Asia-Pacific: Soya Bean Market 2024

Soya Bean Market Size in Asia-Pacific

The Asia-Pacific soya bean market surged to $X in 2021, increasing by 19% against the previous year. The market value increased at an average annual rate of +3.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Soya Bean Production in Asia-Pacific

In value terms, soya bean production shrank slightly to $X in 2021 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 37% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then dropped in the following year.

The countries with the highest volumes of production in 2021 were China (X tons), India (X tons) and Indonesia (X tons), with a combined 97% share of total production.

From 2012 to 2021, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by China (with a CAGR of +4.2%), while production for the other leaders experienced mixed trends in the production figures.

In 2021, the average yield of soya beans in Asia-Pacific was estimated at X tons per ha, growing by 4.3% compared with the previous year's figure. Over the period under review, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 24% against the previous year. Over the period under review, the soya bean yield attained the peak level at X tons per ha in 2019; afterwards, it flattened through to 2021. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of soya beans were harvested in Asia-Pacific; reducing by -3.3% on the previous year's figure. The harvested area increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2019 with an increase of 8.2% against the previous year. Over the period under review, the harvested area dedicated to soya bean production reached the maximum at X ha in 2020, and then contracted in the following year.

Soya Bean Exports

Exports in Asia-Pacific

In 2021, exports of soya beans in Asia-Pacific shrank notably to X tons, reducing by -21.6% compared with the previous year's figure. Over the period under review, exports showed a deep contraction. The most prominent rate of growth was recorded in 2014 with an increase of 38%. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, soya bean exports reached $X in 2021. In general, exports saw a deep contraction. The pace of growth was the most pronounced in 2014 when exports increased by 30%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

China was the major exporter of soya beans in Asia-Pacific, with the volume of exports recording X tons, which was approx. 46% of total exports in 2021. India (X tons) ranks second in terms of the total exports with a 15% share, followed by Bangladesh (13%), Cambodia (6%), Australia (5.1%) and Malaysia (5.1%). Singapore (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to soya bean exports from China stood at -15.1%. At the same time, Australia (+15.6%) and Singapore (+3.8%) displayed positive paces of growth. Moreover, Australia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +15.6% from 2012-2021. Bangladesh experienced a relatively flat trend pattern. By contrast, India (-6.8%), Cambodia (-10.0%) and Malaysia (-19.5%) illustrated a downward trend over the same period. While the share of Bangladesh (+13 p.p.), India (+5.6 p.p.), Australia (+4.7 p.p.) and Singapore (+3.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Malaysia (-7 p.p.) and China (-21.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest soya bean supplier in Asia-Pacific, comprising 58% of total exports. The second position in the ranking was taken by India ($X), with a 14% share of total exports. It was followed by Bangladesh, with a 9.6% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to -12.4%. In the other countries, the average annual rates were as follows: India (-5.5% per year) and Bangladesh (0.0% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, growing by 29% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.2%), while the other leaders experienced more modest paces of growth.

Soya Bean Imports

Imports in Asia-Pacific

After two years of growth, overseas purchases of soya beans decreased by -2.7% to X tons in 2021. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +5.9% 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 +4.5% against 2017 indices. The pace of growth appeared the most rapid in 2017 with an increase of 26%. Over the period under review, imports hit record highs at X tons in 2020, and then contracted slightly in the following year.

In value terms, soya bean imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China dominates imports structure, recording X tons, which was near 81% of total imports in 2021. The following importers - Thailand (X tons), Japan (X tons), Taiwan (Chinese) (X tons), Indonesia (X tons), Pakistan (X tons) and Bangladesh (X tons) - together made up 15% of total imports.

From 2012 to 2021, average annual rates of growth with regard to soya bean imports into China stood at +5.7%. At the same time, Pakistan (+319.9%), Bangladesh (+27.2%), Thailand (+7.3%), Indonesia (+2.9%), Japan (+2.0%) and Taiwan (Chinese) (+1.3%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +319.9% from 2012-2021. From 2012 to 2021, the share of Pakistan and Bangladesh increased by +2.1 and +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported soya beans in Asia-Pacific, comprising 81% of total imports. The second position in the ranking was taken by Thailand ($X), with a 3.4% share of total imports. It was followed by Japan, with a 3.2% share.

In China, soya bean imports increased at an average annual rate of +4.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (+6.5% per year) and Japan (+1.5% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, jumping by 39% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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