Chile: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in Chile

For the fourth year in a row, the Chilean soybean oilcake market recorded growth in sales value, which increased by 27% to $X in 2021. The market value increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Soybean oilcake consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Soybean Oilcake Production in Chile

In value terms, soybean oilcake production amounted to $X in 2021 estimated in export price. Over the period under review, production recorded a precipitous decline. The pace of growth was the most pronounced in 2019 when the production volume increased by 83% against the previous year. Soybean oilcake production peaked at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Soybean Oilcake Exports

Exports from Chile

In 2021, approx. X tons of soybean oilcake were exported from Chile; jumping by 37% compared with the year before. Over the period under review, exports showed a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 6,840%. Over the period under review, the exports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

In value terms, soybean oilcake exports skyrocketed to $X in 2021. In general, exports recorded a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 5,961%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Peru (X tons) was the main destination for soybean oilcake exports from Chile, accounting for a 91% share of total exports. Moreover, soybean oilcake exports to Peru exceeded the volume sent to the second major destination, Colombia (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Peru totaled +32.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+46.2% per year) and Kuwait (0.0% per year).

In value terms, Peru ($X) remains the key foreign market for soybean oilcake exports from Chile, comprising 89% of total exports. The second position in the ranking was taken by Colombia ($X), with a 5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Peru totaled +30.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+50.7% per year) and Kuwait (0.0% per year).

Export Prices by Country

The average soybean oilcake export price stood at $X per ton in 2021, rising by 12% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 56%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the average export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Colombia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+3.1%).

Soybean Oilcake Imports

Imports into Chile

In 2021, the amount of soybean oilcake imported into Chile rose rapidly to X tons, increasing by 6.7% against the previous year's figure. Overall, imports continue to indicate a remarkable increase. The growth pace was the most rapid in 2016 with an increase of 46%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, soybean oilcake imports skyrocketed to $X in 2021. In general, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.9% 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 +159.1% against 2015 indices. The pace of growth appeared the most rapid in 2016 with an increase of 43% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in years to come.

Imports by Country

Argentina (X tons), Paraguay (X tons) and Bolivia (X tons) were the main suppliers of soybean oilcake imports to Chile, together comprising 92% of total imports. The United States and Brazil lagged somewhat behind, together comprising a further 7.4%.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +100.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soybean oilcake suppliers to Chile were Argentina ($X), Paraguay ($X) and Bolivia ($X), together comprising 91% of total imports. These countries were followed by the United States and Brazil, which together accounted for a further 8.8%.

Among the main suppliers, Brazil, with a CAGR of +78.7%, 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 more modest paces of growth.

Import Prices by Country

The average soybean oilcake import price stood at $X per ton in 2021, with an increase of 24% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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