Canada: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in Canada

The Canadian soybean oilcake market soared to $X in 2021, picking up by 19% against the previous year. Overall, consumption, however, continues to indicate a pronounced curtailment. 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 Canada

In value terms, soybean oilcake production shrank sharply to $X in 2021 estimated in export price. Over the period under review, production, however, showed a slight slump. The growth pace was the most rapid in 2020 with an increase of 46% against the previous year. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Soybean Oilcake Exports

Exports from Canada

In 2021, after two years of decline, there was significant growth in overseas shipments of soybean oilcake, when their volume increased by 12% to X tons. In general, exports showed a remarkable increase. The pace of growth was the most pronounced in 2018 with an increase of 94% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, soybean oilcake exports skyrocketed to $X in 2021. Overall, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 77%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for soybean oilcake exports from Canada, accounting for a 71% share of total exports. Moreover, soybean oilcake exports to the United States exceeded the volume sent to the second major destination, the UK (X tons), fourfold. Ireland (X tons) ranked third in terms of total exports with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+21.2% per year) and Ireland (+2.2% per year).

In value terms, the United States ($X) remains the key foreign market for soybean oilcake exports from Canada, comprising 77% of total exports. The second position in the ranking was taken by the UK ($X), with a 15% share of total exports. It was followed by Ireland, with a 4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+24.6% per year) and Ireland (+0.7% per year).

Export Prices by Country

The average soybean oilcake export price stood at $X per ton in 2021, rising by 16% against the previous year. In general, the export price saw a mild increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 20% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and the UK ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Romania ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+2.8%), while the prices for the other major destinations experienced mixed trend patterns.

Soybean Oilcake Imports

Imports into Canada

In 2021, the amount of soybean oilcake imported into Canada reached X tons, picking up by 5.8% against 2020. The total import volume increased at an average annual rate of +1.4% over the period 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 2017 with an increase of 19% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, soybean oilcake imports skyrocketed to $X in 2021. In general, total imports indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +91.2% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) was the main supplier of soybean oilcake to Canada, with a 96% share of total imports. Moreover, soybean oilcake imports from the United States exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at +1.1%.

In value terms, the United States ($X) constituted the largest supplier of soybean oilcake to Canada, comprising 93% of total imports. The second position in the ranking was taken by India ($X), with a 6.3% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United States was relatively modest.

Import Prices by Country

In 2021, the average soybean oilcake import price amounted to $X per ton, growing by 19% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for the United States totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (-0.1%).

Source: IndexBox Platform

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