Key Market Indicators
Vietnam is projected to see its oilseeds consumption rise to approximately 1.93 million metric tons by 2028, up from around 1.81 million metric tons in 2023. This marks a steady growth rate of 1% annually. The country's demand for oilseeds has been on an upward trend, increasing by 1.2% each year since 2019. In 2023, Vietnam ranked sixth globally in oilseeds consumption. The United States led the category with a consumption of 1.81 million metric tons. India, Indonesia, and Brazil followed as the second, third, and fourth largest consumers, respectively. On the production side, Vietnam's oilseeds output is anticipated to reach nearly 400,000 metric tons by 2028, growing from about 386,000 metric tons in 2023. This represents an annual growth rate of 0.6%. The country's oilseeds supply has been consistently increasing by 1% annually since 1966. Vietnam was the 49th largest producer of oilseeds in 2023, with Benin slightly ahead at the same output level of 386,000 metric tons. Brazil, Malaysia, and the United States occupied the second, third, and fourth spots in global oilseeds production, respectively.
