The soybean oil market in Gabon stood at 1.0 thousand metric tons in 2023, showing no year-on-year growth from 2022. Historical analysis reveals a dramatic decline from 2014, where the volume was 2.0 thousand metric tons, with a significant drop of 50% in 2015 followed by consistent levels until 2020, where a 17% decrease was recorded. Furthermore, there was a notable recovery in 2021 with a 20.48% increase, but the market has since stabilized. The CAGR over the recent five years suggests a slow decline.
The forecast for the 2024-2028 period indicates a downward trend with a CAGR of -3.96%, predicting a total decline of 18.28%, leading to an estimated volume of 0.76 thousand metric tons by 2028.
Future trends to watch for include potential impacts from geopolitical events, shifts in local agricultural policies, and global trade dynamics affecting supply chains. Sustainable production practices and shifts in consumer preferences towards alternative oils could also influence market dynamics significantly. Monitoring these factors will be crucial for stakeholders in the soybean oil market in Gabon.
