Indonesia: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Indonesia

The Indonesian refined soybean oil market expanded sharply to $X in 2022, picking up by 5.2% against the previous year. Overall, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 +107.8% against 2014 indices. Refined soybean oil consumption peaked in 2022 and is expected to retain growth in the immediate term.

Refined Soybean Oil Production in Indonesia

In value terms, refined soybean oil production expanded sharply to $X in 2022 estimated in export price. In general, production saw a strong expansion. The pace of growth appeared the most rapid in 2015 with an increase of 46%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Indonesia

Refined soybean oil exports from Indonesia stood at X tons in 2022, increasing by 13% compared with 2021 figures. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 206%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined soybean oil exports contracted to $X in 2022. Over the period under review, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 360% against the previous year. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Mauritania (X tons) was the main destination for refined soybean oil exports from Indonesia, accounting for a 95% share of total exports. Moreover, refined soybean oil exports to Mauritania exceeded the volume sent to the second major destination, Ethiopia (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Mauritania totaled +24.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ethiopia (+32.5% per year) and Angola (-27.9% per year).

In value terms, Mauritania ($X) remains the key foreign market for refined soybean oil and its fractions exports from Indonesia, comprising 94% of total exports. The second position in the ranking was taken by Ethiopia ($X), with a 4.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Mauritania totaled +37.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ethiopia (+26.2% per year) and Angola (-30.6% per year).

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, falling by -20.6% against the previous year. Over the period under review, the export price, however, enjoyed a moderate expansion. The most prominent rate of growth was recorded in 2021 an increase of 59%. As a result, the export price attained the peak level of $X per ton, and then contracted rapidly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ethiopia ($X per ton), while the average price for exports to Angola ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mauritania (+10.0%), while the prices for the other major destinations experienced a decline.

Refined Soybean Oil Imports

Imports into Indonesia

In 2022, the amount of refined soybean oil and its fractions imported into Indonesia rose sharply to X tons, with an increase of 13% on the previous year. Overall, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +81.1% against 2015 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 31%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports showed prominent growth. The most prominent rate of growth was recorded in 2021 when imports increased by 61% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Thailand (X tons), Malaysia (X tons) and the Netherlands (X tons) were the main suppliers of refined soybean oil imports to Indonesia, together accounting for 92% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +37.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil suppliers to Indonesia were Malaysia ($X), Thailand ($X) and the Netherlands ($X), with a combined 88% share of total imports.

Among the main suppliers, Thailand, with a CAGR of +40.0%, 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

The average refined soybean oil import price stood at $X per ton in 2022, jumping by 38% against the previous year. In general, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil import price increased by +104.7% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 42% against the previous year. The import price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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