The demand for soybeans in China has shown a steady growth over the past decade, reaching 118.18 million metric tons in 2023. The year-on-year variation in 2023 was 1.69%, demonstrating a consistent upward trend. Over the last two years, average annual growth has also been around 1.69%. Historical data reveals that there were significant fluctuations: a sharp rise in 2015 with a 16.7% increase, and notable dips like the -3.2% in 2020. The compound annual growth rate (CAGR) for the last five years (2018-2023) is 1.48%.
Looking forward, from 2024 onwards, the forecasted CAGR stands at 1.31%, leading to a projected demand of 128.43 million metric tons by 2028, marking an overall growth rate of 6.73% over this period.
Future trends to watch for include the impact of global trade policies, domestic agricultural developments, and shifts in dietary preferences on soybeans demand. Additionally, climate change and sustainability practices will play a significant role in shaping the future supply and demand dynamics of soybeans in China.
