The demand for soybean oil in China has shown a steady increase from 2014 to 2023, with some fluctuations. In 2023, the demand stood at 18.37 million metric tons, marking a year-on-year increase of 1.54%. Over the last two years, the average year-on-year variation was approximately 1.57%. From 2018 to 2023, the Compound Annual Growth Rate (CAGR) is 1.5%, reflecting slow but stable growth.
Future trends suggest a continued, albeit modest, increase in demand with a forecasted 5-year CAGR of 1.2% from 2024 to 2028, translating to a cumulative growth rate of 6.13%. Key factors to watch include changes in domestic agricultural policies, international trade agreements, and potential shifts in consumer dietary preferences.
