Analysis of the Forecasted Soybean Oil Supply in Mexico:
The soybean oil supply in Mexico for 2024 is expected to reach 1.56 million metric tons, showing a gradual increase over the subsequent years to 1.64 million metric tons by 2028. In 2023, the actual supply was 1.54 million metric tons. This forecast indicates a steady year-on-year growth of approximately 1.28% - 1.30%, marking consistent progress each year.
Key Trends:
- 2024: 1.56 million metric tons
- 2025: 1.58 million metric tons – 1.28% increase year-on-year from 2024
- 2026: 1.60 million metric tons – 1.27% increase year-on-year from 2025
- 2027: 1.62 million metric tons – 1.25% increase year-on-year from 2026
- 2028: 1.64 million metric tons – 1.23% increase year-on-year from 2027
The Compound Annual Growth Rate (CAGR) over the five-year period from 2024 to 2028 is around 1.26%, reflecting sustained, modest growth in soybean oil supply.
Future trends to watch for include impacts of climate change on soybean harvests, technological advancements in agriculture, potential trade policies that might affect import-export dynamics, and evolving consumer preferences driving demand for soybean oil.
