Key Market Indicators
Venezuelan soybean oil consumption is predicted to reach around 144 thousand metric tons by 2026, a decrease of 1.2% compared to 2021. Since 2017, the country has seen a drop of 1.3% year-on-year. In 2021, Venezuela ranked 22nd in the world, with Spain taking the lead at 154 thousand metric tons. China, India and Brazil held the second, third and fourth spots respectively. Venezuela's soybean oil production is expected to grow by 1.6% year-on-year and reach 36 thousand metric tons by 2026. Since 1966, the country has seen an increase of 7.2% year-on-year. In 2021, Venezuela was 44th in the world, with the Philippines coming in at 32 thousand metric tons. The United States, Brazil and Argentina held the second, third and fourth spots respectively.
