The volume of soybean oil imports in Denmark has consistently increased from 34.0 thousand metric tons in 2014 to 102.0 thousand metric tons in 2023. The year-on-year variations have largely been positive, with notable growth in early years such as 2016 (54.76%) and more steady increases in recent years, exemplifying a 4.08% rise from 2022 to 2023. The compound annual growth rate (CAGR) over the five years leading up to 2023 stands at 3.96%, indicating robust yet steady market expansion.
Looking ahead, forecasts project a continuation of this upward trend, with soybean oil import volumes expected to reach 120.0 thousand metric tons by 2028. The forecasted five-year CAGR is aligned to taper slightly to 2.51%, yet still reflects sustained growth. As of 2023, the volume stands at 102.0 thousand metric tons.
Trends to watch for:
- Potential shifts in global soybean oil production impacting supply chains.
- Changes in consumer preferences towards alternative vegetable oils.
- Environmental regulations affecting soybean oil sourcing and importation.
