Key Market Indicators
Indonesia's soybean oil consumption is expected to reach 520,000 metric tons by 2026, up from 503,000 metric tons in 2021. This is an average yearly increase of 0.5%. Since 2017, Indonesian demand has grown at a rate of 0.4% annually. In 2021, Indonesia was the seventh-largest consumer, overtaken by Mexico, which consumed 503,000 metric tons. The top three consumers were China, India and Brazil. Indonesian soybean oil production is projected to reach 602,500 metric tons by 2026, up from 545,040 metric tons in 2021. This is a compound annual growth rate of 1.7%. Since 1966, Indonesian supply has increased by 3.3% each year. In 2021, Indonesia was the thirteenth-largest producer, behind Egypt at 545,040 metric tons. The top three producers were the United States, Brazil and Argentina.