The supply of soybean oil in Saudi Arabia for the year 2023 stood at 175.0 thousand metric tons. Forecasted data indicates a modest yet steady increase in supply from 2024 to 2028. Specifically, a rise from 179.0 thousand metric tons in 2024 to 197.0 thousand metric tons by 2028. This reflects an average year-on-year growth of approximately 2.4% over the five-year period. Over the last two years, plus looking forward from 2024 to 2026, the supply sees an average increment closer to 2.9% per annum.
Looking towards future trends, factors to watch include global soybean production levels, trade policies, and economic conditions in both producing and consuming countries. Additionally, technological advancements in agricultural practices and potential shifts toward alternative oil sources could significantly impact soybean oil supply dynamics in Saudi Arabia.
