The soybean oil demand in the United Arab Emirates stood at 72 thousand metric tons in 2023. Analyzing year-on-year variations, the demand showed significant fluctuations: a sharp drop of 21.84% in 2015, followed by minor changes with notable increases in 2018 (13.04%) and 2021 (18.85%). The year 2023 saw no change in demand compared to 2022. The overall compound annual growth rate (CAGR) over the past five years leading to 2023 was -1.59%, indicating a gradual decline.
Looking at the forecast data from 2024 onwards, the CAGR for the next five years is projected to be -0.75%, with a total growth rate contraction of 3.69% by 2028. This suggests a continuing albeit slower decline in demand. Future trends to monitor include the potential impacts of changing dietary preferences, economic conditions, and import regulations which can significantly affect the soybean oil market.
Trends to watch for:
- Shifts in consumer dietary preferences and their impact on soybean oil demand.
- Economic factors influencing import volumes.
- Changes in trade policies and regulations affecting soybean oil supply.
