Iran: Soybean Oil Market 2025

Soybean Oil Market Size in Iran

After two years of growth, the Iranian soybean oil market decreased by -6.8% to $X in 2022. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Soybean Oil Production in Iran

In value terms, soybean oil production rose notably to $X in 2022 estimated in export price. Overall, production enjoyed significant growth. The growth pace was the most rapid in 2015 with an increase of 834% against the previous year. Soybean oil production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports from Iran

In 2022, overseas shipments of soybean oil were finally on the rise to reach X tons after three years of decline. In general, exports, however, recorded a deep downturn. The growth pace was the most rapid in 2014 with an increase of 443% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, soybean oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a deep contraction. The pace of growth appeared the most rapid in 2014 when exports increased by 651% against the previous year. The exports peaked 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 soybean oil exports from Iran, accounting for a 68% share of total exports. Moreover, soybean oil exports to Afghanistan exceeded the volume sent to the second major destination, Pakistan (X tons), threefold. The third position in this ranking was held by Turkmenistan (X tons), with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume to Afghanistan totaled +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 ($X) remains the key foreign market for soybean oil exports from Iran, comprising 62% of total exports. The second position in the ranking was taken by Pakistan ($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 growth rate of value to Afghanistan stood at +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

In 2022, the average soybean oil export price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2014 an increase of 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 failed to regain momentum.

Average prices varied somewhat for the major foreign 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.

Soybean Oil Imports

Imports into Iran

Soybean oil imports into Iran contracted dramatically to X tons in 2022, with a decrease of -36.7% compared with the previous year's figure. Over the period under review, imports saw a abrupt setback. The pace of growth appeared the most rapid in 2021 when imports increased by 204% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports reduced dramatically to $X in 2022. In general, imports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 356%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Brazil (X tons), Russia (X tons) and Switzerland (X tons) were the main suppliers of soybean oil imports to Iran, together comprising 70% of total imports. Argentina, Turkey, Paraguay, Spain and the United Arab Emirates lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +45.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Brazil ($X) constituted the largest supplier of soybean oil to Iran, comprising 44% of total imports. The second position in the ranking was held by Switzerland ($X), with a 15% share of total imports. It was followed by Russia, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil amounted to -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (-15.4% per year) and Russia (+7.6% per year).

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, declining by -3.7% against the previous year. In general, the import price continues to indicate a slight contraction. The growth pace was the most rapid in 2021 when the average import price increased by 50% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+4.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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