The global demand for soybean oil is predominantly driven by China, the United States, and Brazil, collectively accounting for a significant market share. In 2024, China stands as the largest consumer with 18.37 million metric tons, followed by the United States and Brazil at 10.37 and 7.72 million metric tons respectively. Countries such as India and Bangladesh have shown notable year-on-year growth rates, at 2.24% and 2.23% respectively. European nations like Spain and Germany have also exhibited robust growth, reflecting diversified applications and increased health awareness.
Future trends to watch in the global soybean oil demand encompass rising consumption in emerging markets, driven by population growth and urbanization. Sustainability concerns and the shift towards plant-based diets are expected to further influence demand dynamics. Moreover, geopolitical factors and trade policies will continue to impact supply chains and pricing structures.
| # | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 18,370 | 2023 | 0% | 0% | View data |
| 2 | 2 United States | 10,370 | 2023 | +1.01% | +0.64% | View data |
| 3 | 3 Brazil | 7,720 | 2023 | +1.09% | +0.92% | View data |
| 4 | 4 India | 4,980 | 2023 | +1.24% | +2.24% | View data |
| 5 | 5 Argentina | 2,820 | 2023 | +0.18% | +0.99% | View data |
| 6 | 6 Bangladesh | 1,240 | 2023 | +2.49% | +2.23% | View data |
| 7 | 7 Egypt | 754 | 2023 | +3.71% | +1.73% | View data |
| 8 | 8 Algeria | 713 | 2023 | +1.13% | +1.07% | View data |
| 9 | 9 Iran | 699 | 2023 | +0.58% | +0.46% | View data |
| 10 | 10 Mexico | 609 | 2023 | -0.16% | +0.17% | View data |
