In 2023, the United States led global soybean oil domestic industrial consumption at 5.81 million metric tons, showing an 8.12% increase. Brazil followed at 4.4 million metric tons, growing by 5.02%. Argentina's consumption stood at 1.9 million metric tons, declining by 2.44%. Bangladesh experienced a 3.87% decrease, aligning with its 0.11 million metric tons consumption. Most other countries reported minimal or no growth, with notable contractions in South Korea and Taiwan. The UAE and Saudi Arabia saw a drastic 100% decrease in reported consumption.
Future trends to observe include the increasing demand in emerging markets driven by industrial and economic growth, along with the impact of sustainability initiatives and biofuel policies on consumption patterns.
Top countries in Soybean Oil Domestic Industrial Consumption by Country
| # | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 5,810 | 2023 | +3.22% | +8.12% | View data |
| 2 | 2 Brazil | 4,400 | 2023 | +18.92% | +5.02% | View data |
| 3 | 3 Argentina | 1,900 | 2023 | +18.75% | -2.44% | View data |
| 4 | 4 Bangladesh | 110 | 2023 | +10% | -3.87% | View data |
| 5 | 5 Thailand | 50 | 2023 | 0% | 0% | View data |
| 6 | 6 South Korea | 40 | 2023 | +33.33% | -6.17% | View data |
| 7 | 7 Japan | 35 | 2023 | 0% | -2.64% | View data |
| 8 | 8 Israel | 35 | 2023 | 0% | 0% | View data |
| 9 | 9 Russia | 30 | 2023 | 0% | 0% | View data |
| 10 | 10 Taiwan | 20 | 2023 | +33.33% | -0.97% | View data |
