Latin America and the Caribbean: Crude Soybean Oil Market 2025

Crude Soybean Oil Market Size in Latin America and the Caribbean

The Latin American crude soybean oil market reduced to $X in 2022, waning by -6% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Crude Soybean Oil Production in Latin America and the Caribbean

In value terms, crude soybean oil production reduced slightly to $X in 2022 estimated in export price. In general, production continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 15%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports in Latin America and the Caribbean

Crude soybean oil exports totaled X tons in 2022, with an increase of 4.4% against the year before. The total export volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by 34% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude soybean oil exports skyrocketed to $X in 2022. In general, exports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 66%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Argentina represented the main exporter of crude soybean oil in Latin America and the Caribbean, with the volume of exports reaching X tons, which was near 55% of total exports in 2022. Brazil (X tons) took the second position in the ranking, distantly followed by Bolivia (X tons) and Paraguay (X tons). All these countries together took near 45% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Paraguay (with a CAGR of +11.7%), while the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Brazil ($X) and Bolivia ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 95% share of total exports. These countries were followed by Paraguay, which accounted for a further 5%.

Paraguay, with a CAGR of +14.4%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, jumping by 28% against the previous year. Overall, the export price showed a noticeable expansion. The most prominent rate of growth was recorded in 2021 when the export price increased by 66%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Brazil ($X per ton) and Argentina ($X per ton), while Paraguay ($X per ton) and Bolivia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bolivia (+2.6%), while the other leaders experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports in Latin America and the Caribbean

Crude soybean oil imports rose modestly to X tons in 2022, increasing by 4.4% against the previous year. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 5.4%. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, crude soybean oil imports totaled $X in 2022. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 40% against the previous year. 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

In 2022, Peru (X tons), distantly followed by Colombia (X tons), the Dominican Republic (X tons), Guatemala (X tons), Ecuador (X tons) and Argentina (X tons) represented the key importers of crude soybean oil, together committing 87% of total imports. Venezuela (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Argentina (with a CAGR of +24.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude soybean oil importing markets in Latin America and the Caribbean were Peru ($X), the Dominican Republic ($X) and Colombia ($X), with a combined 60% share of total imports. Guatemala, Argentina, Ecuador and Venezuela lagged somewhat behind, together accounting for a further 29%.

Argentina, with a CAGR of +28.4%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, remaining constant against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 50% against the previous year. As a result, import price attained the peak level of $X per ton, leveling off in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Dominican Republic ($X per ton), while Colombia ($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 (+3.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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