In South Africa, soybean oil production is forecasted to increase steadily from 2024 to 2028, with anticipated values of 342.0 thousand metric tons in 2024, rising to 408.0 thousand metric tons by 2028. For reference, the actual production value in 2023 stood at 325.0 thousand metric tons.
Year-on-year percentage variations highlight an upward trend:
- 2023 to 2024: +5.2%
- 2024 to 2025: +4.9%
- 2025 to 2026: +4.5%
- 2026 to 2027: +4.5%
- 2027 to 2028: +4.1%
The compound annual growth rate (CAGR) from 2023 to 2028 is estimated at 4.5% per year.
Future trends to watch for include advancements in agricultural techniques, potential impacts of climate change on production, and changes in global and domestic demand for soybean oil. Monitoring government policies and subsidies supporting the soybean industry will also be crucial.
