In 2023, the import of refined canola, rape, colza, or mustard oil fractions to the US stood at 1.75 billion kilograms. The forecasted increase from 2024 to 2028 shows a consistent annual growth rate. This growth is projected as follows:
- 2024: 1.8198 billion kilograms
- 2025: 1.876 billion kilograms
- 2026: 1.931 billion kilograms
- 2027: 1.9849 billion kilograms
- 2028: 2.0378 billion kilograms
Year-on-year growth is relatively consistent, with an average growth rate of about 2% annually (CAGR).
Future trends to watch include potential impacts of climate change on oilseed crop yields, emerging trade agreements or policy changes affecting import dynamics, and shifts in dietary preferences or biodiesel production influencing demand for vegetable oils.
