Asia-Pacific: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Asia-Pacific

The Asia-Pacific refined soybean oil market declined to $X in 2022, falling by -10.3% against the previous year. Over the period under review, consumption showed a perceptible descent. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in Asia-Pacific

In value terms, refined soybean oil production reduced slightly to $X in 2022 estimated in export price. In general, production saw a noticeable decrease. The growth pace was the most rapid in 2021 when the production volume increased by 8.2% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports in Asia-Pacific

In 2022, overseas shipments of refined soybean oil and its fractions were finally on the rise to reach X tons after three years of decline. The total export volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 26%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined soybean oil exports soared to $X in 2022. Total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +61.8% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 36%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

The biggest shipments were from Thailand (X tons), Malaysia (X tons), China (X tons) and Indonesia (X tons), together reaching 88% of total export. India (X tons), Taiwan (Chinese) (X tons) and Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by India (with a CAGR of +39.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil supplying countries in Asia-Pacific were Thailand ($X), China ($X) and Malaysia ($X), with a combined 75% share of total exports. Indonesia, India, Taiwan (Chinese) and Vietnam lagged somewhat behind, together comprising a further 20%.

Among the main exporting countries, India, with a CAGR of +37.4%, recorded 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

In 2022, the export price in Asia-Pacific amounted to $X per ton, picking up by 4.1% against the previous year. Export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by +55.0% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by 44% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.6%), while the other leaders experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports in Asia-Pacific

In 2022, purchases abroad of refined soybean oil and its fractions decreased by -37% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, imports, however, posted buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 41% against the previous year. As a result, imports reached the peak of X tons, and then contracted sharply in the following year.

In value terms, refined soybean oil imports contracted significantly to $X in 2022. In general, imports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2021 when imports increased by 107% against the previous year. As a result, imports attained the peak of $X, and then contracted remarkably in the following year.

Imports by Country

India (X tons), the Philippines (X tons), Hong Kong SAR (X tons), Indonesia (X tons) and South Korea (X tons) represented roughly 65% of total imports in 2022. It was distantly followed by Australia (X tons), achieving a 5.2% share of total imports. Vietnam (X tons), Singapore (X tons), Cambodia (X tons), Fiji (X tons), Malaysia (X tons), China (X tons) and New Zealand (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +128.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), the Philippines ($X) and Indonesia ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 47% of total imports.

India, with a CAGR of +111.2%, recorded the highest rates of growth with regard to the value of imports, in terms of 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

In 2022, the import price in Asia-Pacific amounted to $X per ton, growing by 9.4% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil import price increased by +74.2% against 2019 indices. The growth pace was the most rapid in 2021 when the import price increased by 47% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was New Zealand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (+8.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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