Soybean oil domestic industrial consumption in Brazil is poised for consistent growth between 2024 and 2028, increasing from 4.59 million metric tons to 5.34 million metric tons. This uptick follows the 2023 consumption level, which stood at 4.40 million metric tons. Year-on-year variations from 2024 to 2028 show steady growth: 4.1%, 3.9%, 3.6%, and 3.7% respectively. The compound annual growth rate (CAGR) for the 2024-2028 period is approximately 3.8%, reflecting robust demand in sectors such as biodiesel and food manufacturing.
Future trends to watch for include advancements in biodiesel technology, regulatory changes promoting renewable resources, and potential shifts in global soybean oil markets impacting local supply and prices.
