The United States leads the global soybean oil domestic industrial consumption at 42.21 thousand metric tons, followed by Brazil at 31.99 and Argentina at 13.81. Notable year-on-year variation shows significant increases in consumption for the United States (8.12%) and Norway (8.45%), while Brazil has a modest growth of 5.02%. Conversely, Argentina saw a decline of 2.44%, and South Korea experienced a 6.17% drop. The most drastic reductions were in the United Arab Emirates and Saudi Arabia, both down by 100%. Stable consumption is seen in countries like Thailand, Israel, Russia, Egypt, Pakistan, the Philippines, Jordan, and Uruguay.
Future trends to watch include rising consumption in established markets such as the United States and Brazil. Additionally, potential rebounds in countries with significant declines (e.g., Argentina, South Korea) should be monitored closely. The impact of geopolitical and economic factors on these fluctuations remains a critical area of focus for the upcoming years.
Top countries in Soybean Oil Domestic Industrial Consumption Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 42.21 | 2023 | +3.22% | +8.12% | View data |
| 2 | 2 Brazil | 31.99 | 2023 | +18.92% | +5.02% | View data |
| 3 | 3 Argentina | 13.81 | 2023 | +18.75% | -2.44% | View data |
| 4 | 4 Bangladesh | 0.8 | 2023 | +10% | -3.87% | View data |
| 5 | 5 Thailand | 0.36 | 2023 | 0% | 0% | View data |
| 6 | 6 South Korea | 0.29 | 2023 | +33.33% | -6.17% | View data |
| 7 | 7 Japan | 0.25 | 2023 | 0% | -2.64% | View data |
| 8 | 8 Israel | 0.25 | 2023 | 0% | 0% | View data |
| 9 | 9 Russia | 0.22 | 2023 | 0% | 0% | View data |
| 10 | 10 Taiwan | 0.15 | 2023 | +33.33% | -0.97% | View data |
