The soybean oil market in Saudi Arabia demonstrated significant volatility from 2014 to 2023, with the volume showing fluctuations due to various factors. In 2023, the market stood at 36.0 thousand metric tons, reflecting a slight decline of 2.7% year-on-year. Notably, the CAGR over the last five years (2019-2023) was 1.76%, indicating a moderate growth trend despite the year-to-year volatility.
Key historical variations include:
- 2014-2015: Drastic decrease of 47.92%
- 2016: Remarkable 100% increase from the previous year
- 2017: 16% increase
- 2018: Significant 43.1% decline
- 2019: 18.18% growth from 2018
- 2020: 19.13% decrease from 2019
- 2021: 17.31% increase
- 2022: No change (0%) from 2021
- 2023: 2.7% decrease
Forecast data for 2024 to 2028 suggest a gradual decline, with the market expected to shrink at a CAGR of -1.65%, leading to an overall decrease of 7.96% over this period. This represents a modest downward trend, driven likely by changing consumption patterns and potential competition from alternative oils.
Future trends to watch for include potential shifts in consumer preferences towards healthier oils, regulatory changes affecting the import and production of soybean oil, and advancements in agricultural technology that could impact production volumes and market dynamics.
