Australia and Oceania: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Australia and Oceania

In 2022, the crude soybean oil market in Australia and Oceania increased by 4.5% to $X, rising for the second consecutive year after eight years of decline. Over the period under review, consumption continues to indicate a abrupt contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Crude Soybean Oil Production in Australia and Oceania

In value terms, crude soybean oil production shrank slightly to $X in 2022 estimated in export price. Overall, production faced a drastic downturn. The most prominent rate of growth was recorded in 2016 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.

Crude Soybean Oil Exports

Exports in Australia and Oceania

In 2022, approx. X tons of crude soybean oil were exported in Australia and Oceania; rising by 26% on 2021 figures. Over the period under review, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 450% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, crude soybean oil exports skyrocketed to $X in 2022. In general, exports recorded significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 8,031% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Fiji dominates exports structure, resulting at X tons, which was near 94% of total exports in 2022. The following exporters - Australia (X tons) and New Zealand (X tons) - each recorded a 5.7% share of total exports.

Fiji was also the fastest-growing in terms of the crude soybean oil exports, with a CAGR of +143.5% from 2012 to 2022. At the same time, New Zealand (+26.3%) displayed positive paces of growth. By contrast, Australia (-11.0%) illustrated a downward trend over the same period. While the share of Fiji (+94 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Australia (-93.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Fiji ($X) remains the largest crude soybean oil supplier in Australia and Oceania, comprising 93% of total exports. The second position in the ranking was taken by Australia ($X), with a 4.6% share of total exports.

In Fiji, crude soybean oil exports expanded at an average annual rate of +129.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Australia (-3.6% per year) and New Zealand (+24.2% per year).

Export Prices by Country

In 2022, the export price in Australia and Oceania amounted to $X per ton, rising by 54% against the previous year. Over the period under review, the export price recorded measured growth. The pace of growth was the most pronounced in 2013 an increase of 1,379% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Australia ($X per ton), while New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+8.3%), while the other leaders experienced a decline in the export price figures.

Crude Soybean Oil Imports

Imports in Australia and Oceania

In 2022, the amount of crude soybean oil imported in Australia and Oceania contracted to X tons, which is down by -11.3% on the previous year. Over the period under review, imports showed a pronounced curtailment. The pace of growth appeared the most rapid in 2015 when imports increased by 39%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude soybean oil imports skyrocketed to $X in 2022. Overall, imports saw a slight setback. The growth pace was the most rapid in 2021 with an increase of 82% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Australia was the main importer of crude soybean oil in Australia and Oceania, with the volume of imports reaching X tons, which was near 62% of total imports in 2022. Fiji (X tons) held a 24% share (based on physical terms) of total imports, which put it in second place, followed by Papua New Guinea (8.3%). New Zealand (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude soybean oil imports into Australia stood at -6.9%. At the same time, Papua New Guinea (+26.7%) and Fiji (+23.7%) displayed positive paces of growth. Moreover, Papua New Guinea emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +26.7% from 2012-2022. By contrast, New Zealand (-6.2%) illustrated a downward trend over the same period. Fiji (+22 p.p.) and Papua New Guinea (+7.8 p.p.) significantly strengthened its position in terms of the total imports, while Australia saw its share reduced by -22.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported crude soybean oil in Australia and Oceania, comprising 61% of total imports. The second position in the ranking was held by Fiji ($X), with a 25% share of total imports. It was followed by Papua New Guinea, with a 5.5% share.

In Australia, crude soybean oil imports decreased by an average annual rate of -4.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Fiji (+23.1% per year) and Papua New Guinea (+27.2% per year).

Import Prices by Country

In 2022, the import price in Australia and Oceania amounted to $X per ton, growing by 32% against the previous year. In general, the import price recorded a noticeable expansion. The most prominent rate of growth was recorded in 2021 when the import price increased by 41% against the previous year. The level of import 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 importing countries. In 2022, amid the top importers, the country with the highest price was Fiji ($X per ton), while Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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