Global soybean oil demand is concentrated in a few key countries, with China, the United States, and Brazil dominating consumption. In 2023, China's demand remained stable, while the United States and Brazil saw modest increases of 0.64% and 0.92%, respectively. India and Bangladesh experienced notable growth at 2.24% and 2.23%. Conversely, Venezuela saw a significant decline of 3.94%. Germany, Morocco, and Japan showed healthy increases above 1%. Portugal witnessed the largest drop at 8.81%. Unstable geopolitical and climatic conditions could shape future demand patterns.
Future trends to watch include:
- Potential growth in emerging markets like Africa due to increasing adoption of healthier oils.
- Possible impacts of climate change on soybean yield and production, influencing global supply and pricing.
- Continued expansion in demand from Asian countries, driven by population growth and increasing dietary oil consumption.
- Policy changes or trade agreements in major producing or consuming countries, impacting import/export dynamics.
- Advancements in agricultural technology improving yields and reducing market volatility.
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 31.67 | 2023 | 0% | 0% | View data |
| 2 | 2 United States | 17.87 | 2023 | +1.01% | +0.64% | View data |
| 3 | 3 Brazil | 13.3 | 2023 | +1.09% | +0.92% | View data |
| 4 | 4 India | 8.58 | 2023 | +1.24% | +2.24% | View data |
| 5 | 5 Argentina | 4.85 | 2023 | +0.18% | +0.99% | View data |
| 6 | 6 Bangladesh | 2.13 | 2023 | +2.49% | +2.23% | View data |
| 7 | 7 Egypt | 1.3 | 2023 | +3.71% | +1.73% | View data |
| 8 | 8 Algeria | 1.23 | 2023 | +1.13% | +1.07% | View data |
| 9 | 9 Iran | 1.21 | 2023 | +0.58% | +0.46% | View data |
| 10 | 10 Mexico | 1.05 | 2023 | -0.16% | +0.17% | View data |
