Singapore's soybean oil supply in 2023 stood at 20.0 thousand metric tons. Forecasts indicate the supply will remain steady at 20.0 thousand metric tons for the years 2024 through 2026, before experiencing a slight increase to 21.0 thousand metric tons in both 2027 and 2028. This reflects a consistent supply trend with a modest year-on-year variation of 5% starting from 2027. The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 is projected at approximately 1%.
Future trends to watch for include potential shifts due to changes in trade policies, advancements in agricultural technology, and variations in climate conditions that could impact soybean oil production and supply. Additionally, monitoring the demand driven by the food and biofuel industries will be crucial in forecasting further supply adjustments.
