The soybean oil supply in the US was 13.14 million metric tons in 2023. Forecasts from 2024 to 2028 indicate a steady rise: 13.24, 13.34, 13.44, 13.54, and 13.64 million metric tons, respectively. This reflects a consistent year-on-year growth rate of approximately 0.75%. The compound annual growth rate (CAGR) over the 5-year period is approximately 0.75% as well.
Future trends to watch for include:
- Climate impact on soybean yields.
- Changes in domestic and international demand.
- Technological advancements in agricultural practices.
- Legislative changes impacting soybean farming and oil production.
