In 2023, Japan's soybean domestic consumption was recorded at an estimated 3.69 million metric tons. The forecasted data from 2024 to 2028 shows a slight upward trend, with predictions indicating a gradual increase from 3.7 million metric tons in 2024 to 3.73 million metric tons by 2028. The year-on-year growth is minimal, generally observing less than a 0.3% increase per year. Over the five-year period from 2024 to 2028, the average compound annual growth rate (CAGR) remains low, reflecting a stable demand for soybeans within the Japanese market.
Future trends to keep an eye on include:
- Potential shifts in consumer preferences towards plant-based diets, potentially boosting soybean demand.
- Trade policies affecting soybean imports, which might impact domestic consumption.
- Technological advancements in farming that could influence local production and consumption.
