The soybean oil market in South Africa has seen various fluctuations in volume from 2014 to 2023. Starting at 221.0 thousand metric tons in 2014, the market experienced notable growth with significant year-on-year variations, including a substantial rise of 17.65% in 2015. By 2023, the volume stood at 286.0 thousand metric tons, showing a stable year-on-year growth of 1.42% and a compounded annual growth rate (CAGR) of 1.31% over the past five years.
Key historical trends:
- 2015 saw a major increase of 17.65%.
- The market faced a 16.08% decline in 2020, likely due to external factors.
- A strong recovery occurred in 2021, with a 22.23% growth.
Future trends to watch for:
The market is forecasted to grow steadily with a CAGR of 0.94% from 2023 to 2028, reaching 303.44 thousand metric tons by 2028. Future trends may include increased production efficiency, rising consumption, and potential impacts of agricultural policies and global market dynamics.
