Key Market Indicators
Russian oilseeds consumption is projected to decrease slightly, reaching approximately 315,000 metric tons by 2028, down from 316,000 metric tons in 2023. This represents a modest decline of 0.1% year-on-year. Since 2019, Russian demand for oilseeds has grown at a rate of 0.3% annually. In 2023, Russia ranked 24th in oilseeds consumption, just behind Chad, which also consumed around 316,000 metric tons. India, Indonesia, and Brazil held the second, third, and fourth spots, respectively. On the production front, Russian oilseeds output is expected to climb to 11.05 million metric tons by 2028, up from 9.25 million metric tons in 2023. This marks an annual growth rate of 2.8%. Since 1997, Russian oilseeds production has surged by 5.8% per year. In 2023, Russia was the world's 10th largest oilseeds producer, with Ukraine narrowly surpassing it with a similar production figure of 9.25 million metric tons. Brazil, Malaysia, and the United States were the second, third, and fourth largest producers, respectively.
