ASEAN: Soybean Oil Market 2024

Soybean Oil Market Size in ASEAN

The ASEAN soybean oil market rose markedly to $X in 2022, increasing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Soybean Oil Production in ASEAN

In value terms, soybean oil production rose modestly to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by X%. As a result, production attained the peak level of $X; afterwards, it flattened through to 2022.

Soybean Oil Exports

Exports in ASEAN

In 2022, overseas shipments of soybean oil decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, soybean oil exports expanded markedly to $X in 2022. Overall, exports, however, recorded a tangible expansion. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Exports by Country

The shipments of the three major exporters of soybean oil, namely Thailand, Malaysia and Vietnam, represented more than two-thirds of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Thailand (with a CAGR of X%), while the other leaders experienced a decline in the exports figures.

In value terms, Thailand ($X), Malaysia ($X) and Vietnam ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for X% of total exports.

Among the main exporting countries, Thailand, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, with an increase of X% against the previous year. Export price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil export price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by X% against the previous year. The level of export peaked in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced more modest paces of growth.

Soybean Oil Imports

Imports in ASEAN

Soybean oil imports rose modestly to X tons in 2022, with an increase of X% on the previous year's figure. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of X%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, soybean oil imports soared to $X in 2022. In general, imports enjoyed prominent growth. The pace of growth was the most pronounced in 2021 when imports increased by X%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Malaysia (X tons), Vietnam (X tons) and the Philippines (X tons) represented roughly X% of total imports in 2022. It was distantly followed by Indonesia (X tons) and Singapore (X tons), together constituting an X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soybean oil importing markets in ASEAN were Malaysia ($X), Vietnam ($X) and the Philippines ($X), together comprising X% of total imports.

The Philippines, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price posted a moderate increase. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices attained the maximum in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Singapore ($X per ton) and Indonesia ($X per ton), while Vietnam ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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