The domestic consumption of soybean oil in Singapore in 2024 is forecasted to reach 16.0 thousand metric tons, showing a recovery pattern from the year 2023, where domestic consumption stood at 15.5 thousand metric tons. The projected year-on-year variation from 2023 to 2024 is approximately a 3.2% increase. For the subsequent years, from 2024 to 2028, the consumption is expected to stabilize at around 17.0 thousand metric tons, indicating a steady state with no significant increase year-on-year post-2025. The Compound Annual Growth Rate (CAGR) over the next five years is anticipated to be approximately 1.6%.
Trends to watch for in the future include potential shifts in dietary preferences, changes in import policies, innovations in alternative oils, and price fluctuations in the global soybean oil market. Monitoring these factors will help anticipate any significant deviations from current consumption forecasts.
