China remains the dominant consumer of soybean oil with 37.64 thousand metric tons, exhibiting a 1.84% year-on-year increase. The United States follows at 13.79 thousand metric tons, with a slight 0.12% increase. India and Brazil are significant players at 10.85 and 8.61 thousand metric tons, respectively, with 1.43% and 1.71% growth. Meanwhile, Mexico at 2.82 thousand metric tons shows a 1.33% rise. Notably, Canada experienced the highest surge at 8.61%. Conversely, Bangladesh's consumption fell by 4.71%, while Pakistan dropped drastically by 10.59%.
Future trends to watch:
- China's continued expansion in soybean oil consumption due to rising urbanization and dietary shifts.
- Potential recovery and growth in developing nations like Pakistan and Bangladesh if economic conditions improve.
- Technology and health trends shifting consumption patterns in developed markets like the United States and Canada.
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 37.64 | 2023 | +2.22% | +1.84% | View data |
| 2 | 2 United States | 13.79 | 2023 | +0.6% | +0.12% | View data |
| 3 | 3 India | 10.85 | 2023 | -5.56% | +1.43% | View data |
| 4 | 4 Brazil | 8.61 | 2023 | +1.89% | +1.71% | View data |
| 5 | 5 Mexico | 2.82 | 2023 | -1.12% | +1.33% | View data |
| 6 | 6 Bangladesh | 1.87 | 2023 | +2.33% | -4.71% | View data |
| 7 | 7 Algeria | 1.84 | 2023 | +5.49% | +2.76% | View data |
| 8 | 8 Iran | 1.7 | 2023 | +3.23% | +5.4% | View data |
| 9 | 9 Egypt | 1.59 | 2023 | +11.94% | -3.26% | View data |
| 10 | 10 Peru | 1.16 | 2023 | +0.93% | +0.94% | View data |
