Global Soybean Oil Market 2024

Soybean Oil Market Size

The global soybean oil market was estimated at $X in 2022, approximately equating the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. Global consumption peaked in 2022 and is expected to retain growth in the near future.

Soybean Oil Production

In value terms, soybean oil production stood at $X in 2022 estimated in export price. Over the period under review, production recorded a slight setback. The pace of growth appeared the most rapid in 2017 with an increase of X%. Global production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

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Soybean Oil Exports

Exports

In 2022, shipments abroad of soybean oil decreased by X% to X tons, falling for the second year in a row after two years of growth. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was 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 global exports failed to regain momentum.

In value terms, soybean oil exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a temperate expansion. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the near future.

Exports by Country

In 2022, Argentina (X tons), distantly followed by Brazil (X tons), the United States (X tons), the Netherlands (X tons) and Bolivia (X tons) represented the largest exporters of soybean oil, together making up X% of total exports. The following exporters - Spain (X tons), Paraguay (X tons), Turkey (X tons), Russia (X tons), Ukraine (X tons) and Italy (X tons) - together made up X% of total exports.

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

In value terms, Argentina ($X), Brazil ($X) and the United States ($X) were the countries with the highest levels of exports in 2022, with a combined X% share of global exports. The Netherlands, Bolivia, Spain, Paraguay, Turkey, Russia, Italy and Ukraine lagged somewhat behind, together comprising a further X%.

Turkey, 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 global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, surging by X% against the previous year. In general, the export price continues to indicate a measured expansion. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The global export price 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 the United States ($X per ton) and Italy ($X per ton), while Ukraine ($X per ton) and Paraguay ($X per ton) were amongst the lowest.

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

Soybean Oil Imports

Imports

In 2022, supplies from abroad of soybean oil decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 when imports increased by X%. Over the period under review, global imports hit record highs at X tons in 2021, and then dropped in the following year.

In value terms, soybean oil imports rose notably to $X in 2022. Over the period under review, imports, however, enjoyed noticeable growth. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, global imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

India was the key importer of soybean oil in the world, with the volume of imports recording X tons, which was near X% of total imports in 2022. Algeria (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Bangladesh (X%). Morocco (X tons), Peru (X tons), South Korea (X tons), China (X tons), Colombia (X tons), Poland (X tons), Nepal (X tons), Pakistan (X tons), the UK (X tons) and Spain (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to soybean oil imports into India stood at X%. At the same time, Spain (X%), Pakistan (X%), Poland (X%), Nepal (X%), Algeria (X%), Peru (X%), Morocco (X%), the UK (X%) and Colombia (X%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the world, with a CAGR of X% from 2012-2022. South Korea and Bangladesh experienced a relatively flat trend pattern. By contrast, China (X%) illustrated a downward trend over the same period. India (X p.p.) and Algeria (X p.p.) significantly strengthened its position in terms of the global imports, while Bangladesh and China saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual growth rate of value in India totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Algeria (X% per year) and Morocco (X% per year).

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, jumping by X% against the previous year. In general, import price indicated slight growth 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 when the average import price increased by X%. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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