The demand for soybean oil in the U.S. has shown a general upward trend from 2014 to 2023, with some fluctuations. The value stood at 10.37 million metric tons in 2023, reflecting a 1.01% year-on-year increase from 2022. The compound annual growth rate (CAGR) over the last five years was 0.64%. The period saw notable year-on-year variations, such as a peak of 7.78% in 2018 and a downturn of -1.03% in 2019. From 2024 to 2028, the forecasted CAGR is 0.72%, with a projected overall growth rate of 3.64% over this period.
Future trends to watch for:
- Shifts in consumer preferences towards healthier oils.
- Impact of biofuel policies on soybean oil demand.
- Technological advances in soybean oil production and processing.
- Global market conditions influencing domestic supply and demand.
