CIS: Refined Soybean Oil Market 2025

Refined Soybean Oil Market Size in CIS

The CIS refined soybean oil market fell notably to $X in 2022, shrinking by -27.1% against the previous year. Over the period under review, consumption showed a abrupt shrinkage. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in CIS

In value terms, refined soybean oil production reduced to $X in 2022 estimated in export price. Overall, production recorded a noticeable reduction. The pace of growth appeared the most rapid in 2021 when the production volume increased by 23%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports in CIS

In 2022, refined soybean oil exports in the CIS declined to X tons, standing approx. at the year before. Over the period under review, exports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 1,864%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined soybean oil exports fell to $X in 2022. Overall, exports, however, recorded significant growth. The pace of growth was the most pronounced in 2020 with an increase of 1,413% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then fell in the following year.

Exports by Country

Russia prevails in exports structure, reaching X tons, which was approx. 90% of total exports in 2022. It was distantly followed by Belarus (X tons), comprising a 6.7% share of total exports. Kazakhstan (X tons) followed a long way behind the leaders.

Exports from Russia increased at an average annual rate of +21.0% from 2012 to 2022. At the same time, Belarus (+361.1%) and Kazakhstan (+20.3%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in the CIS, with a CAGR of +361.1% from 2012-2022. Belarus (+6.7 p.p.) significantly strengthened its position in terms of the total exports, while Russia saw its share reduced by -6.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) remains the largest refined soybean oil supplier in the CIS, comprising 85% of total exports. The second position in the ranking was taken by Belarus ($X), with an 11% share of total exports.

In Russia, refined soybean oil exports expanded at an average annual rate of +20.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Belarus (+318.0% per year) and Kazakhstan (+19.3% per year).

Export Prices by Country

In 2022, the export price in the CIS amounted to $X per ton, with a decrease of -10.5% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 42%. As a result, the export price attained the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Belarus ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (-0.7%), while the other leaders experienced a decline in the export price figures.

Refined Soybean Oil Imports

Imports in CIS

After two years of growth, supplies from abroad of refined soybean oil and its fractions decreased by -19.8% to X tons in 2022. Overall, imports, however, saw a modest increase. The most prominent rate of growth was recorded in 2020 when imports increased by 117% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then reduced dramatically in the following year.

In value terms, refined soybean oil imports contracted notably to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by 97% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell markedly in the following year.

Imports by Country

In 2022, Russia (X tons) and Tajikistan (X tons) represented the major importers of refined soybean oil and its fractions in the CIS, together making up 76% of total imports. Belarus (X tons) held a 13% share (based on physical terms) of total imports, which put it in second place, followed by Kazakhstan (5.9%). Armenia (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 leading importing countries, was attained by Armenia (with a CAGR of +103.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil importing markets in the CIS were Russia ($X), Tajikistan ($X) and Belarus ($X), with a combined 91% share of total imports. Kazakhstan and Armenia lagged somewhat behind, together comprising a further 8.3%.

In terms of the main importing countries, Armenia, with a CAGR of +89.6%, 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 the CIS stood at $X per ton in 2022, dropping by -10.2% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 28% against the previous year. As a result, import price attained the peak level of $X per ton, and then contracted in the following year.

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