Australia's import of crude soybean oil has been on a downward trajectory since 2013. The volume stood at 3.5712 million kilograms in 2023, representing an overall decline. The earlier years showed inconsistent year-on-year changes, with a notable drop of 38.13% in 2018. The import volume has continued to fall, consistently decreasing by 5-6% per year from 2020 to 2023. For 2024 and beyond, a forecasted 5-year CAGR of -6.22% and an overall decline of 27.48% by 2028 indicate a continuing reduction in import volumes.
Future trends to watch for include potential shifts in domestic production, changes in consumer preferences, and global supply chain disruptions which could significantly affect import volumes. Additionally, economic policies and trade agreements will play a crucial role in determining future import trends.
