Asia-Pacific: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Asia-Pacific

The Asia-Pacific crude soybean oil market amounted to $X in 2022, approximately reflecting the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Crude Soybean Oil Production in Asia-Pacific

In value terms, crude soybean oil production contracted to $X in 2022 estimated in export price. In general, production, however, showed a slight curtailment. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

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Crude Soybean Oil Exports

Exports in Asia-Pacific

After two years of growth, overseas shipments of crude soybean oil decreased by X% to X tons in 2022. In general, exports showed a noticeable slump. The growth pace was the most rapid in 2021 when exports increased by X%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, crude soybean oil exports stood at $X in 2022. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Vietnam (X tons) represented the main exporter of crude soybean oil, committing X% of total exports. It was distantly followed by Thailand (X tons), China (X tons) and Taiwan (Chinese) (X tons), together generating a X% share of total exports. Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of X%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Vietnam ($X), Thailand ($X) and China ($X) were the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further X%.

Among the main exporting countries, Taiwan (Chinese), with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, with an increase of X% against the previous year. Export price indicated a temperate increase 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, crude soybean oil export price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices attained the peak figure in 2022 and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in China ($X per ton) and Malaysia ($X per ton), while Vietnam ($X per ton) and Taiwan (Chinese) ($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.

Crude Soybean Oil Imports

Imports in Asia-Pacific

In 2022, after three years of growth, there was significant decline in supplies from abroad of crude soybean oil, when their volume decreased by X% to X tons. Total imports indicated measured growth from 2012 to 2022: its volume 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. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2021, and then declined in the following year.

In value terms, crude soybean oil imports amounted to $X in 2022. In general, imports, however, recorded temperate growth. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

India represented the main importer of crude soybean oil in Asia-Pacific, with the volume of imports amounting to X tons, which was near X% of total imports in 2022. Bangladesh (X tons) ranks second in terms of the total imports with a X% share, followed by China (X%) and South Korea (X%). The following importers - Nepal (X tons) and Pakistan (X tons) - each recorded a X% share of total imports.

Imports into India increased at an average annual rate of X% from 2012 to 2022. At the same time, Pakistan (X%) and Nepal (X%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of X% from 2012-2022. South Korea and Bangladesh experienced a relatively flat trend pattern. By contrast, China (X%) illustrated a downward trend over the same period. India (X p.p.) and Pakistan (X p.p.) significantly strengthened its position in terms of the total imports, while South Korea, Bangladesh and China saw its share reduced by X%, X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported crude soybean oil in Asia-Pacific, comprising X% of total imports. The second position in the ranking was held by Bangladesh ($X), with an X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India amounted to X%. In the other countries, the average annual rates were as follows: Bangladesh (X% per year) and South Korea (X% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, jumping by X% against the previous year. In general, the import price continues to indicate a modest increase. The growth pace was the most rapid in 2021 when the import price increased by X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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