Latin America and the Caribbean: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Latin America and the Caribbean

The Latin American crude soybean oil market contracted modestly to $X in 2022, with a decrease of X% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Crude Soybean Oil Production in Latin America and the Caribbean

In value terms, crude soybean oil production reduced slightly to $X in 2022 estimated in export price. Overall, production saw a perceptible descent. The growth pace was the most rapid in 2017 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of crude soybean oil were exported in Latin America and the Caribbean; with an increase of X% on 2021 figures. The total export volume increased at an average annual rate of X% over the period 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 2015 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude soybean oil exports surged to $X in 2022. Over the period under review, exports saw a prominent increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

Argentina represented the major exporter of crude soybean oil in Latin America and the Caribbean, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2022. Brazil (X tons) held the second position in the ranking, distantly followed by Bolivia (X tons) and Paraguay (X tons). All these countries together held near X% share of total exports.

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

In value terms, the largest crude soybean oil supplying countries in Latin America and the Caribbean were Argentina ($X), Brazil ($X) and Bolivia ($X), together accounting for X% of total exports. These countries were followed by Paraguay, which accounted for a further X%.

In terms of the main exporting countries, Paraguay, with a CAGR of X%, recorded 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

The export price in Latin America and the Caribbean stood at $X per ton in 2022, growing by X% against the previous year. In general, the export price showed a temperate increase. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Brazil ($X per ton) and Argentina ($X per ton), while Paraguay ($X per ton) and Bolivia ($X per ton) were amongst the lowest.

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

Crude Soybean Oil Imports

Imports in Latin America and the Caribbean

In 2022, imports of crude soybean oil in Latin America and the Caribbean fell to X tons, declining by X% on 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, crude soybean oil imports skyrocketed to $X in 2022. Total imports indicated a moderate expansion 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 pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Peru (X tons), distantly followed by Colombia (X tons), the Dominican Republic (X tons), Guatemala (X tons), Ecuador (X tons) and Argentina (X tons) represented the main importers of crude soybean oil, together comprising X% of total imports. Venezuela (X tons) followed a long way behind the leaders.

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

In value terms, the largest crude soybean oil importing markets in Latin America and the Caribbean were Peru ($X), Colombia ($X) and the Dominican Republic ($X), together comprising X% of total imports. Ecuador, Guatemala, Argentina and Venezuela lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Argentina, with a CAGR of X%, saw 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 Latin America and the Caribbean stood at $X per ton in 2022, increasing by X% against the previous year. Import price indicated a measured 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 import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is likely to see steady growth in years to come.

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 Ecuador ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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