As of 2023, Brazil's soybean oil domestic consumption stood at 8.45 million metric tons. Based on the forecasted data, the consumption is expected to grow steadily over the next five years, reaching 9.62 million metric tons by 2028. This indicates a well-defined upward trend. Year-on-year variations show consistent growth patterns: from 2024 to 2025 the increase is 2.76%, from 2025 to 2026 the growth is 2.58%, and from 2026 to 2027 the growth is 2.51%. The compound annual growth rate (CAGR) from 2024 to 2028 is calculated at approximately 2.56%.
Future trends to watch for in the Brazilian soybean oil market include potential changes in biodiesel mandates, evolving dietary preferences favoring plant-based oils, and geopolitical influences affecting trade policies. Additionally, advancements in agricultural technologies and crop yield improvements could play crucial roles in meeting growing domestic demand.
