Eastern Asia: Soya Bean Market 2024

Soya Bean Market Size in Eastern Asia

In 2021, the East Asian soya bean market increased by 20% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +4.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Soya Bean Production in Eastern Asia

In value terms, soya bean production contracted to $X in 2021 estimated in export price. The total production indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +140.4% against 2016 indices. The growth pace was the most rapid in 2017 with an increase of 101%. The level of production peaked at $X in 2020, and then fell in the following year.

The country with the largest volume of soya bean production was China (X tons), comprising approx. 97% of total volume.

From 2012 to 2021, the average annual rate of growth in terms of volume in China stood at +4.2%.

In 2021, the average yield of soya beans in Eastern Asia contracted modestly to X tons per ha, standing approx. at 2020. In general, the yield, however, recorded mild growth. The growth pace was the most rapid in 2017 with an increase of 2.9% against the previous year. The level of yield peaked at X tons per ha in 2020, and then declined slightly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the soya bean harvested area in Eastern Asia shrank modestly to X ha, with a decrease of -2.8% on the previous year's figure. The harvested area increased at an average annual rate of +2.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 15%. The level of harvested area peaked at X ha in 2020, and then contracted in the following year.

Soya Bean Exports

Exports in Eastern Asia

In 2021, soya bean exports in Eastern Asia declined to X tons, waning by -7.1% compared with the year before. In general, exports showed a abrupt decrease. The pace of growth appeared the most rapid in 2016 when exports increased by 18%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, soya bean exports soared to $X in 2021. Over the period under review, exports continue to indicate a deep slump. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, China (X tons) represented the major exporter of soya beans in Eastern Asia, mixing up 99% of total export.

China was also the fastest-growing in terms of the soya beans exports, with a CAGR of -15.1% from 2012 to 2021. China (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest soya bean supplier in Eastern Asia.

In China, soya bean exports plunged by an average annual rate of -12.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, surging by 28% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.3%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to +3.2% per year.

Soya Bean Imports

Imports in Eastern Asia

After two years of growth, supplies from abroad of soya beans decreased by -3.4% to X tons in 2021. Total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +1.1% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 27%. Over the period under review, imports attained the peak figure at X tons in 2020, and then reduced modestly in the following year.

In value terms, soya bean imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China dominates imports structure, recording X tons, which was near 93% of total imports in 2021. The following importers - Japan (X tons) and Taiwan (Chinese) (X tons) - each accounted for a 5.7% share of total imports.

China was also the fastest-growing in terms of the soya beans imports, with a CAGR of +5.7% from 2012 to 2021. At the same time, Japan (+2.0%) and Taiwan (Chinese) (+1.3%) displayed positive paces of growth. China (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported soya beans in Eastern Asia, comprising 93% of total imports. The second position in the ranking was taken by Japan ($X), with a 3.6% share of total imports.

In China, soya bean imports increased at an average annual rate of +4.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+1.5% per year) and Taiwan (Chinese) (-1.1% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, increasing by 40% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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