Global Soybean Oil Market 2023

Soybean Oil Market Size

The global soybean oil market stood at $X in 2021, surging by 4.7% against the previous year. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Global consumption peaked in 2021 and is likely to see gradual growth in years to come.

Soybean Oil Production

In value terms, soybean oil production contracted to $X in 2021 estimated in export price. In general, production recorded a mild shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 13%. Over the period under review, global production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Soybean Oil Exports

Exports

In 2021, shipments abroad of soybean oil decreased by -2.5% to X tons for the first time since 2018, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 when exports increased by 24%. Over the period under review, the global exports reached the maximum at X tons in 2020, and then contracted in the following year.

In value terms, soybean oil exports surged to $X in 2021. In general, total exports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +80.5% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Argentina was the largest exporting country with an export of around X tons, which recorded 37% of total exports. It was distantly followed by Brazil (X tons), the United States (X tons) and the Netherlands (X tons), together mixing up a 24% share of total exports. Paraguay (X tons), Bolivia (X tons), Spain (X tons), Russia (X tons), Turkey (X tons), Ukraine (X tons), Germany (X tons) and Italy (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to soybean oil exports from Argentina stood at +2.4%. At the same time, Turkey (+63.5%), Paraguay (+18.4%), Italy (+17.2%), Ukraine (+17.1%), Russia (+16.5%), Bolivia (+7.9%) and the Netherlands (+4.2%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +63.5% from 2012-2021. Brazil experienced a relatively flat trend pattern. By contrast, Spain (-2.2%), the United States (-3.0%) and Germany (-7.9%) illustrated a downward trend over the same period. While the share of Paraguay (+3.2 p.p.), Russia (+2.5 p.p.) and Turkey (+2.2 p.p.) increased significantly in terms of the global exports from 2012-2021, the share of Spain (-2.2 p.p.), Germany (-2.7 p.p.), the United States (-3.9 p.p.) and Brazil (-4.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Argentina ($X) remains the largest soybean oil supplier worldwide, comprising 36% of global exports. The second position in the ranking was taken by Brazil ($X), with a 13% share of global exports. It was followed by the United States, with a 5.9% share.

In Argentina, soybean oil exports expanded at an average annual rate of +2.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Brazil (-0.3% per year) and the United States (-2.9% per year).

Export Prices by Country

In 2021, the average soybean oil export price amounted to $X per ton, picking up by 59% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Spain ($X per ton) and the United States ($X per ton), while Paraguay ($X per ton) and Bolivia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+1.7%), while the other global leaders experienced more modest paces of growth.

Soybean Oil Imports

Imports

In 2021, overseas purchases of soybean oil decreased by -2.6% to X tons for the first time since 2018, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 24%. Over the period under review, global imports reached the peak figure at X tons in 2020, and then dropped slightly in the following year.

In value terms, soybean oil imports soared to $X in 2021. In general, total imports indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +74.6% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, India (X tons) represented the key importer of soybean oil, constituting 27% of total imports. It was distantly followed by China (X tons), Bangladesh (X tons), Algeria (X tons), Peru (X tons) and Morocco (X tons), together comprising a 29% share of total imports. The following importers - South Korea (X tons), Colombia (X tons), Nigeria (X tons), Poland (X tons) and the UK (X tons) - together made up 11% of total imports.

From 2012 to 2021, average annual rates of growth with regard to soybean oil imports into India stood at +13.9%. At the same time, Nigeria (+102.8%), Poland (+14.0%), Peru (+6.2%), Algeria (+4.6%), Morocco (+4.5%), South Korea (+3.2%), Colombia (+2.8%) and the UK (+2.6%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in the world, with a CAGR of +102.8% from 2012-2021. Bangladesh experienced a relatively flat trend pattern. By contrast, China (-5.4%) illustrated a downward trend over the same period. India (+16 p.p.) and Nigeria (+2 p.p.) significantly strengthened its position in terms of the global imports, while Bangladesh and China saw its share reduced by -1.6% and -9.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported soybean oil worldwide, comprising 30% of global imports. The second position in the ranking was taken by China ($X), with a 6.7% share of global imports. It was followed by Bangladesh, with a 5.8% share.

In India, soybean oil imports expanded at an average annual rate of +14.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: China (-8.2% per year) and Bangladesh (-0.4% per year).

Import Prices by Country

In 2021, the average soybean oil import price amounted to $X per ton, picking up by 56% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. Global import price peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

Prices varied noticeably country of destination: the country with the highest price was India ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+0.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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