The demand for soybean oil in Mexico has experienced several fluctuations over the past decade. In 2023, the demand stood at 609 thousand metric tons, reflecting a slight year-on-year decrease of 0.16%. The compound annual growth rate (CAGR) over the last five years was marginally positive at 0.17%, indicating a general stability in demand.
In the earlier years, the demand faced varied growth rates. From 2014 to 2017, moderate increases were observed. A significant drop occurred in 2018 with a year-on-year decrease of 5.77%. The demand partially recovered in 2019 but plummeted by 17.27% in 2020. Post-2020, the demand showed a strong rebound in 2021 with a 20.29% increase.
Looking ahead to the forecast period from 2024 to 2028, a slight declining trend is anticipated, with the 5-year CAGR projected at -0.15% and an overall growth rate of -0.77% expected. This suggests a gradual reduction in soybean oil demand.
Future trends to watch for include changes in consumer preferences, shifts toward alternative oils, and potential impacts from government policies or trade agreements affecting soybean oil imports and pricing in Mexico.
