Canada: Crude Soybean Oil Market 2023

Crude Soybean Oil Market Size in Canada

In 2021, the Canadian crude soybean oil market decreased by -0.7% to $X, falling for the third consecutive year after three years of growth. In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Crude Soybean Oil Production in Canada

In value terms, crude soybean oil production amounted to $X in 2021 estimated in export price. Over the period under review, production saw a mild contraction. The most prominent rate of growth was recorded in 2013 when the production volume increased by 11%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Crude Soybean Oil Exports

Exports from Canada

In 2021, exports of crude soybean oil from Canada skyrocketed to X tons, jumping by 22% compared with the previous year's figure. Over the period under review, exports, however, saw a mild decrease. The most prominent rate of growth was recorded in 2018 with an increase of 199%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, crude soybean oil exports shrank to $X in 2021. Overall, exports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2018 with an increase of 191% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for crude soybean oil exports from Canada, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +6.0%.

In value terms, the United States ($X) also remains the key foreign market for crude soybean oil exports from Canada.

From 2012 to 2021, the average annual growth rate of value to the United States was relatively modest.

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2021, reducing by -18.2% against the previous year. Overall, the export price continues to indicate a deep setback. The pace of growth appeared the most rapid in 2016 an increase of 4.5%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for Mexico amounted to -1.2% per year.

Crude Soybean Oil Imports

Imports into Canada

In 2021, the amount of crude soybean oil imported into Canada reduced rapidly to X tons, dropping by -53.7% compared with the year before. Over the period under review, imports, however, recorded a tangible expansion. The growth pace was the most rapid in 2013 when imports increased by 950%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, crude soybean oil imports fell rapidly to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 567% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) was the main supplier of crude soybean oil to Canada, with a approx. 100% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at +2.7%.

In value terms, the United States ($X) constituted the largest supplier of crude soybean oil to Canada.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States was relatively modest.

Import Prices by Country

The average crude soybean oil import price stood at $X per ton in 2021, increasing by 37% against the previous year. Over the period under review, the import price, however, recorded a perceptible downturn. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to -2.3% per year.

Source: IndexBox Market Intelligence Platform

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