The soybean market in South Africa has experienced notable fluctuations in volume over the past decade, with significant growth observed between 2014 and 2015, followed by a sharp decline in 2016. The market stabilized somewhat from 2017 onwards with occasional dips and modest growth rates. By 2023, the market volume stood at 202 thousand metric tons, marking a 3.59% year-on-year increase from 2022. The compound annual growth rate (CAGR) for the past five years leading up to 2023 was 1.88%, reflecting a relatively modest average annual growth. Looking ahead, the forecast indicates a CAGR of 2.79% over the next five years, suggesting continued moderate growth, with the volume expected to reach 241 thousand metric tons by 2028.
Future trends to watch for include:
- Impact of climate change on agricultural yields and soybean production.
- Technological advancements in farming practices boosting productivity.
- Global market conditions influencing export opportunities and demand.
- Policy changes and government incentives for soybean farming.
