Latin America and the Caribbean: Soybean Oil Market 2024

Soybean Oil Market Size in Latin America and the Caribbean

The Latin American soybean oil market fell to $X in 2022, dropping by -5.4% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Soybean Oil Production in Latin America and the Caribbean

In value terms, soybean oil production contracted modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a pronounced decrease. The pace of growth was the most pronounced in 2017 when the production volume increased by 15% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Soybean Oil Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of soybean oil increased by 5.5% to X tons, rising for the fourth consecutive year after three years of decline. The total export volume increased at an average annual rate of +2.9% 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 31%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, soybean oil exports surged to $X in 2022. Overall, exports showed prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 65% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Argentina was the major exporting country with an export of about X tons, which resulted at 54% of total exports. Brazil (X tons) held a 33% share (based on physical terms) of total exports, which put it in second place, followed by Bolivia (7.3%) and Paraguay (4.7%).

From 2012 to 2022, the biggest increases were recorded for Paraguay (with a CAGR of +11.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest soybean oil supplying countries in Latin America and the Caribbean were Argentina ($X), Brazil ($X) and Bolivia ($X), with a combined 94% share of total exports. Paraguay lagged somewhat behind, comprising a further 4.5%.

In terms of the main exporting countries, Paraguay, with a CAGR of +14.4%, saw the highest growth rate of the value of exports, 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, picking up by 27% against the previous year. In general, the export price recorded a notable increase. The most prominent rate of growth was recorded in 2021 when the export price increased by 65%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

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.

Soybean Oil Imports

Imports in Latin America and the Caribbean

In 2022, imports of soybean oil in Latin America and the Caribbean totaled X tons, increasing by 2.3% on the year before. The total import volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 9.7%. Over the period under review, imports attained the maximum at X tons in 2020; afterwards, it flattened through to 2022.

In value terms, soybean oil imports rose to $X in 2022. Total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.3% 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 +73.4% against 2019 indices. The pace of growth was the most pronounced in 2021 when imports increased by 43% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Peru (X tons), distantly followed by Colombia (X tons), the Dominican Republic (X tons), Venezuela (X tons), Chile (X tons), Guatemala (X tons), Ecuador (X tons) and Argentina (X tons) were the key importers of soybean oil, together creating 86% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Chile (with a CAGR of +25.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Peru ($X), the Dominican Republic ($X) and Colombia ($X) were the countries with the highest levels of imports in 2022, together accounting for 46% of total imports. Chile, Guatemala, Venezuela, Argentina and Ecuador lagged somewhat behind, together accounting for a further 37%.

Among the main importing countries, Argentina, with a CAGR of +28.4%, saw the highest growth rate of 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 2022, the import price in Latin America and the Caribbean amounted to $X per ton, approximately equating the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 48% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Chile ($X per ton), while Colombia ($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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