Report Update Nov 1, 2024

Colombia - Refined Soybean Oil and Its Fractions - Market Analysis, Forecast, Size, Trends and Insights

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Colombia: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Colombia

The Colombian refined soybean oil market dropped dramatically to $X in 2022, declining by -17.6% against the previous year. Over the period under review, consumption saw a noticeable curtailment. Refined soybean oil consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Colombia

In value terms, refined soybean oil production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2019 with an increase of 235% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Colombia

In 2022, after two years of decline, there was significant growth in overseas shipments of refined soybean oil and its fractions, when their volume increased by 11% to X tons. Overall, exports enjoyed a significant expansion. The growth pace was the most rapid in 2017 with an increase of 433%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined soybean oil exports contracted to $X in 2022. In general, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 394% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then fell in the following year.

Exports by Country

Ecuador (X tons) was the main destination for refined soybean oil exports from Colombia, with a 89% share of total exports. Moreover, refined soybean oil exports to Ecuador exceeded the volume sent to the second major destination, Venezuela (X tons), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ecuador amounted to +458.5%.

In value terms, Ecuador ($X) remains the key foreign market for refined soybean oil and its fractions exports from Colombia, comprising 87% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Ecuador totaled +466.1%.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, which is down by -16.8% against the previous year. Overall, the export price saw a noticeable decrease. The most prominent rate of growth was recorded in 2021 an increase of 44%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Ecuador totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ecuador (+1.4%).

Refined Soybean Oil Imports

Imports into Colombia

Refined soybean oil imports into Colombia surged to X tons in 2022, with an increase of 23% on the previous year's figure. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 257%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, refined soybean oil imports expanded significantly to $X in 2022. Over the period under review, imports, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2016 with an increase of 192% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Bolivia (X tons) constituted the largest refined soybean oil supplier to Colombia, accounting for a 73% share of total imports. Moreover, refined soybean oil imports from Bolivia exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from Bolivia stood at +9.4%.

In value terms, Bolivia ($X) constituted the largest supplier of refined soybean oil and its fractions to Colombia, comprising 78% of total imports. The second position in the ranking was taken by the United States ($X), with a 22% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Bolivia totaled +5.0%.

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, dropping by -14.1% against the previous year. Overall, the import price continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2021 an increase of 31%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Bolivia ($X per ton), while the price for the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+4.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for refined soybean oil and its fractions in the world?

The countries with the highest volumes of refined soybean oil consumption in 2020 were China, the United States and India, together accounting for 30% of global consumption. Mauritania, Japan, Russia, Indonesia, Italy, Brazil, the UK, Pakistan, Bangladesh and Germany lagged somewhat behind, together comprising a further 27%.

What are the largest producers of refined soybean oil and its fractions in the world?

The countries with the highest volumes of refined soybean oil production in 2020 were China, the United States and India, with a combined 31% share of global production. Brazil, Japan, Russia, the Netherlands, Indonesia, Pakistan, Germany, Bangladesh, the UK and Italy lagged somewhat behind, together accounting for a further 27%.

What are the leading suppliers of refined soybean oil and its fractions to Colombia?

In value terms, the largest refined soybean oil suppliers to Colombia were Bolivia and the United States.

What are the leading importers of refined soybean oil and its fractions from Colombia?

In value terms, Ecuador remains the key foreign market for refined soybean oil exports from Colombia, comprising 91% of total exports. The second position in the ranking was occupied by Venezuela, with a 7.9% share of total exports.

What is the average export price for refined soybean oil and its fractions in Colombia?

In 2020, the average refined soybean oil export price amounted to $972 per ton, rising by 1.8% against the previous year.

What is the average import price for refined soybean oil and its fractions in Colombia?

In 2020, the average refined soybean oil import price amounted to $851 per ton, standing approx. at the previous year.

This report provides an in-depth analysis of the refined soybean oil market in Colombia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 10415100 - Refined soya-bean oil and its fractions (excluding chemically modified)

Country coverage:

Colombia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Colombia
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023