The demand for soybean oil in South Africa has shown a general upward trend from 2014 to 2023, increasing from 222.0 thousand metric tons in 2014 to 288.0 thousand metric tons in 2023. However, a significant dip occurred in 2020, with a 16.09% year-on-year decline, possibly due to the COVID-19 pandemic. Year-on-year growth rebounded quickly, with 22.22% in 2021 and moderate annual increases reaching 1.41% in 2023. Over the last five years, the compound annual growth rate (CAGR) stands at 1.3%, indicating stable but modest growth. Looking forward, the forecast points to a continued steady rise, with an anticipated CAGR of 0.95% from 2024 to 2028, culminating in a forecasted 305.76 thousand metric tons by 2028.
Future trends to watch for include potential impacts of global trade policies on import prices, advancements in agricultural technology improving local soybean yield, and shifts in consumer preferences towards plant-based oils. Monitoring these factors will be crucial for anticipating future demand swings in South Africa's soybean oil market.
