Australia and Oceania: Soybean Oil Market 2024

Soybean Oil Market Size in Australia and Oceania

In 2022, the soybean oil market in Australia and Oceania increased by 37% to $X, rising for the third year in a row after two years of decline. The total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +84.5% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Soybean Oil Production in Australia and Oceania

In value terms, soybean oil production contracted modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a deep slump. The most prominent rate of growth was recorded in 2013 with an increase of 61% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Soybean Oil Exports

Exports in Australia and Oceania

In 2022, overseas shipments of soybean oil increased by 68% to X tons, rising for the second year in a row after four years of decline. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 101%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, soybean oil exports surged to $X in 2022. Over the period under review, exports recorded a buoyant expansion. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Australia (X tons) represented the largest exporter of soybean oil, constituting 82% of total exports. It was distantly followed by Fiji (X tons), committing a 15% share of total exports. New Zealand (X tons) held a little share of total exports.

Exports from Australia increased at an average annual rate of +1.9% from 2012 to 2022. At the same time, Fiji (+5.2%) displayed positive paces of growth. Moreover, Fiji emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of +5.2% from 2012-2022. By contrast, New Zealand (-15.6%) illustrated a downward trend over the same period. Australia (+9.1 p.p.) and Fiji (+5.5 p.p.) significantly strengthened its position in terms of the total exports, while New Zealand saw its share reduced by -13.7% from 2012 to 2022, respectively.

In value terms, Australia ($X) remains the largest soybean oil supplier in Australia and Oceania, comprising 80% of total exports. The second position in the ranking was taken by Fiji ($X), with a 17% share of total exports.

In Australia, soybean oil exports increased at an average annual rate of +8.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Fiji (+4.4% per year) and New Zealand (-10.1% per year).

Export Prices by Country

In 2022, the export price in Australia and Oceania amounted to $X per ton, picking up by 39% against the previous year. Export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.1% 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 +95.8% against 2019 indices. The pace of growth appeared the most rapid in 2013 an increase of 40%. Over the period under review, the export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Fiji ($X per ton), while Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+6.4%), while the other leaders experienced mixed trends in the export price figures.

Soybean Oil Imports

Imports in Australia and Oceania

In 2022, supplies from abroad of soybean oil increased by 12% to X tons, rising for the second consecutive year after three years of decline. The total import volume increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, soybean oil imports soared to $X in 2022. In general, imports posted a temperate increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Australia was the key importer of soybean oil in Australia and Oceania, with the volume of imports accounting for X tons, which was near 42% 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 New Zealand (20%) and Papua New Guinea (9.7%). Solomon Islands (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Solomon Islands (with a CAGR of +11.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Fiji ($X) and New Zealand ($X) constituted the countries with the highest levels of imports in 2022, with a combined 91% share of total imports. Papua New Guinea and Solomon Islands lagged somewhat behind, together comprising a further 8.1%.

Among the main importing countries, Solomon Islands, with a CAGR of +10.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Australia and Oceania stood at $X per ton in 2022, growing by 32% against the previous year. Import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.5% 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 +92.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 39% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

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 New Zealand ($X per ton), while Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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