In 2023, soybean oil production in Saudi Arabia stood at 78.0 thousand metric tons with a year-on-year variation of -2.5%. The historical data from 2014 to 2023 demonstrates a decreasing trend in production, with the year-on-year variation more pronounced between 2018 and 2019 (-17.82% and 3.61%, respectively). Over the last five years leading up to 2023, the compound annual growth rate (CAGR) was -1.23%. In contrast, the forecast for the next five years up to 2028 shows a projected average annual decline (CAGR) of -2.26%, leading to an expected production volume of 67.7 thousand metric tons by 2028.
Future trends to watch for include:
- Sustainability initiatives impacting agricultural practices.
- Global market demand shifts for soybean oil substitutes.
- Policy changes in Saudi Arabia affecting domestic production incentives.
