The demand for soybean oil in Angola has exhibited notable fluctuations over the past decade. Between 2014 and 2017, the market experienced significant growth, peaking in 2017 with a substantial year-on-year increase of 24.29%. Conversely, certain years such as 2015 and 2020 saw marked declines of -8.45% and -16.01% respectively. Recently, the demand has stabilized, with growth rates hovering around 1.15% in 2023. The five-year CAGR leading up to 2023 is 1.18%, reflecting moderate annual growth.
The forecast for the period from 2024 to 2028 is relatively optimistic, suggesting an annual average increase (CAGR) of 0.94%, leading to an overall expected growth rate of 4.8% over these years. This indicates a steady, albeit modest, increase in demand for soybean oil in Angola moving forward.
Future trends to watch for include potential impacts of economic fluctuations, improvements in domestic oil production capacity, changes in dietary patterns, and the influence of government policies on agriculture and imports. Monitoring these factors will be crucial for predicting and understanding changes in demand for soybean oil in the region.
