South-Eastern Asia: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in South-Eastern Asia

In 2022, the Southeast Asian refined soybean oil market increased by X% to $X, rising for the second year in a row after five years of decline. In general, consumption, however, recorded a noticeable decline. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Refined Soybean Oil Production in South-Eastern Asia

In value terms, refined soybean oil production declined modestly to $X in 2022 estimated in export price. Overall, production showed a pronounced decline. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Refined Soybean Oil Exports

Exports in South-Eastern Asia

In 2022, after two years of growth, there was significant decline in shipments abroad of refined soybean oil and its fractions, when their volume decreased by X% to X tons. 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 was the most pronounced in 2020 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then shrank significantly in the following year.

In value terms, refined soybean oil exports expanded remarkably to $X in 2022. Overall, exports, however, recorded temperate growth. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Malaysia (X tons) and Thailand (X tons) prevails in exports structure, together committing X% of total exports. The following exporters - Vietnam (X tons) and Singapore (X tons) - together made up X% of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of X%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Malaysia ($X), Thailand ($X) and Vietnam ($X) constituted the countries with the highest levels of exports in 2022, together accounting for X% of total exports.

Thailand, 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 mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, increasing by X% against the previous year. In general, the export price saw a measured expansion. The pace of growth appeared the most rapid in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Singapore ($X per ton) and Vietnam ($X per ton), while Thailand ($X per ton) and Malaysia ($X per ton) were 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 South-Eastern Asia

For the fourth consecutive year, South-Eastern Asia recorded growth in supplies from abroad of refined soybean oil and its fractions, which increased by X% to X tons in 2022. Over the period under review, imports saw a remarkable increase. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The volume of import peaked in 2022 and is likely to see steady growth in the near future.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. In general, imports recorded buoyant growth. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

The Philippines represented the largest importer of refined soybean oil and its fractions in South-Eastern Asia, with the volume of imports amounting to X tons, which was near X% of total imports in 2022. Indonesia (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (X%), Vietnam (X%) and Singapore (X%).

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

In value terms, the largest refined soybean oil importing markets in South-Eastern Asia were the Philippines ($X), Indonesia ($X) and Malaysia ($X), with a combined X% share of total imports.

Malaysia, with a CAGR of X%, saw the highest growth rate of 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 South-Eastern Asia stood at $X per ton in 2022, growing by X% against the previous year. Import 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, refined 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 expected to retain growth in years to come.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Vietnam ($X per ton) and Singapore ($X per ton), while Malaysia ($X per ton) and the Philippines ($X per ton) were 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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