Eastern Asia: Soybean Oil Market 2025

Soybean Oil Market Size in Eastern Asia

In 2022, the East Asian soybean oil market decreased by -2.9% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Soybean Oil Production in Eastern Asia

In value terms, soybean oil production stood at $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a mild downturn. The pace of growth appeared the most rapid in 2017 when the production volume increased by 15%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports in Eastern Asia

In 2022, overseas shipments of soybean oil were finally on the rise to reach X tons after three years of decline. In general, exports recorded mild growth. The most prominent rate of growth was recorded in 2018 when exports increased by 60% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, soybean oil exports soared to $X in 2022. Total exports indicated a slight expansion from 2012 to 2022: its value 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, exports increased by +72.9% against 2020 indices. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China represented the largest exporting country with an export of around X tons, which recorded 80% of total exports. It was distantly followed by Taiwan (Chinese) (X tons), making up a 14% share of total exports. Hong Kong SAR (X tons) and South Korea (X tons) took a relatively small share of total exports.

China was also the fastest-growing in terms of the soybean oil exports, with a CAGR of +5.0% from 2012 to 2022. Taiwan (Chinese) experienced a relatively flat trend pattern. Hong Kong SAR (-3.6%) and South Korea (-21.0%) illustrated a downward trend over the same period. While the share of China (+23 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Hong Kong SAR (-2.5 p.p.) and South Korea (-20.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest soybean oil supplier in Eastern Asia, comprising 82% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 10% share of total exports. It was followed by Hong Kong SAR, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +5.3%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-0.6% per year) and Hong Kong SAR (-0.7% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, increasing by 18% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 40% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: 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 Hong Kong SAR (+3.0%), while the other leaders experienced more modest paces of growth.

Soybean Oil Imports

Imports in Eastern Asia

After three years of growth, supplies from abroad of soybean oil decreased by -51% to X tons in 2022. In general, imports continue to indicate a deep setback. The pace of growth appeared the most rapid in 2019 when imports increased by 32%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, soybean oil imports dropped significantly to $X in 2022. Over the period under review, imports saw a deep reduction. The growth pace was the most rapid in 2021 with an increase of 51% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

South Korea (X tons) and China (X tons) dominates imports structure, together making up 88% of total imports. It was distantly followed by Hong Kong SAR (X tons), making up a 6.8% share of total imports. The following importers - Democratic People's Republic of Korea (X tons) and Japan (X tons) - each reached a 3.6% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by South Korea (with a CAGR of +0.8%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, South Korea ($X), China ($X) and Hong Kong SAR ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 96% share of total imports.

South Korea, with a CAGR of +3.8%, 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 mixed trends in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, increasing by 45% against the previous year. Import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil import price increased by +99.7% against 2019 indices. As a result, import price attained the peak level and is likely to continue 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 Japan ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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