Australia and Oceania: Soybean Oil Market 2024

Soybean Oil Market Size in Australia and Oceania

In 2022, the soybean oil market in Australia and Oceania increased by X% to $X, rising for the third year in a row after two years of decline. The total consumption indicated a temperate increase 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, consumption increased by X% against 2019 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Soybean Oil Production in Australia and Oceania

In value terms, soybean oil production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt contraction. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

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Soybean Oil Exports

Exports in Australia and Oceania

In 2022, shipments abroad of soybean oil increased by X% to X tons, rising for the second year in a row after four years of decline. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, soybean oil exports surged to $X in 2022. Overall, exports showed a resilient increase. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Australia was the largest exporting country with an export of about X tons, which reached X% of total exports. It was distantly followed by Fiji (X tons), achieving a X% share of total exports. New Zealand (X tons) followed a long way behind the leaders.

Exports from Australia increased at an average annual rate of X% from 2012 to 2022. At the same time, Fiji (X%) displayed positive paces of growth. Moreover, Fiji emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of X% from 2012-2022. By contrast, New Zealand (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Australia and Fiji increased by X and X percentage points, respectively.

In value terms, Australia ($X) remains the largest soybean oil supplier in Australia and Oceania, comprising X% of total exports. The second position in the ranking was taken by Fiji ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Australia totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Fiji (X% per year) and New Zealand (X% per year).

Export Prices by Country

The export price in Australia and Oceania stood at $X per ton in 2022, jumping by X% against the previous year. Export price indicated a perceptible 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, soybean oil export price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2013 an increase of X% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (X%), while the other leaders experienced mixed trends in the export price figures.

Soybean Oil Imports

Imports in Australia and Oceania

In 2022, supplies from abroad of soybean oil increased by X% to X tons, rising for the second consecutive year after three years of decline. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, soybean oil imports skyrocketed to $X in 2022. Total imports indicated perceptible 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. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Australia (X tons) represented the major importer of soybean oil, constituting X% of total imports. It was distantly followed by Fiji (X tons), New Zealand (X tons) and Papua New Guinea (X tons), together making up a X% share of total imports. Solomon Islands (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Solomon Islands (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 Australia and Oceania were Australia ($X), Fiji ($X) and New Zealand ($X), with a combined X% share of total imports. Papua New Guinea and Solomon Islands lagged somewhat behind, together comprising a further X%.

Solomon Islands, 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

The import price in Australia and Oceania stood at $X per ton in 2022, picking up by X% against the previous year. Import price indicated a measured 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, soybean oil import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 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 New Zealand ($X per ton), while Papua New Guinea ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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