The oilseeds processing industry in North America exhibited steady growth from 2014 to 2023, increasing from 62.92 million metric tons in 2014 to 74.09 million metric tons in 2023. The year-on-year variation remained modest with some fluctuations, peaking at 4.48% in 2016 and recording the lowest at -0.2% in 2019. The compound annual growth rate (CAGR) over the last five years (2018-2023) stands at 0.69%, gradually declining from previous years' CAGR. For the years following 2023, the forecast suggests a continued, albeit moderate, growth with a 5-year CAGR of 0.63%. By 2028, the volume is expected to reach 77.1 million metric tons, indicating a 3.19% growth from 2023.
Future trends to watch for include:
- Technological advancements in processing methods which may boost efficiency and output.
- Potential impacts of climate change on oilseed crop yields influencing raw material availability.
- Growing demand for plant-based oil products driven by health and eco-conscious consumer trends.
- Influence of trade policies and tariffs on the import and export dynamics of oilseed products.
