The forecasted domestic consumption of soybean oil in the US is projected to increase steadily from 12.52 million metric tons in 2024 to 13.41 million metric tons by 2028. Compared to the consumption of the previous year, 2023, this represents consistent growth. Year-on-year variations show a steady upward trend:
- 2024 to 2025: 1.84% increase
- 2025 to 2026: 1.73% increase
- 2026 to 2027: 1.70% increase
- 2027 to 2028: 1.67% increase
The average compound annual growth rate (CAGR) over the five-year period is approximately 1.73%, indicating persistent, albeit modest, growth in consumption.
Future trends to watch for include potential shifts in dietary preferences, impacts of biofuel policies, development of alternative oils, and agricultural innovations which could influence production capacities and consumption patterns in the long term.
