The demand for soybeans in Saudi Arabia shows a decreasing trend in the forecast period of 2024 to 2028. The value in 2024 stands at 529.6 Thousand Metric Tons and is projected to decrease to 494.69 Thousand Metric Tons by 2028. In 2023, the demand was at 539.2 Thousand Metric Tons. The year-on-year variation for 2024 was -1.78%, followed by a consistent decline in the following years: -1.7% in 2025, -1.7% in 2026, -1.69% in 2027, and -1.68% in 2028. The Compound Annual Growth Rate (CAGR) over the forecasted years is -1.71%, indicating a steady reduction in demand.
Future trends to watch for include potential shifts in dietary preferences and government policies promoting local agricultural production, which could impact the soybean import demand. Additionally, monitoring global soybean market prices and trade agreements will be crucial for understanding how external factors might influence Saudi Arabia's soybean market.
