Colombia: Soybean Oil Market 2025

Soybean Oil Market Size in Colombia

In 2022, after two years of growth, there was significant decline in the Colombian soybean oil market, when its value decreased by -6% to $X. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Soybean Oil Production in Colombia

In value terms, soybean oil production declined modestly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 18%. Soybean oil production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports from Colombia

In 2022, shipments abroad of soybean oil was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 447% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, soybean oil exports declined to $X in 2022. Over the period under review, exports continue to indicate prominent growth. The growth pace was the most rapid in 2017 with an increase of 410%. The exports peaked at $X in 2021, and then reduced in the following year.

Exports by Country

Ecuador (X tons) was the main destination for soybean oil exports from Colombia, with a 89% share of total exports. Moreover, 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 +113.9%.

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

From 2012 to 2022, the average annual growth rate of value to Ecuador stood at +106.1%.

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, dropping by -16.7% against the previous year. Overall, the export price saw a pronounced reduction. The most prominent rate of growth was recorded in 2021 an increase of 44% against the previous year. The export price peaked 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 foreign 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 Venezuela (-1.2%).

Soybean Oil Imports

Imports into Colombia

In 2022, approx. X tons of soybean oil were imported into Colombia; picking up by 11% on the previous year. The total import volume increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2014 when imports increased by 34% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports declined to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by 17%. Over the period under review, imports attained the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Bolivia (X tons) constituted the largest soybean oil supplier to Colombia, accounting for a 80% share of total imports. Moreover, soybean oil imports from Bolivia exceeded the figures recorded by the second-largest supplier, Argentina (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bolivia stood at +11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-10.3% per year) and the United States (+4.9% per year).

In value terms, Bolivia ($X) constituted the largest supplier of soybean oil to Colombia, comprising 79% of total imports. The second position in the ranking was taken by Argentina ($X), with an 11% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Bolivia totaled +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-12.9% per year) and the United States (+2.6% per year).

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, waning by -15.7% against the previous year. In general, the import price showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2021 when the average import price increased by 40%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by the United States (-2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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