The demand for soybean oil in Africa has shown a generally positive trend from 2014 to 2023, increasing from 2.11 million metric tons to 3.06 million metric tons. Significant variations were noted, such as a 26.07% increase in 2015, a 13.31% rise in 2018, and a notable 7.22% growth in 2021. However, there were also periods of decline, such as -4.66% in 2016 and -3.16% in 2020. The Compound Annual Growth Rate (CAGR) for 2023 stands at 1.24% over the past five years.
Looking into the future, forecasts for the period from 2024 to 2028 suggest a gradual increase, with an annual growth rate of 1.34% and a total forecasted growth rate of 6.87%. By 2028, the demand is expected to reach 3.33 million metric tons.
Future trends to watch for include potential shifts in agricultural policies, climatic impact on soybean crop yields, and changes in dietary preferences in the African market. Additionally, global trade dynamics and advancements in soybean farming technology could play crucial roles in shaping future demand.
