Between 2014 and 2023, soybean oil production in South Africa exhibited notable fluctuations with periods of both growth and decline. As of 2023, production stood at 227.0 thousand metric tons, marking a modest year-on-year increase of 2.71%. Over the past five years, the compound annual growth rate (CAGR) was relatively low at 0.72%. Significant growth was observed in 2015 with a year-on-year rise of 31.16%, whereas 2018 saw an even more substantial increase of 47.97%. Conversely, 2016 and 2017 experienced declines of 9.94% and 9.2% respectively.
Looking ahead, the forecast suggests a steady but moderate growth trajectory with production expected to reach 253.8 thousand metric tons by 2028. The projected 5-year CAGR is 1.77%, indicating an overall 9.19% growth from 2023 to 2028.
Future trends to watch for include:
- The impact of climate change and environmental factors on crop yields.
- Advancements in agricultural technology and practices.
- Market demand fluctuations both domestically and internationally.
