Soybean oil production in China demonstrated considerable growth from 2014 to 2023. In 2023, it stood at 18.22 million metric tons, reflecting a year-on-year increase of 1.89%. Throughout the period, the compound annual growth rate (CAGR) over the last five years was 1.84%, a steady, albeit slowing trend compared to previous periods.
The strongest growth was observed between 2014 and 2017, with significant year-on-year increases, especially in 2015 (15.55%) and 2017 (11.73%). However, production faced a slight decline in 2020 (-2.97%). Post-2020, the industry recovered but with more moderate growth rates, culminating in the current value.
Future trends to watch for:
- Further moderate growth in soybean oil production, with a forecasted annual increase of 1.46% CAGR from 2024 to 2028.
- Potential impact of global supply chain disruptions and domestic agricultural policies on production volumes.
- Technological advancements and sustainability practices shaping the industry’s future.
