Central Asia: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Central Asia

The Central Asian refined soybean oil market fell to $X in 2022, dropping by -8.8% against the previous year. In general, consumption recorded a pronounced shrinkage. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in Central Asia

In value terms, refined soybean oil production shrank to $X in 2022 estimated in export price. In general, production recorded a noticeable decline. The growth pace was the most rapid in 2015 when the production volume increased by 33% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports in Central Asia

Refined soybean oil exports soared to X tons in 2022, jumping by 78% on the previous year's figure. Overall, exports enjoyed significant growth. The pace of growth was the most pronounced in 2020 with an increase of 407%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined soybean oil exports surged to $X in 2022. In general, exports saw a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 434%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

In 2022, Kazakhstan (X tons) represented the key exporter of refined soybean oil and its fractions in Central Asia, committing 100% of total export.

Kazakhstan was also the fastest-growing in terms of the refined soybean oil and its fractions exports, with a CAGR of +20.3% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) also remains the largest refined soybean oil supplier in Central Asia.

In Kazakhstan, refined soybean oil exports increased at an average annual rate of +19.3% over the period from 2012-2022.

Export Prices by Country

The export price in Central Asia stood at $X per ton in 2022, picking up by 17% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 32%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Kazakhstan.

From 2012 to 2022, the rate of growth in terms of prices for Kazakhstan amounted to -0.9% per year.

Refined Soybean Oil Imports

Imports in Central Asia

In 2022, after two years of growth, there was significant decline in overseas purchases of refined soybean oil and its fractions, when their volume decreased by -23% to X tons. Total imports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +31.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 51%. As a result, imports attained the peak of X tons, and then fell markedly in the following year.

In value terms, refined soybean oil imports contracted notably to $X in 2022. Total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +42.9% against 2019 indices. The growth pace was the most rapid in 2021 when imports increased by 74%. As a result, imports attained the peak of $X, and then shrank rapidly in the following year.

Imports by Country

Mongolia (X tons) and Tajikistan (X tons) dominates imports structure, together creating 90% of total imports. It was distantly followed by Kazakhstan (X tons), committing a 7.6% share of total imports. Turkmenistan (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Kazakhstan (with a CAGR of +7.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil importing markets in Central Asia were Tajikistan ($X), Mongolia ($X) and Kazakhstan ($X), with a combined 98% share of total imports.

In terms of the main importing countries, Tajikistan, with a CAGR of +10.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Central Asia amounted to $X per ton, falling by -4.2% against the previous year. Over the period under review, the import price showed a noticeable decrease. The pace of growth was the most pronounced in 2021 an increase of 15%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Tajikistan ($X per ton) and Mongolia ($X per ton), while Kazakhstan ($X per ton) and Turkmenistan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tajikistan (+4.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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