Analysis of the soybean oil market size volume in Senegal reveals a fluctuating pattern with a significant decline in recent years. The market size stood at 14.0 thousand metric tons in 2023, representing a year-on-year decrease of 6.67%. Comparative data from previous years show a general downward trend with a compound annual growth rate (CAGR) of -3.81% over the last five years.
Notable historic variations include:
- 2014-2015: A growth of 13.79%
- 2016: A sharp decline of 39.39% from 2015
- 2017: A slight recovery with a 15% increase
- 2018: Another steep decline of 26.09% from the previous year
From 2019 onwards, the market has seen a persistent decline, with minor fluctuations.
The forecast for the period up to 2028 projects a continued decrease, with a forecasted CAGR of -6.4%, leading to an estimated market size of 9.39 thousand metric tons in 2028. This indicates an overall decline of 28.16% from 2023 to 2028.
Future trends to watch for include the impact of agricultural policies, shifts in consumer preferences towards alternative oils, and global market influences such as trade regulations and climate change. Monitoring these factors will be crucial for accurately forecasting future market dynamics.
