Key Market Indicators
Australia's oilseeds consumption is projected to decline to around 105,000 metric tons by 2028. This reflects a 0.6% average annual decrease from the 109,000 metric tons recorded in 2023. Despite this downward trend, the demand for oilseeds in Australia has remained relatively stable since 2019. In 2023, Australia ranked 48th globally in oilseeds consumption, with Benin surpassing it at the same level of 109,000 metric tons. Leading the global rankings were India, Indonesia, and Brazil, occupying the second, third, and fourth positions respectively. On the production front, Australian oilseeds output is anticipated to reach approximately 1.35 million metric tons by 2028. This marks a modest 0.2% compound annual growth rate (CAGR) from the 1.33 million metric tons produced in 2023. However, since 1966, the country's supply has experienced an average annual decline of 5.5%. In terms of production rankings for 2023, Australia placed 18th globally, with Paraguay just ahead at the same production level of 1.33 million metric tons. Dominating the top spots in oilseeds production were Brazil, Malaysia, and the United States, holding the second, third, and fourth positions respectively.
