India: Soya Bean Market 2024

Soya Bean Market Size in India

The Indian soya bean market rose significantly to $X in 2021, growing by 8% against the previous year. Overall, consumption, however, continues to indicate a pronounced descent. Soya bean consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Soya Bean Production in India

In value terms, soya bean production totaled $X in 2021 estimated in export price. Over the period under review, production, however, recorded a perceptible curtailment. The growth pace was the most rapid in 2016 with an increase of 47% against the previous year. Soya bean production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

The average yield of soya beans in India expanded sharply to X tons per ha in 2021, picking up by 14% compared with the previous year. Over the period under review, the yield, however, continues to indicate a perceptible reduction. The pace of growth was the most pronounced in 2016 with an increase of 60% against the previous year. The soya bean yield peaked at X tons per ha in 2012; however, from 2013 to 2021, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The soya bean harvested area in India shrank slightly to X ha in 2021, declining by -4% compared with the previous year's figure. In general, the harvested area, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 8.7% against the previous year. As a result, the harvested area attained the peak level of X ha, and then dropped in the following year.

Soya Bean Exports

Exports from India

For the fourth year in a row, India recorded decline in shipments abroad of soya beans, which decreased by -65.9% to X tons in 2021. Overall, exports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2013 when exports increased by 137%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, soya bean exports fell dramatically to $X in 2021. In general, exports showed a abrupt descent. The most prominent rate of growth was recorded in 2013 when exports increased by 155% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Canada (X tons) and Belgium (X tons) were the main destinations of soya bean exports from India, with a combined 76% share of total exports. These countries were followed by Nepal, Sri Lanka, the UK and the United Arab Emirates, which together accounted for a further 22%.

From 2012 to 2021, the biggest increases were in Sri Lanka (with a CAGR of +19.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soya bean exported from India were the United States ($X), Canada ($X) and Belgium ($X), with a combined 77% share of total exports. These countries were followed by Nepal, Sri Lanka, the UK and the United Arab Emirates, which together accounted for a further 21%.

Sri Lanka, with a CAGR of +23.2%, saw the highest rates of growth with regard to the value of exports, among 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 soya bean export price stood at $X per ton in 2021, increasing by 33% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.4%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the UK ($X per ton), while the average price for exports to Nepal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Soya Bean Imports

Imports into India

For the eighth year in a row, India recorded growth in purchases abroad of soya beans, which increased by 22% to X tons in 2021. Overall, imports recorded a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 652% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, soya bean imports surged to $X in 2021. In general, imports recorded a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 386% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

Imports by Country

Mozambique (X tons), Tanzania (X tons) and Togo (X tons) were the main suppliers of soya bean imports to India, with a combined 64% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Tanzania (with a CAGR of +264.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Tanzania ($X), Mozambique ($X) and Togo ($X) appeared to be the largest soya bean suppliers to India, with a combined 64% share of total imports.

Among the main suppliers, Tanzania, with a CAGR of +348.8%, 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

In 2021, the average soya bean import price amounted to $X per ton, with an increase of 37% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from Tanzania ($X per ton) and Ethiopia ($X per ton), while the price for Togo ($X per ton) and Benin ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+23.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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