The soybean oil market in Spain showed significant growth from 2014 to 2023, starting with a volume of 73.0 thousand metric tons in 2014 and reaching 181.0 thousand metric tons in 2023. Notably, a substantial increase occurred between 2014 and 2015, with a year-on-year variation of 94.52%. From 2021 to 2023, the market continued to grow steadily at an average annual rate of approximately 3.43%. Over the last five years, the compound annual growth rate (CAGR) was 3.83%, reflecting sustainable and moderate growth.
From 2024 onwards, forecasts suggest the market will continue its upward trend, projected to reach 207.0 thousand metric tons by 2028. The forecasted CAGR for the next five years stands at 2.16%, with an overall growth rate of 11.29% from 2024 to 2028.
- 2015 saw an exceptional jump in value by 94.52%, post which the market growth stabilized.
- Growth remained consistent from 2019 to 2023, maintaining moderate year-on-year variations.
- The longer-term trend indicates a steady increase in market size.
Future trends to watch for include technological advancements in oil extraction, increased demand for plant-based oils, and potential impacts of regulatory changes on soybean oil production and distribution in Spain.