In 2023, the soybean demand in the Philippines stood at 247.0 thousand metric tons. According to forecasts, demand is projected to grow consistently over the next five years, reaching 303.0 thousand metric tons by 2028. Year-on-year demand increases are expected to be around 4.2% for 2024, 4.2% for 2025, 4.1% for 2026, 3.9% for 2027, and 3.8% for 2028. These variations highlight a steady upward trend in soybean consumption. The compound annual growth rate (CAGR) from 2024 to 2028 is projected to be approximately 4.0%.

Future trends to watch for include:

Increasing demand driven by the growing popularity of plant-based diets and soy-based products.
Potential impact of agricultural policies and trade agreements on soybean imports and local production.
Technological advancements in farming practices that may enhance local soybean yields.
Possible fluctuations in global soybean prices affecting overall demand dynamics in the Philippines.