The domestic food consumption of soybean oil in the US is forecasted to experience incremental growth from 2024 to 2028, increasing annually from 6.51 to 6.56 million metric tons. This represents a modest but steady year-on-year growth, averaging approximately 0.15% per year. In 2023, the consumption level stood at just below 6.51 million metric tons. Over the last two years, the consumption trend indicates stability, aligning with the CAGR of 0.15% projected over the five-year period.
Future trends to watch for include potential impacts from policy changes related to health and dietary recommendations, shifts in consumer preferences towards plant-based oils, and fluctuations due to agricultural innovations and yield impacts affecting supply. Environmental considerations and sustainability efforts may also play a significant role in shaping consumption patterns.
