The soybean oil processing industry in Chile has shown substantial fluctuations over the last decade, with a peak in 2016 at 79 Thousand Metric Tons before witnessing a sharp decline. As of 2023, production stands at 28 Thousand Metric Tons, displaying a year-on-year decrease of 3.45%. The compound annual growth rate (CAGR) over the last five years is -3.23%, indicating a consistent decline. Notable year-on-year variations include significant decrements in 2017 and continuous declines from 2020 to 2023.
Forecasts from 2024 indicate a further decrease in production volume, with an average annual contraction rate of 6.08%, predicting a drop to 19 Thousand Metric Tons by 2028. This forecasted 5-year period demonstrates a negative growth rate of 26.92%.
Future trends to watch for include potential shifts in global soybean oil demand, changes in domestic agricultural policies, the impact of alternative oil sources, and advancements in processing technology which could either mitigate or exacerbate this declining trend. Monitoring global market conditions and technological developments will be essential for industry stakeholders.
