While the declining testosterone levels are multifactorial, I think the kinds of fat we are eating play perhaps the most significant role.
For example, in 1984 researchers conducted a small, fascinating study. (r)
They took 30 men, eating 40% of their calories from fat (mostly animal fat), and put them on a lower fat diet (25%), replacing the animal fats with more polyunsaturated vegetable fats.
Basically, the diet we're told to eat today.
The switch from the higher fat diet (with higher saturated fat; P/S-ratio 0.15) to the lower fat diet (with P/S-ratio of 1.22) resulted in:
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Testosterone