The forecasted soybean consumption at the farm gate in the US is projected to increase steadily from 2024 to 2028, starting at 65.47 million metric tons in 2024 and reaching 67.91 million metric tons by 2028. Comparatively, in 2023, the consumption stood at approximately 64.85 million metric tons. The year-on-year increase is consistent at about 0.94%, indicating moderate but stable growth. The compound annual growth rate (CAGR) over the five-year period is approximately 0.92%, highlighting a sustained upward trend in soybean consumption.
Future trends to watch for:
- Increasing demand for plant-based foods could propel soybean consumption further.
- Policy changes and trade dynamics may affect production and consumption rates.
- Technological advances in agricultural practices could enhance yield efficiency.
