Soybean oil demand in Chile has experienced significant fluctuations over the past decade. The value stood at 90,000 metric tons in 2023. Demand surged in 2016 with a 42.59% year-on-year increase, followed by a significant drop in 2017 (-40.91%). Another notable decline occurred in 2020 with an 18.75% year-on-year decrease. From 2021 to 2023, the demand remained relatively stable, with slight decreases of less than 2%. The Compound Annual Growth Rate (CAGR) from 2019 to 2023 was -0.22%. Forecasted data highlights a gradual decline in demand, with a 5.09% decrease by 2028, and an average annual decline of 1.04% over the next five years.
Future trends to watch for:
- Potential shifts in consumer preferences towards healthier oils or alternative cooking methods.
- Changes in agricultural policies or import-export regulations affecting soybean oil availability.
- Economic factors, such as fluctuations in disposable income, impacting purchasing power.
- Advancement in soybean oil processing technologies that could affect cost and quality.
- Global market conditions, including the impact of climate change on soybean production in major producing countries.
