MERCOSUR: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in MERCOSUR

After two years of growth, the MERCOSUR refined soybean oil market decreased by -2.4% to $X in 2022. The market value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X, and then declined slightly in the following year.

Refined Soybean Oil Production in MERCOSUR

In value terms, refined soybean oil production amounted to $X in 2022 estimated in export price. In general, production, however, showed a perceptible reduction. The growth pace was the most rapid in 2019 when the production volume increased by 16%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports in MERCOSUR

In 2022, overseas shipments of refined soybean oil and its fractions increased by 19% to X tons, rising for the fourth consecutive year after two years of decline. In general, exports showed a buoyant increase. The pace of growth appeared the most rapid in 2020 with an increase of 73% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, refined soybean oil exports surged to $X in 2022. Over the period under review, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 77% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the near future.

Exports by Country

Argentina (X tons) and Brazil (X tons) were the largest exporters of refined soybean oil and its fractions in 2022, resulting at near 45% and 41% of total exports, respectively. It was distantly followed by Colombia (X tons), generating a 13% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Colombia (with a CAGR of +21.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil supplying countries in MERCOSUR were Brazil ($X), Argentina ($X) and Colombia ($X), together comprising 100% of total exports.

Colombia, with a CAGR of +18.2%, saw the highest growth rate of 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 MERCOSUR stood at $X per ton in 2022, growing by 16% against the previous year. Export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% 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 export price increased by +77.9% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by 51% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+3.5%), while the other leaders experienced mixed trends in the export price figures.

Refined Soybean Oil Imports

Imports in MERCOSUR

In 2022, after two years of growth, there was decline in supplies from abroad of refined soybean oil and its fractions, when their volume decreased by -0.7% to X tons. Overall, imports, however, posted a resilient increase. The pace of growth was the most pronounced in 2020 when imports increased by 93% against the previous year. The volume of import peaked at X tons in 2021, and then dropped in the following year.

In value terms, refined soybean oil imports stood at $X in 2022. Over the period under review, imports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2020 with an increase of 103%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

Chile (X tons) and Venezuela (X tons) represented roughly 71% of total imports in 2022. Peru (X tons) ranks next in terms of the total imports with an 18% share, followed by Colombia (7.7%).

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 +25.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil importing markets in MERCOSUR were Chile ($X), Venezuela ($X) and Peru ($X), together comprising 91% of total imports.

Among the main importing countries, Chile, with a CAGR of +27.2%, 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 MERCOSUR amounted to $X per ton, with an increase of 2.8% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 45%. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Chile (+1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform