The global consumption of soybean oil for food is dominated by China, which accounted for the highest share by a considerable margin in 2023. India and Brazil follow as significant consumers. Over the last two years, consumption has remained relatively stable with minimal year-on-year variation across most countries. The five-year CAGR suggests moderate growth, with China and India leading the trend. Forecasts up to 2030 predict continued dominance by China, with steady increases expected in India and other developing nations.
Key trends to watch in the future include:
- Rising demand in Asia, especially India, driven by increasing population and changing dietary preferences.
- Sustainability practices and production innovations influencing global supply chains.
- The impact of geopolitical factors and trade policies on international soybean oil markets.
- Health and wellness trends driving demand for plant-based oils, potentially affecting consumption patterns.
Top countries in Soybean Oil for Food Consumption, Forecast 2021-2030 Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 China | 54.75 | 2030 | View data |
| 2 | 2 India | 14.28 | 2030 | View data |
| 3 | 3 Brazil | 9.14 | 2030 | View data |
| 4 | 4 Mexico | 3.72 | 2030 | View data |
| 5 | 5 Bangladesh | 3.51 | 2030 | View data |
| 6 | 6 Egypt | 2.26 | 2030 | View data |
| 7 | 7 Iran | 1.95 | 2030 | View data |
| 8 | 8 Pakistan | 1.74 | 2030 | View data |
| 9 | 9 Argentina | 1.38 | 2030 | View data |
| 10 | 10 South Korea | 1.36 | 2030 | View data |
