Mexico: Refined Soybean Oil Market 2025

Refined Soybean Oil Market Size in Mexico

In 2022, the Mexican refined soybean oil market decreased by -12.1% to $X, falling for the third consecutive year after three years of growth. Overall, consumption continues to indicate a abrupt contraction. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in Mexico

In value terms, refined soybean oil production fell slightly to $X in 2022 estimated in export price. In general, production showed a noticeable slump. The growth pace was the most rapid in 2015 with an increase of 65%. Refined soybean oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Mexico

In 2022, approx. X tons of refined soybean oil and its fractions were exported from Mexico; jumping by 112% against the year before. Over the period under review, exports, however, saw a deep contraction. The pace of growth was the most pronounced in 2017 when exports increased by 342%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. Overall, exports, however, faced a abrupt shrinkage. The pace of growth was the most pronounced in 2017 when exports increased by 369% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for refined soybean oil exports from Mexico, accounting for a 90% share of total exports. Moreover, refined soybean oil exports to the United States exceeded the volume sent to the second major destination, Belize (X tons), ninefold.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at -13.2%.

In value terms, the United States ($X) remains the key foreign market for refined soybean oil and its fractions exports from Mexico, comprising 83% of total exports. The second position in the ranking was held by Belize ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at -14.0%.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, picking up by 9.7% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 39%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belize ($X per ton), while the average price for exports to the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belize (+4.4%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Soybean Oil Imports

Imports into Mexico

In 2022, the amount of refined soybean oil and its fractions imported into Mexico contracted dramatically to X tons, falling by -67.5% compared with 2021. In general, imports continue to indicate a dramatic descent. The growth pace was the most rapid in 2013 when imports increased by 68%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, refined soybean oil imports declined remarkably to $X in 2022. Over the period under review, imports faced a significant decline. The growth pace was the most rapid in 2013 with an increase of 56% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) was the main refined soybean oil supplier to Mexico, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to -24.0%.

In value terms, the United States ($X) constituted the largest supplier of refined soybean oil and its fractions to Mexico.

From 2012 to 2022, the average annual growth rate of value from the United States stood at -20.9%.

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, increasing by 34% against the previous year. In general, the import price recorded perceptible growth. The most prominent rate of growth was recorded in 2021 an increase of 44%. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +4.2% per year.

Source: IndexBox Platform

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