From 2014 to 2023, the demand for soybean oil in North America has exhibited moderate growth, with values rising from 8.79 to 10.58 million metric tons, highlighting variable year-on-year changes. While there were instances of significant growth spurts, such as in 2018 with a growth of 7.55%, there were also slight declines, as seen in 2019 and 2022. The latest data for 2023 indicates a year-on-year increase of 0.98%, and a CAGR of 0.62% over the last 5 years. Future demand from 2024 to 2028 is forecasted to continue its upward trend, reaching 11.08 million metric tons by 2028, with a forecasted 5-year CAGR of 0.71% and overall growth of 3.58%.
Future Trends to Watch for:
- Impact of sustainability practices and environmental regulations on production and demand.
- Technological advancements in agricultural practices leading to potential shifts in production capacity.
- Shifts in consumer preferences towards plant-based diets and healthier cooking oils.
- Economic fluctuations and trade policies influencing North-American exports and imports of soybean oil.
