The soybean oil market in Benin experienced fluctuating trends during the last decade. Starting at 9.0 thousand metric tons in 2014, the volume remained largely stable with minor fluctuations, peaking slightly at 11.0 thousand metric tons in 2016 before returning to consistent levels. In 2023, the market volume stood at 9.0 thousand metric tons, reflecting stability with no year-on-year change and an overall flat CAGR for that year.
Year-on-year variations indicate significant fluctuations in specific years: a 22.22% increase in 2016, followed by an 18.18% decrease in 2017, and a 5% drop in 2020. More recently, stability returned with 0% change in both 2022 and 2023. The five-year CAGR from 2019 to 2023 was flat, indicating a stagnant growth over that period.
The forecast for 2024 and beyond indicates a slight declining trend, with the soybean oil market expected to marginally contract by 2028 at an average annual rate of -0.13%, resulting in a cumulative decline of -0.64% over five years.
Future trends to watch for include potential impacts of global market dynamics, changes in domestic agricultural policies, and technology advancements in oil production. These factors could influence the stability or decline in the market forecast and should be monitored closely.
