Iran: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Iran

The Iranian refined soybean oil market reduced modestly to $X in 2022, waning by -3.1% against the previous year. Overall, consumption saw a slight contraction. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Soybean Oil Production in Iran

In value terms, refined soybean oil production reduced to $X in 2022 estimated in export price. Overall, production saw a slight decline. The most prominent rate of growth was recorded in 2015 with an increase of 30% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Refined Soybean Oil Exports

Exports from Iran

In 2022, after three years of decline, there was significant growth in shipments abroad of refined soybean oil and its fractions, when their volume increased by 16% to X tons. Over the period under review, exports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2014 when exports increased by 443%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined soybean oil exports soared to $X in 2022. Overall, exports, however, showed a noticeable shrinkage. The pace of growth was the most pronounced in 2014 when exports increased by 651%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Afghanistan (X tons) was the main destination for refined soybean oil exports from Iran, with a 68% share of total exports. Moreover, refined soybean oil exports to Afghanistan exceeded the volume sent to the second major destination, Pakistan (X tons), threefold. Turkmenistan (X tons) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume to Afghanistan stood at +10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+73.8% per year) and Turkmenistan (-2.1% per year).

In value terms, Afghanistan ($X) remains the key foreign market for refined soybean oil and its fractions exports from Iran, comprising 62% of total exports. The second position in the ranking was held by Pakistan ($X), with a 30% share of total exports. It was followed by Turkmenistan, with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Afghanistan totaled +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+83.5% per year) and Turkmenistan (-1.5% per year).

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 38% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Pakistan ($X per ton) and Iraq ($X per ton), while the average price for exports to Tajikistan ($X per ton) and Afghanistan ($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 Pakistan (+5.5%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Iran

In 2022, the amount of refined soybean oil and its fractions imported into Iran skyrocketed to X tons, surging by 51% against 2021 figures. Overall, imports, however, recorded a perceptible downturn. The growth pace was the most rapid in 2015 when imports increased by 106%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, refined soybean oil imports shrank to $X in 2022. Over the period under review, imports, however, recorded a noticeable reduction. The most prominent rate of growth was recorded in 2015 with an increase of 64%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest refined soybean oil supplier to Iran, with a 63% share of total imports. Moreover, refined soybean oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Argentina (X tons), fourfold. The third position in this ranking was taken by India (X tons), with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates stood at +43.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-13.0% per year) and India (+12.5% per year).

In value terms, Argentina ($X) constituted the largest supplier of refined soybean oil and its fractions to Iran, comprising 83% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 9.8% share of total imports. It was followed by India, with a 4.4% share.

From 2012 to 2022, the average annual growth rate of value from Argentina was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+25.9% per year) and India (-1.1% per year).

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, which is down by -39.7% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 46%. As a result, import price attained the peak level of $X per ton, and then fell notably in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+15.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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