Asia: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Asia

The Asian crude soybean oil market amounted to $X in 2022, with an increase of 1.6% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Crude Soybean Oil Production in Asia

In value terms, crude soybean oil production declined modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 59%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Crude Soybean Oil Exports

Exports in Asia

After two years of growth, overseas shipments of crude soybean oil decreased by -4.3% to X tons in 2022. Over the period under review, exports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 53% against the previous year. The volume of export peaked at X tons in 2021, and then dropped modestly in the following year.

In value terms, crude soybean oil exports totaled $X in 2022. In general, exports, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2021 with an increase of 100% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Turkey represented the major exporting country with an export of around X tons, which accounted for 62% of total exports. Saudi Arabia (X tons) ranks second in terms of the total exports with a 12% share, followed by Vietnam (8.4%) and Thailand (7.6%). China (X tons) and Kazakhstan (X tons) took a minor share of total exports.

Turkey was also the fastest-growing in terms of the crude soybean oil exports, with a CAGR of +61.8% from 2012 to 2022. At the same time, Kazakhstan (+5.5%) displayed positive paces of growth. China experienced a relatively flat trend pattern. By contrast, Thailand (-2.8%), Saudi Arabia (-2.9%) and Vietnam (-5.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey increased by +61 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest crude soybean oil supplier in Asia, comprising 66% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with an 8.7% share of total exports. It was followed by Thailand, with an 8.6% share.

In Turkey, crude soybean oil exports expanded at an average annual rate of +63.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-4.6% per year) and Thailand (+0.0% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, increasing by 14% against the previous year. Export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil export price increased by +87.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 60%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.9%), while the other leaders experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports in Asia

In 2022, overseas purchases of crude soybean oil decreased by -3.6% 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 +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 40% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude soybean oil imports surged to $X in 2022. In general, imports, however, enjoyed a moderate increase. The growth pace was the most rapid in 2021 with an increase of 55%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

India was the largest importer of crude soybean oil in Asia, with the volume of imports amounting to X tons, which was near 62% of total imports in 2022. It was distantly followed by Bangladesh (X tons), China (X tons), South Korea (X tons) and Nepal (X tons), together achieving a 28% share of total imports. The following importers - Pakistan (X tons) and Iran (X tons) - together made up 5.2% of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude soybean oil imports into India stood at +13.3%. At the same time, Pakistan (+16.5%) and Nepal (+11.4%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Asia, with a CAGR of +16.5% from 2012-2022. South Korea and Bangladesh experienced a relatively flat trend pattern. By contrast, Iran (-14.4%) and China (-15.7%) illustrated a downward trend over the same period. India (+40 p.p.), Nepal (+3 p.p.) and Pakistan (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while Bangladesh, Iran and China saw its share reduced by -3.6%, -8.5% and -31.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported crude soybean oil in Asia, comprising 69% of total imports. The second position in the ranking was taken by Bangladesh ($X), with a 7.9% share of total imports. It was followed by South Korea, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +15.7%. In the other countries, the average annual rates were as follows: Bangladesh (-3.1% per year) and South Korea (+2.6% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, jumping by 19% against the previous year. Import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil import price increased by +98.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 53% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is likely to continue 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 ($X per ton), while Nepal ($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 (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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