Asia: Soya Bean Market 2025

Soya Bean Market Size in Asia

The Asian soya bean market surged to $X in 2021, growing by 19% against the previous year. The market value increased at an average annual rate of +3.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Soya Bean Production in Asia

In value terms, soya bean production contracted modestly to $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 36% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then contracted modestly 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 95% share of total production.

From 2012 to 2021, the most notable rate of growth in terms of production, amongst the key 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 expanded modestly to X tons per ha, picking up by 4.3% against 2020. Over the period under review, the yield, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 24% against the previous year. The level of yield peaked 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, the total area harvested in terms of soya beans production in Asia reduced to X ha, shrinking by -3.3% on the year before. 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 somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 8.4%. The level of harvested area peaked at X ha in 2020, and then dropped slightly in the following year.

Soya Bean Exports

Exports in Asia

In 2021, shipments abroad of soya beans decreased by -17.3% to X tons, falling for the fourth year in a row after four years of growth. Overall, exports showed a drastic downturn. The growth pace was the most rapid in 2014 when exports increased by 36%. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, soya bean exports expanded significantly to $X in 2021. In general, exports showed a abrupt curtailment. The pace of growth was the most pronounced in 2014 with an increase of 29% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Turkey (X tons) and China (X tons) represented the main exporters of soya beans in 2021, accounting for approx. 31% and 25% of total exports, respectively. The United Arab Emirates (X tons) ranks next in terms of the total exports with an 11% share, followed by India (8.3%), Bangladesh (7%) and Kazakhstan (6.6%). Cambodia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the United Arab Emirates (with a CAGR of +26.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest soya bean supplying countries in Asia were China ($X), Turkey ($X) and the United Arab Emirates ($X), together comprising 70% of total exports.

In terms of the main exporting countries, the United Arab Emirates, with a CAGR of +29.4%, 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 2021, picking up by 30% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. Over the period under review, the export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 Kazakhstan (+8.9%), while the other leaders experienced more modest paces of growth.

Soya Bean Imports

Imports in Asia

In 2021, overseas purchases of soya beans decreased by -2.7% to X tons for the first time since 2018, thus ending a two-year rising trend. Total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.0% 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 +4.2% against 2017 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 25%. The volume of import peaked at X tons in 2020, and then fell slightly in the following year.

In value terms, soya bean imports soared to $X in 2021. The total import value increased at an average annual rate of +5.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained 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 78% of total imports in 2021. Thailand (X tons), Japan (X tons), Taiwan (Chinese) (X tons), Turkey (X tons), Indonesia (X tons), Pakistan (X tons), Bangladesh (X tons), Vietnam (X tons) and Iran (X tons) followed a long way behind the leaders.

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%), Iran (+28.9%), Bangladesh (+27.2%), Turkey (+8.5%), Thailand (+7.3%), Vietnam (+4.7%), 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, with a CAGR of +319.9% from 2012-2021. From 2012 to 2021, the share of Pakistan and Bangladesh increased by +2 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported soya beans in Asia, comprising 78% of total imports. The second position in the ranking was taken by Thailand ($X), with a 3.3% share of total imports. It was followed by Japan, with a 3% share.

In China, soya bean imports increased at an average annual rate of +4.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+6.5% per year) and Japan (+1.5% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, growing by 39% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The level of import peaked 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 ($X per ton) and Iran ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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