Key Market Indicators
Venezuelan oilseeds consumption is projected to plummet to approximately 240 metric tons by 2028, down from 4,000 metric tons in 2023. This marks a staggering annual decline of 40.4% in compound annual growth rate (CAGR). The trend has been ongoing since 2019, with demand decreasing by 10.6% year on year. In 2023, Venezuela ranked 131st in oilseeds consumption, with Slovenia surpassing it at 4,000 metric tons. Leading countries in this category included India, Indonesia, and Brazil, occupying the second, third, and fourth positions, respectively. Meanwhile, Venezuelan oilseeds production is expected to see a slight reduction, reaching roughly 129,800 metric tons by 2028, a marginal decrease from 130,600 metric tons in 2023. This represents an annual average decline of just 0.1%. Since 1966, the country’s supply has been decreasing by 0.3% annually. In 2023, Venezuela was ranked 77th in oilseeds production, with Zambia overtaking it at 130,600 metric tons. The top producers in this category were Brazil, Malaysia, and the United States, holding the second, third, and fourth spots, respectively.
