The leading consumers of soybean oil globally are China, the United States, Brazil, and India, with China at the forefront with a 29.09% share. The United States and Brazil follow, accounting for 20.2% and 13.89% respectively. The consumption in these top countries has been generally rising, with notable increases in the United States at 3.45% and Brazil at 3.35% in the past year. On the other hand, Argentina shows a declining trend with a decrease of 2.18%.
The forecast for 2024 suggests a continued upward trend in countries like Canada, Saudi Arabia, Chile, and Senegal, which have shown significant growth rates. These variations indicate potential shifts in global consumption patterns as countries adapt to economic and agricultural changes and dietary preferences. Monitoring these growth patterns will be crucial for understanding the global soybean oil market's trajectory.
Top countries in Soybean Oil Domestic Consumption Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 29.09 | 2023 | +5.67% | +2.23% | View data |
| 2 | 2 United States | 20.2 | 2023 | +1.82% | +3.45% | View data |
| 3 | 3 Brazil | 13.89 | 2023 | +10.1% | +3.35% | View data |
| 4 | 4 India | 8.38 | 2023 | -5.56% | +1.43% | View data |
| 5 | 5 Argentina | 3.86 | 2023 | +14.63% | -2.18% | View data |
| 6 | 6 Mexico | 2.18 | 2023 | -1.12% | +1.33% | View data |
| 7 | 7 Bangladesh | 1.63 | 2023 | +3.13% | -4.62% | View data |
| 8 | 8 Algeria | 1.42 | 2023 | +5.49% | +2.76% | View data |
| 9 | 9 Iran | 1.31 | 2023 | +3.23% | +5.4% | View data |
| 10 | 10 Egypt | 1.25 | 2023 | +11.76% | -3.22% | View data |
