The demand for soybean oil in Denmark showed significant fluctuations from 2014 to 2023. Notably, after an initial growth period from 2014 to 2017, the year 2018 experienced a sharp decline of 65.82%, followed by a rebound and stabilizing trend with changes ranging from 0% to 2.38% in subsequent years. For 2023, the demand stood at 44.0 thousand metric tons, showing a 2.33% year-on-year increase. The CAGR over the last five years leading up to 2023 is 10.26%, indicating an overall upward trend.
From 2024 onwards, the forecasted data suggests a relatively stable demand with minor annual increments, resulting in an average forecasted growth rate of 0.89% CAGR over the next five years. The demand is expected to grow by 4.55% from 2023 to 2028.
Future trends to watch for:
- Impact of policy changes on biofuel usage, which could significantly affect soybean oil demand.
- Potential market disruptions due to global supply chain issues and their influence on price and availability.
- Shifts in consumer preferences towards alternative oils influenced by health trends and environmental concerns.
