Examining the soybean oil market in Mexico from 2014 to 2023, in 2023, the volume stands at 514 thousand metric tons. The trend shows a decline from the earlier peak in 2017, with a notable drop in 2018 and a significant decrease in 2020. The market saw fluctuations with a notable resurgence in 2021 but has generally remained flat or slightly declined since.
Year-on-year variation highlights:
- 2015: +1.33%
- 2016: +1.5%
- 2017: +1.11%
- 2018: -7.3%
- 2019: +2.17%
- 2020: -17.16%
- 2021: +20.02%
- 2022: -0.19%
- 2023: -0.19%
The Compound Annual Growth Rate (CAGR) over the last five years shows a meager growth of 0.24%, adjusting for the steep variations observed in 2020 and subsequent recovery in 2021. Future forecasts imply a gradual decline, with a forecasted 5-year CAGR of -0.18% and an overall growth rate of -0.88% by 2028.
Future trends to watch for include shifts in agricultural policies, trade agreements, and sustainability practices, which may influence production volumes. Monitoring the impact of health trends and alternative oils on consumer preferences and market dynamics will also be crucial.
