In 2023, China's soybean oil consumption led globally at 21.46 million metric tons, followed by the United States and Brazil at 11.14 and 8.65 million metric tons, respectively. India and Argentina rounded out the top five. The year-on-year variations were stable, supported by steady demand in these countries, with a five-year forecast indicating a similar trend barring any economic disruptions.
Looking ahead to 2030, several future trends are noteworthy in global soybean oil consumption:
- Emerging markets like India and Brazil will likely contribute significantly to rising global demand.
- Environmental concerns and sustainability practices might impact production and consumption patterns.
- Technological advancements in agriculture could improve yields and efficiency, affecting supply dynamics.
- Geo-political tensions and trade agreements may influence the global supply chain and trade flows.
Top countries in Soybean Oil Consumption, Forecast 2021-2030 by Country
| # | 10 Countries | Thousand Metric Tons | Last Year | |
|---|---|---|---|---|
| 1 | 1 China | 21,460 | 2030 | View data |
| 2 | 2 United States | 11,140 | 2030 | View data |
| 3 | 3 Brazil | 8,650 | 2030 | View data |
| 4 | 4 India | 5,600 | 2030 | View data |
| 5 | 5 Argentina | 2,360 | 2030 | View data |
| 6 | 6 Bangladesh | 1,530 | 2030 | View data |
| 7 | 7 Mexico | 1,460 | 2030 | View data |
| 8 | 8 Egypt | 897.3 | 2030 | View data |
| 9 | 9 Iran | 762.9 | 2030 | View data |
| 10 | 10 Pakistan | 703.3 | 2030 | View data |
