In 2023, the soybean oil demand in Brazil stood at 7.72 million metric tons. From 2014 to 2023, the demand showed a notable fluctuation: rising steadily between 2014 and 2017, peaking in 2018, then experiencing a dip in 2020 before regaining momentum. The year-on-year variations indicate periodic spikes and declines, with notable increases of 8.63% in 2017 and 21.87% in 2021, contrasted by a sharp decrease of 16% in 2020. The 5-year CAGR from 2018 to 2023 averaged at 0.92%, illustrating a modest and steady growth trend.
Looking forward, the forecasted period from 2024 to 2028 suggests a continued upward trend in soybean oil demand, with a 5-year growth rate of 4.39% and a forecasted CAGR of 0.86%. Future trends to watch for include potential impacts from climate change on soybean production, shifts in domestic consumption patterns, and global market influences such as trade policies and economic conditions. Monitoring technological advancements in oil extraction and processing will also be crucial as these could significantly impact supply dynamics.
