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World - Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Nov 1, 2024

World - Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights

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Apr 12, 2021

The Global Soybean Oil Market Continues to Grow Despite Languishing Demand for Biodiesel During the Pandemic

IndexBox has just published a new report: 'World - Soya-Bean Oil - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

The soybean oil market indicates steady growth, despite the COVID-19 pandemic cut demand for biofuel. The competitive price of soybean oil, against the price for sunflower and palm oil, combined with the potential growth in demand for biofuels and increasingly robust environmental standards, signal tangible prospects for the further development of the soybean oil market.

Key Trends and Insights

USDA estimates that global soybean oil production increased from 58M tons in 2019, to 61M tons in 2020. China and the USA constitute major producers of soybean oil, increasing output to 17.6M tons (+7.1% y-o-y) and 11.6M tons (+2.1% y-o-y), respectively.

Global soybean oil exports also remain robust, amounting to 12.6M tons in 2020, growing slightly against the previous year. Argentina, a key exporter of soybean oil, increased exports by 800K tons y-o-y in 2020, to 5.9M tons, despite the 600K tons slump in production against 2019. This increase in exports is largely a result of the decline in biodiesel production, necessitating the export of soybean oil that was originally designated for the production of biodiesel. A significant expansion of Argentia's exports is not envisaged in 2021, due to the strong rate of the Argentine peso, high export duties, and the decline in demand for biodiesel and soybean meal, factors exacerbated by the pandemic.

In February 2021, average export prices (FOB, as monitored by International Grains Council) in the USA, Argentina, and Brazil increased against those in January 2021, reaching $1118/tonne (+$68/tonne), $1078/tonne (+$21/tonne), $1063/ton (+$10/tonne), respectively. From February 2020 to March 2021, soybean oil prices surged from 660-700 $US/tonne to 1000-1220 $US/tonne.

Soybean oil currently maintains a price advantage over its competitors. The average price (Decatur; Average Wholesale Tank Crude) for soybean oil in the USA, according to USDA estimates, stood at $748/ton in 2020-21, while the average price for sunflower oil reached $1,257/ton (Minneapolis FOB).

The global soybean oil market is forecast to develop in the medium term, following an increase in domestic demand in those countries where prices for competing for oil products, such as sunflower oil, remain higher. In the long-term, the potential market growth could be generated by the increased global use of sustainable soybean biodiesel, thereby echoing the Paris Agreement's commitment to reduce greenhouse emissions.

China to Remain the Main Consumer while India to Lead in Import

The global soybean oil market expanded modestly to $51.2B in 2019, with an increase of 1.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price).

The countries with the highest volumes of soybean oil consumption in 2019 were China (18M tons), the U.S. (10M tons) and Brazil (8.7M tons), with a combined 63% share of global consumption. These countries were followed by India, Argentina, Bangladesh and Mexico, which together accounted for a further 15% (IndexBox estimates).

In value terms, China ($18.4B) led the market, alone. The second position in the ranking was occupied by the U.S. ($8.3B). It was followed by Brazil.

The countries with the highest levels of soybean oil per capita consumption in 2019 were Argentina (53 kg per person), Brazil (41 kg per person) and the U.S. (31 kg per person).

In 2019, global soybean oil imports stood at 12M tons, increasing at an average annual rate of +2.3% from 2012 to 2019. In value terms, soybean oil imports amounted to $8.9B (IndexBox estimates) in 2019.

India represented the key importing country with an import of around 3.1M tons, which resulted in 26% of total imports. Algeria (876K tons) ranks second in terms of total imports with a 7.3% share, followed by Bangladesh (6.3%), China (5%), Morocco (4.6%) and Peru (4.5%). The following importers - South Korea (347K tons), Colombia (336K tons), Venezuela (320K tons), Egypt (228K tons), Nepal (198K tons) and the UK (187K tons) - together made up 14% of total imports.

In value terms, India ($2.2B) constitutes the largest market for imported soya-bean oil worldwide, comprising 25% of global imports. The second position in the ranking was occupied by Algeria ($561M), with a 6.3% share of global imports. It was followed by Bangladesh, with a 5.5% share.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global soybean oil market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • FCL 237 - Oil of Soybeans

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

  • Global market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Global production, split by region and country
  • Global trade (exports and imports)
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. GLOBAL PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY

  8. 8. GLOBAL IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
    • Italy
    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
    • Turkey
    • Saudi Arabia
    • Switzerland
    • Sweden
    • Nigeria
    • Poland
    • Belgium
    • Argentina
    • Norway
    • Austria
    • Thailand
    • United Arab Emirates
    • Colombia
    • Denmark
    • South Africa
    • Malaysia
    • Israel
    • Singapore
    • Egypt
    • Philippines
    • Finland
    • Chile
    • Ireland
    • Pakistan
    • Greece
    • Portugal
    • Kazakhstan
    • Algeria
    • Czech Republic
    • Qatar
    • Peru
    • Romania
    • Vietnam

  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Imports, In Physical Terms, By Country, 2012–2023
    7. Imports, In Value Terms, By Country, 2012–2023
    8. Import Prices, By Country Of Destination, 2012–2023
    9. Exports, In Physical Terms, By Country, 2012–2023
    10. Exports, In Value Terms, By Country, 2012–2023
    11. Export Prices, By Country Of Origin, 2012–2023

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2023
    18. Production, In Value Terms, 2012–2023
    19. Production, By Country, 2023
    20. Production, In Physical Terms, By Country, 2012–2023
    21. Imports, In Physical Terms, 2012–2023
    22. Imports, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, By Country, 2023
    24. Imports, In Physical Terms, By Country, 2012–2023
    25. Imports, In Value Terms, By Country, 2012–2023
    26. Import Prices, By Country, 2012–2023
    27. Exports, In Physical Terms, 2012–2023
    28. Exports, In Value Terms, 2012–2023
    29. Exports, In Physical Terms, By Country, 2023
    30. Exports, In Physical Terms, By Country, 2012–2023
    31. Exports, In Value Terms, By Country, 2012–2023
    32. Export Prices, 2012–2023

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