The fats and oils refining and blending turnover in the US is forecasted to slightly decrease from 2024 to 2028, with annual values predicted to decline from $13.617 billion to $13.498 billion. Considering that in 2023, the actual turnover stood at $13.638 billion, there is a consistent yet marginal annual downturn forecasted, ranging from approximately -0.2% to -0.3% per year. The five-year compound annual growth rate (CAGR) from 2024 to 2028 suggests a minor negative growth rate, emphasizing a steady decline in turnover.
Future trends to watch include:
- Potential impacts of global trade policies and tariffs which might affect production costs.
- Evolving consumer preferences towards healthier oils, possibly driving changes in product mix.
- Technological advancements in refining processes that may streamline operations and costs.
