During the next 10 years, oil consumption in the world may increase by more than 30%

Published 2024년 10월 31일

Tridge summary

Oleksiy Tartakivskyi, a market analyst at APC-Inform, predicts a significant increase in the global consumption of oil crops, from the current 650-660 million tons to 860 million tons by 2035, marking a 32% rise. This growth is primarily driven by an increase in soybean production, with India emerging as a key consumer, while China's economic challenges are expected to dampen its oil consumption. The vegetable oil market is showing signs of exponential growth, with India becoming a major demand driver, though the market may stabilize slightly by the 2030s. The European Union's vegetable oil consumption is projected to remain stable in the coming years.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The world consumption of oil crops may increase from 650-660 million tons in the current season to 860 million tons by 2035 (more than 32%). Such a forecast was voiced by market analyst Oleksiy Tartakivskyi, APC-Inform reports. He noted that the difference between world production and consumption of oil crops in recent years was about +8-10 million tons. In the current year, this indicator will increase to +24.7 million tons due to the increase in soybean production. "The logistic curve shows that the oilseeds market is in a phase of exponential growth. From 2035-2040, the market may enter the stage of stabilization," the expert believes. This model also shows the exponential growth phase of the vegetable oil market. By 2038-2042, the stabilization phase should come. According to the analyst, India should become the new engine of the world economy in the next 10 years. Read also: Experts predict a decrease in the export of sunflower oil from the Black Sea region "India is already ...

Source: Agrobusiness