Soybean oil demand in Spain has shown significant growth over the past decade. From a relatively modest demand of 150 thousand metric tons in 2014, it surged remarkably by 2015 and 2016, posting year-on-year increases of 48.67% and 45.74%, respectively. After a slight decline in 2017 and 2018, the demand resumed its upward trajectory with a growth of 6.57% in 2019. Over the last two years, the growth has been stable, with 2023 registering a demand of 351 thousand metric tons and a year-on-year increase of 2.93%. The compound annual growth rate (CAGR) over the last five years stands at 3.96%.
Looking ahead, the demand is forecasted to continue increasing, albeit at a slightly slower pace, with a projected 5-year CAGR of 2.07% and an overall growth rate of 10.8% by 2028. Key future trends to monitor include potential changes in consumer preferences, policy shifts towards renewable energy sources, and agricultural productivity enhancements. These factors could significantly impact the trajectory of soybean oil demand in Spain in the coming years.
