The data shows that soybean oil production in the US generally experienced steady growth from 2014 to 2023, standing at 11.16 million metric tons in 2023. Year-on-year variations over the period range from a high of 8.26% in 2021 to a low of -4.2% in 2020. The Compound Annual Growth Rate (CAGR) over the last five years is 0.51%. Forecasted values from 2024 to 2028 suggest a continued, though modest, growth with a forecasted 5-year CAGR of 0.62% and an overall growth rate of 3.13%.
Future trends to watch for include:
- Continued impact of climate change on soybean yields and oil production.
- Economic factors influencing demand and production costs.
- Technological advancements in soybean cultivation and oil extraction.
- Changes in domestic and international market demands.
