Asia-Pacific: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Asia-Pacific

The Asia-Pacific crude soybean oil market reached $X in 2022, increasing by 2% 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 relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Crude Soybean Oil Production in Asia-Pacific

In value terms, crude soybean oil production contracted modestly to $X in 2022 estimated in export price. Overall, production, however, saw a slight setback. The growth pace was the most rapid in 2017 with an increase of 62% against the previous year. 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-Pacific

After two years of growth, overseas shipments of crude soybean oil decreased by -30.8% to X tons in 2022. In general, exports saw a deep reduction. The pace of growth was the most pronounced in 2021 when exports increased by 43%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, crude soybean oil exports contracted dramatically to $X in 2022. Over the period under review, exports recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by 130%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Vietnam (X tons) and Thailand (X tons) were the major exporters of crude soybean oil in Asia-Pacific, together generating 69% of total exports. China (X tons) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (5.4%) and Taiwan (Chinese) (5.1%). Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +0.9%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Thailand ($X), Vietnam ($X) and China ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 89% of total exports. Taiwan (Chinese), Malaysia and Indonesia lagged somewhat behind, together comprising a further 10%.

Among the main exporting countries, Taiwan (Chinese), with a CAGR of +2.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, growing by 7.1% against the previous year. Over the period under review, the export price showed a slight expansion. The growth pace was the most rapid in 2021 when the export price increased by 61% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Indonesia ($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-Pacific

In 2022, purchases abroad of crude soybean oil decreased by -2.3% to X tons, falling for the second year in a row after two years of growth. Total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -3.3% against 2020 indices. The pace of growth was the most pronounced 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 lower figure.

In value terms, crude soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports, however, enjoyed pronounced growth. The growth pace was the most rapid in 2021 with an increase of 52% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

India was the largest importer of crude soybean oil in Asia-Pacific, with the volume of imports finishing at X tons, which was approx. 65% 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 creating a 29% share of total imports. The following importers - Pakistan (X tons) and Malaysia (X tons) - together made up 5.1% 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%), Nepal (+11.4%) and Malaysia (+2.7%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +16.5% from 2012-2022. South Korea and Bangladesh experienced a relatively flat trend pattern. By contrast, China (-15.7%) illustrated a downward trend over the same period. While the share of India (+39 p.p.), Nepal (+2.8 p.p.) and Pakistan (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Korea (-2.2 p.p.), Bangladesh (-5.3 p.p.) and China (-36.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported crude soybean oil in Asia-Pacific, comprising 71% of total imports. The second position in the ranking was held by Bangladesh ($X), with an 8.2% share of total imports. It was followed by South Korea, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled +15.7%. The remaining importing countries recorded the following average annual rates of imports growth: Bangladesh (-3.1% per year) and South Korea (+2.6% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, increasing by 20% against the previous year. Import price indicated mild growth 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 +100.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 53%. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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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