The soybean oil domestic food consumption in Saudi Arabia is forecasted to increase steadily from 2024 to 2028, starting at 94.0 thousand metric tons in 2024 and reaching 108.0 thousand metric tons by 2028. Compared to the actual consumption in 2023, the forecast suggests a consistent annual growth. From 2024 to 2028, the year-on-year percentage variations stand at approximately 3.2% annually.
Over the last two years, the steady increase in soybean oil consumption demonstrates a growing demand for this commodity within the food sector. The compound annual growth rate (CAGR) from 2024 to 2028 indicates an average annual growth of around 3.5%.
Future trends to watch for include the potential impact of dietary changes, government policies promoting healthier oil substitutes, and fluctuations in global soybean oil prices affecting domestic consumption patterns. Additionally, any significant changes in demographic trends or shifts in food industry practices could further influence this forecast.
