Asia: Soya Bean Market 2024

Soya Bean Market Size in Asia

In 2022, the Asian soya bean market increased by X% to $X, rising for the third year in a row after two years of decline. 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 throughout the analyzed period. Over the period under review, the market reached the maximum level in 2022 and is likely to see steady growth in years to come.

Soya Bean Production in Asia

In value terms, soya bean production totaled $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were China (X tons) and India (X tons).

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of X%).

In 2022, the average yield of soya beans in Asia declined slightly to X tons per ha, leveling off at 2021 figures. Over the period under review, the yield saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of X%. The level of yield peaked at X tons per ha in 2019; however, from 2020 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of soya beans in Asia rose to X ha, with an increase of X% on 2021 figures. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2020 when the harvested area increased by X% against the previous year. As a result, the harvested area attained the peak level of X ha. From 2021 to 2022, the growth of the soya bean harvested area remained at a lower figure.

Soya Bean Exports

Exports in Asia

In 2022, the amount of soya beans exported in Asia declined markedly to X tons, dropping by X% compared with the year before. Over the period under review, exports showed a noticeable decline. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, soya bean exports declined rapidly to $X in 2022. Overall, exports recorded a mild decrease. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) and Turkey (X tons) were the key exporters of soya beans in 2022, reaching approx. X% and X% of total exports, respectively. India (X tons) ranks next in terms of the total exports with a X% share, followed by Kazakhstan (X%). The following exporters - Indonesia (X tons) and Malaysia (X tons) - each finished at a X% share of total exports.

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

In value terms, China ($X), Turkey ($X) and India ($X) were the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Among the main exporting countries, Turkey, 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 amounted to $X per ton, picking up by X% against the previous year. Export price indicated a mild 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, soya bean export price increased by X% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

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

Soya Bean Imports

Imports in Asia

In 2022, overseas purchases of soya beans decreased by X% to X tons, falling for the second year in a row after two years of growth. Total imports indicated a notable expansion 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. Based on 2022 figures, imports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, soya bean imports rose rapidly to $X in 2022. Total imports indicated buoyant growth from 2012 to 2022: its value 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, imports increased by X% against 2019 indices. 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 see gradual growth in the immediate term.

Imports by Country

China dominates imports structure, amounting to X tons, which was near X% of total imports in 2022. The following importers - Taiwan (Chinese) (X tons), Japan (X tons), Turkey (X tons), Thailand (X tons), Indonesia (X tons), Bangladesh (X tons), Iran (X tons) and Vietnam (X tons) - together made up X% of total imports.

Imports into China increased at an average annual rate of X% from 2012 to 2022. At the same time, Iran (X%), Bangladesh (X%), Turkey (X%), Taiwan (Chinese) (X%), Thailand (X%), Vietnam (X%), Japan (X%) and Indonesia (X%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Bangladesh increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported soya beans in Asia, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by Turkey, with a X% share.

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

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, increasing by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by X%. Over the period under review, import prices attained the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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