In 2023, the actual demand for soybeans in Australia stood at 47.0 thousand metric tons. Moving into the forecasted years, demand is expected to decrease with values of 46.0 thousand metric tons in 2024, 45.0 thousand metric tons in 2025, 43.0 thousand metric tons in 2026, 41.0 thousand metric tons in 2027, and 40.0 thousand metric tons in 2028.
Analyzing the year-on-year variation:
- From 2023 to 2024: -2.1%
- From 2024 to 2025: -2.2%
- From 2025 to 2026: -4.4%
- From 2026 to 2027: -4.7%
- From 2027 to 2028: -2.4%
The compound annual growth rate (CAGR) from 2023 to 2028 is -3.2%.
Future trends to watch for include potential impacts of climate change on soybean agriculture, technological advancements in farming practices, changing trade policies, and shifts in domestic and international demand. Expanding markets for plant-based products could also influence consumption patterns.
