In 2023, Brazil's soybean production was approximately 145 million metric tons. The forecast shows steady growth from 2024, with production levels expected to reach 150.93 million metric tons in 2024 and 173.49 million metric tons by 2028. This indicates a compound annual growth rate (CAGR) of about 3% over the forecasted period.
Year-on-year growth is projected as follows:
- 2024: 3.94%
- 2025: 3.80%
- 2026: 3.61%
- 2027: 3.45%
- 2028: 3.31%
Future trends to watch for include potential impacts of climate change on yields, advancements in agricultural practices and technology, and shifts in global demand for soybeans driven by biofuel production and changes in consumption patterns.
