The soybean oil market in Saudi Arabia is projected to see a steady decline in per capita consumption over the forecast period from 2024 to 2028. In 2023, the consumption stood at 1 kilogram per capita. For 2024, the forecasted consumption remains at 1 kilogram per capita. However, from 2025 onwards, there is an expected annual decrease: 0.97 kilograms in 2025, 0.94 kilograms in 2026, 0.91 kilograms in 2027, and 0.88 kilograms in 2028.
Year-on-year variation percentages are as follows:
- 2023 to 2024: 0%
- 2024 to 2025: -3%
- 2025 to 2026: -3.1%
- 2026 to 2027: -3.2%
- 2027 to 2028: -3.3%
Over the five-year period from 2024 to 2028, the Compound Annual Growth Rate (CAGR) indicates an average annual decrease of around 3.15% in per capita consumption of soybean oil.
Future trends to watch for include potential shifts in consumer preferences towards healthier oil alternatives, changes in dietary trends, and the impact of economic policies promoting local agricultural production and reducing dependency on imported oils.
