ASEAN: Soya Bean Market 2025

Soya Bean Market Size in ASEAN

The ASEAN soya bean market surged to $X in 2021, jumping by 23% against the previous year. The market value increased at an average annual rate of +3.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Soya Bean Production in ASEAN

In value terms, soya bean production rose sharply to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2018 with an increase of 26%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Indonesia (X tons) remains the largest soya bean producing country in ASEAN, accounting for 70% of total volume. Moreover, soya bean production in Indonesia exceeded the figures recorded by the second-largest producer, Cambodia (X tons), sixfold. The third position in this ranking was held by Myanmar (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume in Indonesia stood at +2.0%. In the other countries, the average annual rates were as follows: Cambodia (+4.2% per year) and Myanmar (-1.4% per year).

In 2021, the average yield of soya beans in ASEAN declined modestly to X tons per ha, leveling off at the year before. In general, the yield, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 31% against the previous year. The level of yield peaked at X tons per ha in 2015; however, from 2016 to 2021, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The soya bean harvested area shrank to X ha in 2021, leveling off at the previous year's figure. Over the period under review, the harvested area, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 6.4% against the previous year. Over the period under review, the harvested area dedicated to soya bean production reached the peak figure at X ha in 2018; however, from 2019 to 2021, the harvested area stood at a somewhat lower figure.

Soya Bean Exports

Exports in ASEAN

For the third year in a row, ASEAN recorded decline in shipments abroad of soya beans, which decreased by -37.9% to X tons in 2021. In general, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 117% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, soya bean exports declined sharply to $X in 2021. Overall, exports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2014 when exports increased by 120% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cambodia (X tons), Malaysia (X tons) and Singapore (X tons) represented roughly 78% of total exports in 2021. Myanmar (X tons) held a 9.2% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (6.9%). The following exporters - Thailand (X tons) and Vietnam (X tons) - each reached a 5.6% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Myanmar (with a CAGR of +16.9%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Malaysia ($X), Singapore ($X) and Cambodia ($X) were the countries with the highest levels of exports in 2021, together accounting for 81% of total exports. Myanmar, Indonesia, Thailand and Vietnam lagged somewhat behind, together comprising a further 18%.

Myanmar, with a CAGR of +17.9%, saw 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 2021, the export price in ASEAN amounted to $X per ton, growing by 12% against the previous year. Overall, the export price, however, recorded a pronounced decline. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Malaysia ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+2.4%), while the other leaders experienced mixed trends in the export price figures.

Soya Bean Imports

Imports in ASEAN

In 2021, overseas purchases of soya beans decreased by -0.7% to X tons for the first time since 2018, thus ending a two-year rising trend. Total imports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +4.9% 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 +71.2% against 2013 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 22%. Over the period under review, imports attained the peak figure at X tons in 2020, and then dropped in the following year.

In value terms, soya bean imports surged to $X in 2021. Total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +57.0% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand represented the key importer of soya beans in ASEAN, with the volume of imports resulting at X tons, which was approx. 43% of total imports in 2021. Indonesia (X tons) held a 27% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (21%) and Malaysia (6.7%). The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in the Philippines (with a CAGR of +11.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Indonesia ($X) and Vietnam ($X) were the countries with the highest levels of imports in 2021, together accounting for 91% of total imports. Malaysia and the Philippines lagged somewhat behind, together accounting for a further 8.2%.

The Philippines, with a CAGR of +15.5%, saw the highest rates of growth with regard to the value of imports, among 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 ASEAN stood at $X per ton in 2021, with an increase of 38% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in the Philippines ($X per ton) and Indonesia ($X per ton), while Vietnam ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+4.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform