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India - Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Jun 1, 2025

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

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Jan 26, 2023

India's Soybean Oil Price Drops 8% to $1,472 per Ton

India Soybean Oil Import Price in September 2022

In September 2022, the soybean oil price stood at $1,472 per ton (CIF, India), falling by -7.7% against the previous month. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in April 2022 when the average import price increased by 8.9% against the previous month. The import price peaked at $1,857 per ton in June 2022; however, from July 2022 to September 2022, import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was the United States ($4,318 per ton), while the price for Switzerland ($1,392 per ton) was amongst the lowest.

From January 2022 to September 2022, the most notable rate of growth in terms of prices was attained by the United States (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

India Soybean Oil Import Prices by Type

Average prices varied somewhat amongst the major supplied products. In September 2022, the product with the highest price was refined soybean oil and its fractions ($2,092 per ton), while the price for crude soybean oil amounted to $1,468 per ton.

From January 2022 to September 2022, the most notable rate of growth in terms of prices was attained by refined soybean oil (+1.6%).

India Soybean Oil Imports

In September 2022, soybean oil imports into India declined significantly to 245K tons, with a decrease of -15.6% on the previous month's figure. Overall, imports recorded a drastic downturn. The pace of growth was the most pronounced in July 2022 when imports increased by 75% m-o-m. As a result, imports attained the peak of 481K tons. From August 2022 to September 2022, the growth of imports failed to regain momentum.

In value terms, soybean oil imports dropped remarkably to $361M (IndexBox estimates) in September 2022. Over the period under review, imports continue to indicate a deep downturn. The growth pace was the most rapid in July 2022 with an increase of 66% m-o-m. As a result, imports attained the peak of $847M. From August 2022 to September 2022, the growth of imports remained at a somewhat lower figure.

India Soybean Oil Imports by Type

In September 2022, crude soybean oil (243K tons) was the main type of soybean oil supplied to India, accounting for a 99% share of total imports. It was followed by refined soybean oil and its fractions (1.7K tons), with a 0.7% share of total imports.

From January 2022 to September 2022, the average monthly rate of growth in terms of the volume of import of crude soybean oil amounted to -5.2%.

In value terms, crude soybean oil ($357M) constituted the largest type of soybean oil supplied to India, comprising 99% of total imports. The second position in the ranking was taken by refined soybean oil and its fractions ($3.6M), with a 1% share of total imports.

India Soybean Oil Imports by Country

Brazil (120K tons), Argentina (83K tons) and Switzerland (20K tons) were the main suppliers of soybean oil imports to India, with a combined 91% share of total imports.

From January 2022 to September 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of +6.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($176M), Argentina ($123M) and the Netherlands ($30M) constituted the largest soybean oil suppliers to India, together comprising 91% of total imports.

Brazil, with a CAGR of +6.5%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Factors Affecting Soybean Oil Market

Soybean oil is one of the most popular oils used in India, due to its relatively low price and high quality. Soybean oil prices in India have been on the rise, due to a number of factors. One of the main drivers of this price increase has been the strong demand from China, which is the world's largest importer of soybean oil. With Chinese demand remaining robust, there is little chance of prices coming down in the near future.

The Indian population is growing at a rapid rate, and with that comes an increased demand for edible oils, which stimulates price growth. Another factor that has contributed to higher prices is the ongoing drought in Brazil, one of the world's leading producers of soybeans. This has led to concerns about supply levels, and as a result, prices have risen.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the soybean oil market in India. 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:

  • India

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in India
  • 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 THE 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 TRENDSThis Chapter is Available Only for the Professional EditionPRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and its Prospects

    1. MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. MARKET STRUCTURE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    3. TRADE BALANCE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    4. PER CAPITA CONSUMPTION: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    5. MARKET FORECAST TO 2035

  4. 4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION

    Finding New Products to Diversify Your Business

    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCTS
    4. MOST TRADED PRODUCTS
    5. MOST PROFITABLE PRODUCTS FOR EXPORTS

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    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 Export

    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. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
    3. IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
    2. EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
    3. EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

  11. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    3. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
    4. Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
    5. Imports, In Physical Terms, By Country, 2012–2024
    6. Imports, In Value Terms, By Country, 2012–2024
    7. Import Prices, By Country, 2012–2024
    8. Exports, In Physical Terms, By Country, 2012–2024
    9. Exports, In Value Terms, By Country, 2012–2024
    10. Export Prices, By Country, 2012–2024

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    2. Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
    3. Market Structure – Domestic Supply vs. Imports, in Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    4. Market Structure – Domestic Supply vs. Imports, in Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    5. Trade Balance, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    6. Trade Balance, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    7. Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
    8. Market Volume Forecast to 2035
    9. Market Value Forecast to 2035
    10. Market Size and Growth, By Product
    11. Average Per Capita Consumption, By Product
    12. Exports and Growth, By Product
    13. Export Prices and Growth, By Product
    14. Production Volume and Growth
    15. Exports and Growth
    16. Export Prices and Growth
    17. Market Size and Growth
    18. Per Capita Consumption
    19. Imports and Growth
    20. Import Prices
    21. Production, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    22. Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    23. Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    24. Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    25. Imports, In Physical Terms, By Country, 2024
    26. Imports, In Physical Terms, By Country, 2012–2024
    27. Imports, In Value Terms, By Country, 2012–2024
    28. Import Prices, By Country, 2012–2024
    29. Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    30. Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
    31. Exports, In Physical Terms, By Country, 2024
    32. Exports, In Physical Terms, By Country, 2012–2024
    33. Exports, In Value Terms, By Country, 2012–2024
    34. Export Prices, By Country, 2012–2024

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