Report Update: Apr 1, 2024

India - Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights

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Soybean Oil Price in India - 2023

Soybean Oil Price in India (CIF) - 2023

The average soybean oil import price stood at $1,037 per ton in July 2023, stabilizing at the previous month. Overall, the import price, however, recorded a pronounced contraction. The growth pace was the most rapid in December 2022 an increase of 2.7% m-o-m. Over the period under review, average import prices reached the peak figure at $1,760 per ton in July 2022; however, from August 2022 to July 2023, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In July 2023, the countries with the highest prices were Egypt ($1,110 per ton) and Saudi Arabia ($1,056 per ton), while the price for the Netherlands ($1,026 per ton) and Argentina ($1,027 per ton) were amongst the lowest.

From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by Saudi Arabia (0.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Soybean Oil Price in India (FOB) - 2023

The average soybean oil export price stood at $1,567 per ton in July 2023, flattening at the previous month. Over the period under review, the export price, however, recorded a slight descent. The most prominent rate of growth was recorded in November 2022 when the average export price increased by 19% against the previous month. As a result, the export price attained the peak level of $2,051 per ton. From December 2022 to July 2023, the the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In July 2023, the country with the highest price was Australia ($1,910 per ton), while the average price for exports to Oman ($1,123 per ton) was amongst the lowest.

From July 2022 to July 2023, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+0.0%), while the prices for the other major destinations experienced a decline.

Soybean Oil Imports in India

In 2022, approx. 3.9M tons of soybean oil were imported into India; growing by 11% against the year before. The total import volume increased at an average annual rate of +7.1% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 when imports increased by 17%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, soybean oil imports surged to $6.1B in 2022. Overall, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2021 when imports increased by 59%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Import of Soybean Oil in India (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Argentina	1,682	2,097	2,813	2,745	17.7%
Brazil	223	268	669	2,196	114.3%
Netherlands	40.3	100	248	377	110.7%
United States	0.3	0.4	36.1	236	823.1%
Nepal	55.0	207	595	152	40.3%
Switzerland	203	132	184	148	-10.0%
Russia	N/A	42.6	N/A	105	57.0%
Others	64.2	139	206	137	28.7%
Total	2,267	2,986	4,751	6,096	39.1%

Top Suppliers of Soybean Oil to India in 2022:

Argentina (1761.1K tons)
Brazil (1409.0K tons)
Netherlands (246.8K tons)
United States (160.0K tons)
Switzerland (94.5K tons)
Nepal (84.2K tons)
Russia (66.2K tons)

Soybean Oil Exports in India

In 2022, approx. 15K tons of soybean oil were exported from India; jumping by 34% against the previous year. Overall, total exports indicated a prominent increase from 2019 to 2022: its volume increased at an average annual rate of +17.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +63.4% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 49% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, soybean oil exports surged to $29M in 2022. In general, exports enjoyed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Export of Soybean Oil in India (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Bhutan	8.3	10.5	17.2	16.2	25.0%
Jordan	N/A	N/A	N/A	9.4	0%
Australia	0.4	0.4	0.9	1.2	44.2%
Myanmar	N/A	N/A	0.4	0.9	125.0%
United Arab Emirates	N/A	N/A	0.1	0.6	500.0%
Ghana	0.2	0.4	N/A	0.2	0.0%
United States	1.4	1.5	0.2	N/A	-62.2%
Canada	1.1	3.9	0.9	N/A	-9.5%
Others	0.3	0.4	0.4	0.9	44.2%
Total	11.8	17.0	20.1	29.4	35.6%

Top Export Markets for Soybean Oil from India in 2022:

Canada (undefinedK tons)
United States (undefinedK tons)
Bhutan (8.0K tons)
Jordan (5.0K tons)
Australia (0.6K tons)
Myanmar (0.5K tons)
United Arab Emirates (0.3K tons)
Ghana (0.1K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the soybean oil market in India. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 237 - Oil of Soybeans

Country coverage:

India

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in India
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023