In 2023, the soybean oil import volume in Saudi Arabia stood at 19.2 thousand metric tons. From 2024 onwards, the import volumes are forecasted to increase steadily, reaching 19.74 thousand metric tons in 2024, 20.32 in 2025, 20.9 in 2026, 21.46 in 2027, and 22.01 in 2028. This represents a year-on-year growth of approximately 2.95% in 2024, 2.94% in 2025, 2.86% in 2026, 2.68% in 2027, and 2.56% in 2028. The compound annual growth rate (CAGR) over the five-year forecast period is projected to be around 2.8%.
Future trends to watch for include potential impacts of global trade policies, climate change affecting crop yields, and technological advancements in agriculture that could influence the import volume dynamics. Furthermore, changes in domestic consumption patterns and alternative oil preferences could also play a significant role.
