In 2023, the domestic consumption of soybean oil in Chile stood at 160.0 thousand metric tons. From 2024 onwards, the forecasted consumption shows a consistent upward trend. For example, in 2024, it is expected to be 162.0 thousand metric tons, rising to 164.0 thousand in 2025, 166.0 thousand in 2026, 169.0 thousand in 2027, and 171.0 thousand in 2028. Year-on-year, this indicates a moderate yet steady growth in soybean oil consumption.
In terms of variation, between 2022 and 2023 consumption increased by 1.25%. The compound annual growth rate (CAGR) from 2024 to 2028 is approximately 1.32%, underlining sustained consumption growth in the Chilean market.
Future trends to watch for include potential impacts of global soybean oil price fluctuations, changes in consumer dietary preferences possibly driven by health trends, and any regulatory measures affecting soybean oil production and importation.
