The soybean oil market in the US is predicted to see steady growth from 2024 to 2028, with per capita volume increasing slightly each year. In 2023, the volume stood at approximately 13.73 kilograms per capita. The year-on-year growth for the period is very minimal, with each year showing a gradual increase of roughly 0.01 to 0.02 kilograms per capita. This results in a positive yet minimal average annual growth rate over the next five years.
Future trends to watch for:
- Impact of dietary trends that favor plant-based oils.
- Potential shifts in agricultural practices and crop yield improvements.
- Regulatory changes affecting oil production and distribution.
- Economic factors influencing consumer purchasing power.
