The North American oilseeds market size in terms of volume stood at 2.38 million metric tons in 2023. Over the past decade, the market demonstrated a steady growth trajectory, starting at 2.31 million metric tons in 2014 and displaying moderate year-on-year fluctuations. The most recent annual growth rate showed an increase of 0.17% for 2023. The compound annual growth rate (CAGR) over the last five years was 0.15%, reflecting a consistent but slow upward trend.
Key observations include:
- From 2014 to 2017, there was a gradual increase in volume, peaking with a 1.99% growth in 2017.
- The market stabilized from 2018 to 2022, with marginal increases or a flat growth rate around 0.17% per year.
- Forecasts indicate the market will continue its modest growth, with a forecasted CAGR of 0.13% over the next five years through 2028.
Future trends to watch for include:
- Technological advancements in genetically modified crops that could enhance yield and productivity.
- Shifts in consumer preferences towards plant-based diets that could drive demand for oilseeds.
- Impact of climate change on oilseed production and supply chain dynamics.
- Policy and regulatory changes in agriculture and trade that could affect market dynamics.
