India: Soybean Oil Market 2025

Soybean Oil Market Size in India

In 2022, the Indian soybean oil market increased by 19% to $X, rising for the third year in a row after three years of decline. In general, consumption recorded resilient growth. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in years to come.

Soybean Oil Production in India

In value terms, soybean oil production fell slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2017 with an increase of 68%. Soybean oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports from India

Soybean oil exports from India skyrocketed to X tons in 2022, rising by 34% compared with the previous year's figure. In general, exports saw a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 266% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, soybean oil exports surged to $X in 2022. Overall, exports posted significant growth. The pace of growth was the most pronounced in 2018 with an increase of 269%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in the near future.

Exports by Country

Bhutan (X tons), Jordan (X tons) and Australia (X tons) were the main destinations of soybean oil exports from India, together comprising 92% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +198.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from India were Bhutan ($X), Jordan ($X) and Australia ($X), with a combined 91% share of total exports.

Australia, with a CAGR of +206.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average soybean oil export price stood at $X per ton in 2022, growing by 8.7% against the previous year. In general, the export price, however, recorded a mild shrinkage. The growth pace was the most rapid 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 remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Bhutan ($X per ton) and Australia ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) and Jordan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+48.8%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into India

In 2022, the amount of soybean oil imported into India rose markedly to X tons, growing by 11% on 2021 figures. Overall, imports showed a prominent expansion. The growth pace was the most rapid in 2014 when imports increased by 90% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, soybean oil imports surged to $X in 2022. In general, imports posted a prominent increase. The growth pace was the most rapid in 2014 when imports increased by 66%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Argentina (X tons), Brazil (X tons) and the Netherlands (X tons) were the main suppliers of soybean oil imports to India, with a combined 87% share 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 +326.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Brazil ($X) and the Netherlands ($X) were the largest soybean oil suppliers to India, with a combined 87% share of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +290.7%, saw 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

In 2022, the average soybean oil import price amounted to $X per ton, rising by 16% against the previous year. In general, the import price saw a notable increase. The most prominent rate of growth was recorded in 2021 an increase of 69% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Nepal ($X per ton) and Russia ($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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