In 2023, domestic soybean consumption in the US stood at 65.16 million metric tons. The forecast for 2024 indicates a consumption of 65.78 million metric tons, showing a modest year-on-year increase of about 0.95%. From 2024 to 2028, a steady rise is projected, with consumption expected to reach 68.02 million metric tons by 2028. This represents a compound annual growth rate (CAGR) of approximately 0.85% over the five-year period, indicating a stable and gradual increase in domestic demand.

Future trends to watch for include:

Potential shifts in consumer preferences towards plant-based diets could drive further increases in soybean consumption.
External factors such as changes in trade policies or climate change impacts on soybean yields.
Advancements in agricultural technology that might enhance production efficiency.