The Indonesian soybean market is forecasted to grow steadily from 356.47 thousand metric tons in 2024 to 365.68 thousand metric tons in 2028. This increase represents a Compound Annual Growth Rate (CAGR) of approximately 0.7% over these five years. Year-over-year growth rates are modest, with an average annual increase of around 0.5% to 0.6% from 2024 to 2028. Notably, in 2023, the soybean market stood at 354.10 thousand metric tons, placing the current and projected growth figures into perspective.
Future trends to watch for in the Indonesian soybean market include:
- Increasing demand for plant-based protein products.
- Technological advancements in agricultural practices.
- Fluctuations in global soybean prices and potential impact on imports.
- Policy changes regarding import tariffs and local agricultural incentives.
