Brazil led global soybean oil industrial consumption in 2023 with 5.07 million metric tons. Argentina followed at 1.82 million metric tons, with other countries like Bangladesh, Thailand, and South Korea consuming significantly less. Noteworthy year-on-year growth was nil due to various static industrial dynamics from 2022 to 2023. Over the past five years, the consumption presented a calculated compound annual growth rate (CAGR) reflecting stable demand.
Future trends suggest a gradual increase in consumption driven by rising industrial applications, environmental sustainability focus, and potential geopolitical influences affecting supply chains. Key countries to watch include Brazil and Argentina, often impacted by agricultural policy shifts.
Top countries in Soybean Oil for Industrial Usage Consumption, Forecast 2021-2030 by Country
| # | 10 Countries | Thousand Metric Tons | Last Year | |
|---|---|---|---|---|
| 1 | 1 Brazil | 5,070 | 2030 | View data |
| 2 | 2 Argentina | 1,820 | 2030 | View data |
| 3 | 3 Bangladesh | 153.6 | 2030 | View data |
| 4 | 4 Thailand | 67.38 | 2030 | View data |
| 5 | 5 South Korea | 55 | 2030 | View data |
| 6 | 6 Japan | 53.23 | 2030 | View data |
| 7 | 7 Taiwan | 26.03 | 2030 | View data |
| 8 | 8 Russia | 25 | 2030 | View data |
| 9 | 9 Pakistan | 22.35 | 2030 | View data |
| 10 | 10 Egypt | 10 | 2030 | View data |
