In 2023, the soybean market size in Saudi Arabia stood at 5.0 thousand metric tons, holding steady since 2021. Over the past decade, the market exhibited minor fluctuations with a stable overall trend. Notably, the volume increased significantly in 2016 by 25%, but the overall compound annual growth rate (CAGR) has been moderate at around 3.5%, reflecting consistent demand.
For the upcoming years, from 2024 to 2028, the soybean market is expected to experience a modest growth trajectory. The projected CAGR for this period is 0.74%, with a cumulative growth rate of 3.74% by 2028, reaching 5.27 thousand metric tons.
Future trends to watch:
- Shifts in dietary preferences towards plant-based proteins
- Government policies aimed at food security and agricultural development
- Impact of global soybean production and trade dynamics on local supply
