The soybean market in Angola has exhibited a modest but steady growth over the past decade. In 2023, the market size stood at 20.0 thousand metric tons, reflecting a 5.26% increase from the previous year. The Compound Annual Growth Rate (CAGR) over the last five years has been 3.3%, showing a consistent upward trend.
From 2014 to 2015, the market remained stable, followed by significant growth in 2016 and 2017, with year-on-year increases of 33.33% and 41.67%, respectively. The market then plateaued from 2018 to 2019. A minor growth of 0.59% was noted in 2020, followed by an 11.11% rise in 2021. The market remained stable in 2022 before experiencing a 5.26% growth in 2023.
Looking forward, the forecasted data from 2024 to 2028 suggests a steady growth pattern with a forecasted five-year CAGR of 2.23% and a total growth rate of 11.66% over the same period. The market is expected to reach 22.94 thousand metric tons by 2028.
Future trends to watch for include advancements in agricultural practices, government policies favoring agricultural exports, and potential impacts of global soy market dynamics on Angola's growth trajectory. Efficient irrigation practices and adoption of genetically modified crops could further enhance yield and production volume.
