India's domestic consumption of soybeans is projected to grow steadily between 2024 and 2028, from 12.39 million metric tons to 13.3 million metric tons. In 2023, the consumption stood at an estimated 12.17 million metric tons. The year-on-year growth rates indicate a consistent increase: 1.86% from 2024 to 2025, 1.82% from 2025 to 2026, 1.71% from 2026 to 2027, and 1.76% from 2027 to 2028. This results in a compound annual growth rate (CAGR) of approximately 1.77% over the five-year period from 2024 to 2028.
Future trends to watch for:
- Increasing demand for plant-based proteins could drive higher soybean consumption.
- Government policies on agriculture and trade might affect soybean availability and pricing.
- Technological advancements in agriculture could improve yields and supply capabilities.
- Climate change impacts on crop production need monitoring due to potential disruptions.
