The demand for soybean oil in Turkey has demonstrated a consistent decline from 199 thousand metric tons in 2014 to 83 thousand metric tons in 2023, a 58.3% decrease over almost a decade. The year-on-year variations indicate volatile shifts, with significant drops occurring notably in 2016 (-20.2%) and 2018 (-22.3%). The recent downward trend continued with a -7.78% change from 2022 to 2023. The compound annual growth rate (CAGR) over the last five years stood at -5.13%, underscoring the persistent decrease in demand.
Future trends to watch for include:
- Forecasts indicate a continued decline, projecting a soybean oil demand of 48 thousand metric tons by 2028, translating to a forecasted 5-year CAGR of -8.78% and a total decrease of 36.84% from 2024.
- Potential shifts in dietary preferences, economic conditions, and alternative oil markets might impact the soybean oil demand trajectory further.
