India: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in India

In 2022, the Indian crude soybean oil market increased by 29% to $X, rising for the third consecutive year after three years of decline. Overall, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +91.4% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Crude Soybean Oil Production in India

In value terms, crude soybean oil production fell modestly to $X in 2022 estimated in export price. In general, production saw a abrupt curtailment. The pace of growth was the most pronounced in 2017 with an increase of 102%. Crude soybean oil production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Crude Soybean Oil Exports

Exports from India

In 2022, overseas shipments of crude soybean oil decreased by -91.3% to X tons, falling for the second year in a row after two years of growth. In general, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 3,932% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, crude soybean oil exports contracted sharply to $X in 2022. Over the period under review, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 7,720% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The Philippines (X tons) and New Caledonia (X tons) were the main destinations of crude soybean oil exports from India.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of 0.0%).

In value terms, the Philippines ($X) and New Caledonia ($X) were the largest markets for crude soybean oil exported from India worldwide.

In terms of the main countries of destination, the Philippines, with a CAGR of 0.0%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2022, jumping by 53% against the previous year. Over the period under review, the export price recorded a notable increase. The pace of growth was the most pronounced in 2013 an increase of 130%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was New Caledonia ($X per ton), while the average price for exports to the Philippines stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+0.5%), while the prices for the other major destinations experienced a decline.

Crude Soybean Oil Imports

Imports into India

Crude soybean oil imports into India soared to X tons in 2022, with an increase of 21% against the year before. Overall, imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 90% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, crude soybean oil imports surged to $X in 2022. In general, imports posted a resilient expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 66% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

Argentina (X tons), Brazil (X tons) and the Netherlands (X tons) were the main suppliers of crude soybean oil imports to India, together accounting for 89% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +67.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Brazil ($X) and the Netherlands ($X) constituted the largest crude soybean oil suppliers to India, together accounting for 90% of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +99.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crude soybean oil import price stood at $X per ton in 2022, surging by 19% against the previous year. Over the period under review, the import price recorded a notable increase. The growth pace was the most rapid in 2021 an increase of 67%. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Russia ($X per ton) and Switzerland ($X per ton), while the price for the United States ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+21.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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