In 2023, the production of oil crops in the US was recorded at 127.5 million metric tons. Forecasts for the subsequent years indicate a consistent upward trend:
- 2024: 128.54 million metric tons (0.82% YoY increase)
- 2025: 129.68 million metric tons (0.89% YoY increase)
- 2026: 130.78 million metric tons (0.85% YoY increase)
- 2027: 131.87 million metric tons (0.83% YoY increase)
- 2028: 132.94 million metric tons (0.81% YoY increase)
On a broader scale, the compound annual growth rate (CAGR) for 2024-2028 is approximately 0.84%.
Future trends to watch include technological advances in agricultural practices, shifts due to climate change, alterations in policy impacting crop production, and evolving market demands. Additionally, potential disruptions in the global supply chain and biofuel policy changes could significantly influence production volumes.
