The global domestic food consumption of soybean oil shows China leading with 17.7 million metric tons, followed by the United States at 6.49 million metric tons. China's consumption grew by 1.84% from the previous year. Other significant markets include India and Brazil, with impressive year-on-year increases of 1.43% and 1.71%, respectively. Notable growth was observed in regions like Canada (8.61%) and Ethiopia (24.57%). Some countries, such as Bangladesh and Pakistan, faced declines of -4.71% and -10.59%, illustrating volatility in certain markets.
Future trends to watch include a shift in consumer preferences towards healthier oils, which may influence soybean oil demand. Enhancements in agricultural productivity in key countries could impact global supply levels. Furthermore, environmental and policy factors, such as trade regulations and sustainability efforts, will likely shape the landscape of soybean oil consumption globally.
| # | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 17,700 | 2023 | +2.22% | +1.84% | View data |
| 2 | 2 United States | 6,490 | 2023 | +0.6% | +0.12% | View data |
| 3 | 3 India | 5,100 | 2023 | -5.56% | +1.43% | View data |
| 4 | 4 Brazil | 4,050 | 2023 | +1.89% | +1.71% | View data |
| 5 | 5 Mexico | 1,330 | 2023 | -1.12% | +1.33% | View data |
| 6 | 6 Bangladesh | 880 | 2023 | +2.33% | -4.71% | View data |
| 7 | 7 Algeria | 865 | 2023 | +5.49% | +2.76% | View data |
| 8 | 8 Iran | 800 | 2023 | +3.23% | +5.4% | View data |
| 9 | 9 Egypt | 750 | 2023 | +11.94% | -3.26% | View data |
| 10 | 10 Peru | 545 | 2023 | +0.93% | +0.94% | View data |
