Asia: Soybean Oil Market 2024

Soybean Oil Market Size in Asia

In 2022, the Asian soybean oil market increased by 1.8% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market reached the maximum level in 2022 and is likely to see gradual growth in years to come.

Soybean Oil Production in Asia

In value terms, soybean oil production stood at $X in 2022 estimated in export price. Overall, production, however, showed a mild shrinkage. The pace of growth was the most pronounced in 2017 with an increase of 16%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Soybean Oil Exports

Exports in Asia

For the third year in a row, Asia recorded growth in overseas shipments of soybean oil, which increased by 1.5% to X tons in 2022. Total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.4% 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 +63.8% against 2016 indices. The growth pace was the most rapid in 2018 when exports increased by 25% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, soybean oil exports rose notably to $X in 2022. Over the period under review, exports showed a resilient expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 65%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

In 2022, Turkey (X tons) represented the largest exporter of soybean oil, generating 33% of total exports. Thailand (X tons) ranks second in terms of the total exports with a 16% share, followed by Malaysia (12%), China (11%), Saudi Arabia (7.4%), Indonesia (7%) and Vietnam (5.1%).

Turkey was also the fastest-growing in terms of the soybean oil exports, with a CAGR of +57.3% from 2012 to 2022. At the same time, Indonesia (+15.8%), Thailand (+9.4%) and China (+5.0%) displayed positive paces of growth. By contrast, Saudi Arabia (-2.5%), Malaysia (-4.2%) and Vietnam (-5.2%) illustrated a downward trend over the same period. While the share of Turkey (+32 p.p.), Thailand (+5.8 p.p.) and Indonesia (+4.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (-7.3 p.p.), Vietnam (-8.2 p.p.) and Malaysia (-15.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X), Thailand ($X) and China ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 66% of total exports.

Among the main exporting countries, Turkey, with a CAGR of +58.2%, recorded the highest rates of growth with regard to 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 stood at $X per ton in 2022, picking up by 9.4% against the previous year. Export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.0% 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 +62.6% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by 48% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

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 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.

Soybean Oil Imports

Imports in Asia

After three years of growth, supplies from abroad of soybean oil decreased by -6.8% to X tons in 2022. The total import volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 with an increase of 38% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then declined in the following year.

In value terms, soybean oil imports expanded remarkably to $X in 2022. Overall, imports, however, posted a temperate increase. The growth pace was the most rapid in 2021 with an increase of 61% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

India represented the major importing country with an import of about X tons, which resulted at 59% of total imports. Bangladesh (X tons) took the second position in the ranking, followed by South Korea (X tons), China (X tons) and Nepal (X tons). All these countries together took near 27% share of total imports. Pakistan (X tons) and Iran (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to soybean oil imports into India stood at +13.6%. At the same time, Pakistan (+16.2%) and Nepal (+11.4%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Asia, with a CAGR of +16.2% from 2012-2022. South Korea and Bangladesh experienced a relatively flat trend pattern. By contrast, Iran (-14.3%) and China (-15.4%) illustrated a downward trend over the same period. India (+38 p.p.), Nepal (+2.7 p.p.) and Pakistan (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while Bangladesh, Iran and China saw its share reduced by -3.6%, -8.1% and -29.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported soybean oil in Asia, comprising 65% of total imports. The second position in the ranking was held by Bangladesh ($X), with a 7.3% share of total imports. It was followed by South Korea, with a 6.5% share.

In India, soybean oil imports increased at an average annual rate of +16.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Bangladesh (-3.1% per year) and South Korea (+3.8% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, rising by 17% against the previous year. Import price indicated a modest 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 +95.2% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 54% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

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

Source: IndexBox Platform

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