Soybean oil demand in Saudi Arabia has experienced significant volatility from 2014 to 2023. The highest annual demand was recorded in 2017 with 58.0 thousand metric tons, while the lowest was in 2015 at 25.0 thousand metric tons. By 2023, the demand had decreased to 36.0 thousand metric tons, reflecting a -2.7% year-on-year change. Additionally, the Compound Annual Growth Rate (CAGR) over the last five years stood at 1.76%, indicating a modest upward trend.
Looking forward, the forecasted data suggests a gradual decline in demand with a projected CAGR of -1.65% from 2024 to 2028. By 2028, the demand is expected to decrease to 32.49 thousand metric tons, a -7.96% drop from 2023 levels.
Future trends to watch for:
- Changes in domestic agricultural policies and subsidies that could impact soybean production and importation.
- Shifts in consumer preferences towards alternative oils or plant-based diets.
- Impacts of global market dynamics and trade regulations on soybean oil import costs.
