The soybean oil market size in North America stood at 4.55 million metric tons in 2023. Over the last decade, the market has experienced slow but consistent growth, with fluctuations observed in certain years. For instance, between 2014 and 2018, the market showed a steady increase, while minor declines were seen in 2019 and 2022. The year-on-year growth for 2023 was 0.29%, indicating a mild uptick from the previous year. Going forward, the market is forecasted to grow at a CAGR of 0.2%, with a 1.02% overall growth expected over the next five years, reaching 4.61 million metric tons in 2028.
Future trends to watch for include:
- Shifts in consumer preference towards healthier and sustainable cooking oils
- Impact of trade policies and tariffs on soybean oil imports and exports
- Technological advancements in production processes improving yields
- Environmental factors, such as climate change, affecting crop production
