In 2023, the demand for vegetable oils in the US stood at 17.89 million metric tons, representing a year-on-year increase of 0.94%. Since 2014, demand has shown overall growth, with significant annual variations such as a 5.05% increase in 2015 and 4.25% in 2016. The average annual growth rate over the past five years (CAGR) has been 0.82%. Looking ahead, demand is projected to continue growing, reaching 18.69 million metric tons by 2028, with a forecasted average annual growth rate (CAGR) of 0.67% over the next five years.
Future trends to watch for include:
- Changes in consumer preferences towards healthier oils and sustainability.
- Impact of regulatory policies on production and importation.
- Technological advancements in oil extraction and refining.
- Potential disruptions from climate change affecting crop yields.
