The US soybean oil processing industry showed moderate yet consistent growth from 2014 to 2023, standing at 4.13 million metric tons in 2023. The sector experienced variable growth rates over this period, demonstrating a dip in 2015 followed by a notable peak in 2018 with a growth rate of 7.54%. The last two years witnessed steady year-on-year growth at around 0.61%. The CAGR over the last five years leading up to 2023 stood at a relatively low 0.19%, indicating steady but minimal annual growth.
Future forecasts project a cautiously optimistic outlook with a 5-year CAGR of 0.44%, leading to an estimated processing volume of 4.25 million metric tons by 2028. This suggests a cumulative growth rate of 2.24% over the next five years.
Future trends to watch for include potential advancements in processing technology, shifts in domestic and global demand for soybean oil, and policy changes related to agriculture and food processing industries. Furthermore, the impact of climate change on soybean crop yields and the increasing focus on sustainable and eco-friendly production methods could significantly influence this sector's trajectory.
