Eastern Asia: Refined Soybean Oil Market 2025

Refined Soybean Oil Market Size in Eastern Asia

The East Asian refined soybean oil market dropped modestly to $X in 2022, shrinking by -3.1% against the previous year. Over the period under review, consumption recorded a noticeable downturn. The pace of growth was the most pronounced in 2021 with an increase of 8.4%. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Eastern Asia

In value terms, refined soybean oil production contracted to $X in 2022 estimated in export price. In general, production showed a drastic downturn. The most prominent rate of growth was recorded in 2021 when the production volume increased by 6.8% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Soybean Oil Exports

Exports in Eastern Asia

In 2022, overseas shipments of refined soybean oil and its fractions were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports showed a perceptible increase. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. Total exports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

China represented the largest exporting country with an export of around X tons, which finished at 81% of total exports. It was distantly followed by Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons), together generating a 17% share of total exports. South Korea (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the refined soybean oil and its fractions exports, with a CAGR of +6.3% from 2012 to 2022. Taiwan (Chinese) and Hong Kong SAR experienced a relatively flat trend pattern. South Korea (-15.4%) illustrated a downward trend over the same period. While the share of China (+19 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Hong Kong SAR (-2.1 p.p.), Taiwan (Chinese) (-3.2 p.p.) and South Korea (-14.4 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest refined soybean oil supplier in Eastern Asia, comprising 82% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an 8.7% share of total exports. It was followed by Hong Kong SAR, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +6.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (-1.7% per year) and Hong Kong SAR (+2.6% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, increasing by 16% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 42% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; afterwards, it flattened through to 2022.

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 South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.2%), while the other leaders experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports in Eastern Asia

In 2022, purchases abroad of refined soybean oil and its fractions decreased by -1.4% to X tons, falling for the fourth consecutive year after two years of growth. Overall, imports, however, recorded a modest expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 38% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. Total imports indicated temperate growth from 2012 to 2022: its value 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 +37.3% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 36% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Hong Kong SAR (X tons) and South Korea (X tons) were the major importers of refined soybean oil and its fractions in 2022, amounting to approx. 42% and 35% of total imports, respectively. China (X tons) ranks next in terms of the total imports with an 11% share, followed by Macao SAR (4.8%). The following importers - Japan (X tons) and Democratic People's Republic of Korea (X tons) - each finished at an 8% share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +35.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil importing markets in Eastern Asia were Hong Kong SAR ($X), South Korea ($X) and China ($X), with a combined 88% share of total imports.

South Korea, with a CAGR of +33.9%, recorded the highest growth rate of the value of imports, among the main importing countries 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 Eastern Asia stood at $X per ton in 2022, increasing by 29% against the previous year. Import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil import price increased by +78.4% against 2020 indices. The growth pace was the most rapid in 2021 when the import price increased by 39% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Macao SAR (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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