Asia-Pacific: Soybean Oil Market 2024

Soybean Oil Market Size in Asia-Pacific

In 2022, the Asia-Pacific soybean oil market increased by 2.3% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of +1.0% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is likely to see steady growth in the near future.

Soybean Oil Production in Asia-Pacific

In value terms, soybean oil production totaled $X in 2022 estimated in export price. Over the period under review, production, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2017 when the production volume increased by 17% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports in Asia-Pacific

In 2022, the amount of soybean oil exported in Asia-Pacific shrank slightly to X tons, remaining constant against the previous year. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 22%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, soybean oil exports rose rapidly to $X in 2022. Total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.2% 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 +63.6% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 55% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Thailand (X tons), Malaysia (X tons) and China (X tons) represented roughly 69% of total exports in 2022. It was distantly followed by Indonesia (X tons) and Vietnam (X tons), together making up a 22% share of total exports. The following exporters - Taiwan (Chinese) (X tons) and India (X tons) - each resulted at a 6.3% share of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +39.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), China ($X) and Malaysia ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 73% share of total exports. Indonesia, Vietnam, India and Taiwan (Chinese) lagged somewhat behind, together comprising a further 23%.

In terms of 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, increasing by 5.4% against the previous year. Export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil export price increased by +57.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 47% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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 Thailand (+2.9%), while the other leaders experienced more modest paces of growth.

Soybean Oil Imports

Imports in Asia-Pacific

In 2022, overseas purchases of soybean oil decreased by -5.7% to X tons for the first time since 2018, thus ending a three-year rising trend. Total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when imports increased by 37% against the previous year. The volume of import peaked at X tons in 2021, and then shrank in the following year.

In value terms, soybean oil imports rose markedly to $X in 2022. Over the period under review, imports, however, posted perceptible growth. The pace of growth appeared the most rapid in 2021 with an increase of 57%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, India (X tons) represented the largest importer of soybean oil, achieving 62% of total imports. Bangladesh (X tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (5.8%), China (5.4%) and Nepal (5%). Pakistan (X tons) and Malaysia (X tons) followed a long way behind the leaders.

Imports into India increased at an average annual rate of +13.6% from 2012 to 2022. At the same time, Pakistan (+16.2%), Nepal (+11.4%) and Malaysia (+3.4%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +16.2% from 2012-2022. South Korea and Bangladesh experienced a relatively flat trend pattern. By contrast, China (-15.4%) illustrated a downward trend over the same period. While the share of India (+38 p.p.), Nepal (+2.6 p.p.) and Pakistan (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Korea (-1.6 p.p.), Bangladesh (-5.2 p.p.) and China (-34.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported soybean oil in Asia-Pacific, comprising 67% of total imports. The second position in the ranking was taken by Bangladesh ($X), with a 7.5% share of total imports. It was followed by South Korea, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +16.0%. In the other countries, the average annual rates were as follows: Bangladesh (-3.1% per year) and South Korea (+3.8% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, growing by 18% against the previous year. Import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil import price increased by +97.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 54% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

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 (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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