Asia: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in Asia

The Asian soybean oilcake market amounted to $X in 2021, surging by 7.9% against the previous year. The market value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Soybean Oilcake Production in Asia

In value terms, soybean oilcake production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2018 when the production volume increased by 21% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Soybean Oilcake Exports

Exports in Asia

After two years of decline, shipments abroad of soybean oilcake increased by 8.6% to X tons in 2021. Overall, exports, however, continue to indicate a deep downturn. The growth pace was the most rapid in 2017 when exports increased by 18%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, soybean oilcake exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a pronounced slump. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, India (X tons) was the major exporter of soybean oilcake, creating 41% of total exports. It was distantly followed by China (X tons) and Turkey (X tons), together constituting a 43% share of total exports. The following exporters - Thailand (X tons), the United Arab Emirates (X tons) and Vietnam (X tons) - together made up 6.5% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Thailand (with a CAGR of +75.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest soybean oilcake supplying countries in Asia were India ($X), China ($X) and Turkey ($X), with a combined 86% share of total exports. Thailand, the United Arab Emirates and Vietnam lagged somewhat behind, together accounting for a further 6.2%.

Thailand, with a CAGR of +74.7%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries 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 20% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in India ($X per ton) and the United Arab Emirates ($X per ton), while Vietnam ($X per ton) and Turkey ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+2.8%), while the other leaders experienced mixed trends in the export price figures.

Soybean Oilcake Imports

Imports in Asia

In 2021, the amount of soybean oilcake imported in Asia expanded modestly to X tons, rising by 2.3% compared with 2020. The total import volume increased at an average annual rate of +3.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 10%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, soybean oilcake imports surged to $X in 2021. The total import value increased at an average annual rate of +3.2% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat 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

Indonesia (X tons) and Vietnam (X tons) represented the major importers of soybean oilcake in 2021, resulting at approx. 19% and 17% of total imports, respectively. Thailand (X tons) took the next position in the ranking, followed by the Philippines (X tons), South Korea (X tons), Japan (X tons) and Malaysia (X tons). All these countries together held near 36% share of total imports. Iran (X tons), Turkey (X tons), Saudi Arabia (X tons), India (X tons) and Iraq (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +149.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soybean oilcake importing markets in Asia were Indonesia ($X), Vietnam ($X) and Thailand ($X), together comprising 45% of total imports. These countries were followed by the Philippines, Japan, South Korea, Malaysia, Iran, Turkey, Saudi Arabia, India and Iraq, which together accounted for a further 41%.

India, with a CAGR of +125.3%, recorded the highest rates of growth with regard to the value of imports, among 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 2021, the import price in Asia amounted to $X per ton, surging by 23% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 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 India ($X per ton) and Japan ($X per ton), while Malaysia ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+1.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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