The domestic food consumption of soybean oil in Singapore was valued at 15.0 Thousand Metric Tons in 2023. The forecast from 2024 to 2028 indicates a steady growth, with an expected increase to 16.0 Thousand Metric Tons in 2024, followed by a rise to 17.0 Thousand Metric Tons annually from 2025 to 2028. This indicates a year-on-year growth of 6.67% from 2023 to 2024, and a sustained level thereafter.
Future trends to watch for:
- Consumer dietary preferences shifting towards healthier alternatives.
- Potential regulatory changes affecting the import and use of soybean oil.
- Market dynamics such as price fluctuations of soybean oil and alternative oils.
- Technological advancements in oil extraction and processing methods.
