The forecast for soybean oil domestic industrial consumption in the US shows a steady increase from 6.14 million metric tons in 2024 to 7.43 million metric tons in 2028. Compared to the actual consumption in 2023, which was slightly below 6 million metric tons, this represents a progressive growth. The year-on-year growth rates average around 5.2%, indicating consistent incremental increases. The compound annual growth rate (CAGR) over this five-year span stands at about 4.8%.
Going forward, key trends to watch include advances in biofuel policies, ongoing demand in the food and feed sectors, and potential shifts in industrial applications of soybean oil. Additionally, factors like trade policies and biotechnology developments in crop yields could impact future consumption patterns.
