5 | 5 Pakistan | 4.72 | 2023 | +2.78% | +1.71% | View data |
6 | 6 Thailand | 3.54 | 2023 | +3.35% | +2.07% | View data |
7 | 7 United States | 2.41 | 2023 | +0.8% | +4.79% | View data |
8 | 8 Nigeria | 2.38 | 2023 | +4.19% | +4.95% | View data |
9 | 9 Bangladesh | 1.98 | 2023 | -3.12% | +0.67% | View data |
10 | 10 Colombia | 1.97 | 2023 | +5.46% | +6.55% | View data |