Asia: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Asia

The Asian refined soybean oil market reduced to $X in 2022, with a decrease of X% against the previous year. Over the period under review, consumption recorded a mild reduction. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Refined Soybean Oil Production in Asia

In value terms, refined soybean oil production dropped modestly to $X in 2022 estimated in export price. In general, production saw a pronounced decrease. The pace of growth was the most pronounced in 2015 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports in Asia

In 2022, after three years of decline, there was significant growth in overseas shipments of refined soybean oil and its fractions, when their volume increased by X% to X tons. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. The volume of export peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, refined soybean oil exports soared to $X in 2022. Overall, exports continue to indicate resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Malaysia (X tons), Thailand (X tons), China (X tons) and Nepal (X tons) represented roughly X% of total exports in 2022. The following exporters - Taiwan (Chinese) (X tons), the United Arab Emirates (X tons), India (X tons), Iran (X tons), Vietnam (X tons) and Saudi Arabia (X tons) - together made up X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by India (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil supplying countries in Asia were Malaysia ($X), Nepal ($X) and Thailand ($X), with a combined X% share of total exports. China, the United Arab Emirates, Taiwan (Chinese), India, Vietnam, Iran and Saudi Arabia lagged somewhat behind, together comprising a further X%.

India, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries 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 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, refined soybean oil export price increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2021 an increase of X%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nepal ($X per ton), while Saudi Arabia ($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.

Refined Soybean Oil Imports

Imports in Asia

In 2022, after five years of growth, there was significant decline in overseas purchases of refined soybean oil and its fractions, when their volume decreased by X% to X tons. Overall, imports, however, showed a resilient expansion. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of X tons, and then dropped sharply in the following year.

In value terms, refined soybean oil imports reduced markedly to $X in 2022. In general, imports, however, posted buoyant growth. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then shrank sharply in the following year.

Imports by Country

India (X tons), the Philippines (X tons), Democratic People's Republic of Korea (X tons), Hong Kong SAR (X tons), Jordan (X tons), South Korea (X tons) and Indonesia (X tons) represented roughly X% of total imports in 2022. The following importers - Malaysia (X tons), Vietnam (X tons), Singapore (X tons), China (X tons), the United Arab Emirates (X tons) and Kuwait (X tons) - together made up X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by India (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), the Philippines ($X) and Hong Kong SAR ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for X% of total imports.

In terms of the main importing countries, India, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, rising by X% against the previous year. Import price indicated a mild expansion 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, refined soybean oil import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Democratic People's Republic of Korea ($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.

Source: IndexBox Platform

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