The historical data for oilseeds production in the US from 2014 to 2023 shows variability with peaks and troughs. Between 2014 and 2019, the production grew consistently except for a small dip in 2015. A significant growth was observed in 2016, which slowed down in subsequent years. The year 2020 saw a decline, but the trend resumed an upward trajectory from 2021 onwards. By 2023, the production stood at 139.7 million metric tons.
Year-on-year variations illustrate fluctuating trends with notable increases in 2016, 2021, and a decline in 2020. The compound annual growth rate (CAGR) over the last five years (2019-2023) was 0.87%, demonstrating modest growth.
Looking forward, forecasted data from 2024 to 2028 indicates a steady growth with a forecast 5-year CAGR of 0.68%. The production is estimated to reach approximately 145.85 million metric tons by 2028, reflecting a cumulative growth rate of 3.44% over the forecast period.
Future trends to watch for include technological advancements in agriculture, shifting trade policies, climate change impacts, and evolving market demands. These factors could significantly affect the trajectory of oilseeds production in the US.
