Report Update Nov 1, 2024

Northern America - Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights

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Northern America: Soybean Oil Market 2024

Soybean Oil Market Size in Northern America

The North American soybean oil market stood at $X in 2022, picking up by 2% against the previous year. Overall, consumption, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the market value increased by 3.9%. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Soybean Oil Production in Northern America

In value terms, soybean oil production totaled $X in 2022 estimated in export price. In general, production showed a noticeable curtailment. The growth pace was the most rapid in 2017 with an increase of 4.2% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports in Northern America

In 2022, soybean oil exports in Northern America contracted to X tons, with a decrease of -12.6% compared with the previous year. Overall, exports showed a perceptible decline. The most prominent rate of growth was recorded in 2020 when exports increased by 22%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, soybean oil exports rose remarkably to $X in 2022. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 26% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; afterwards, it flattened through to 2022.

Exports by Country

The United States was the largest exporter of soybean oil in Northern America, with the volume of exports finishing at X tons, which was near 83% of total exports in 2022. It was distantly followed by Canada (X tons), constituting a 17% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to soybean oil exports from the United States stood at -3.9%. At the same time, Canada (+5.7%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +5.7% from 2012-2022. From 2012 to 2022, the share of Canada increased by +9.5 percentage points.

In value terms, the United States ($X) remains the largest soybean oil supplier in Northern America, comprising 84% of total exports. The second position in the ranking was taken by Canada ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at -1.3%.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2022, picking up by 25% against the previous year. In general, the export price showed a temperate expansion. The most prominent rate of growth was recorded in 2021 when the export price increased by 59%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.7%).

Soybean Oil Imports

Imports in Northern America

In 2022, approx. X tons of soybean oil were imported in Northern America; jumping by 27% on 2021. Overall, imports enjoyed a buoyant increase. The pace of growth was the most pronounced in 2015 with an increase of 71% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, soybean oil imports surged to $X in 2022. In general, imports continue to indicate a strong expansion. The pace of growth was the most pronounced in 2021 with an increase of 70%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The purchases of the two major importers of soybean oil, namely the United States and Canada, represented more than two-thirds of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Canada (with a CAGR of +15.6%).

In value terms, Canada ($X) and the United States ($X) constituted the countries with the highest levels of imports in 2022.

In terms of the main importing countries, Canada, with a CAGR of +18.2%, recorded the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per ton, jumping by 15% against the previous year. Overall, the import price continues to indicate a moderate expansion. The most prominent rate of growth was recorded in 2021 an increase of 64%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+2.3%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for soybean oil in Northern America?

The country with the largest volume of soybean oil consumption was the United States, comprising approx. 98% of total volume. It was followed by Canada, with a 2.3% share of total consumption.

What are the largest producers of soybean oil in Northern America?

The United States remains the largest soybean oil producing country in Northern America, comprising approx. 97% of total volume. It was followed by Canada, with a 3.1% share of total production.

What are the leading suppliers of soybean oil in Northern America?

In value terms, the United States remains the largest soybean oil supplier in Northern America, comprising 81% of total exports. The second position in the ranking was occupied by Canada, with a 19% share of total exports.

What are the leading importers of soybean oil in Northern America?

In value terms, the United States constitutes the largest market for imported soybean oil in Northern America, comprising 78% of total imports. The second position in the ranking was occupied by Canada, with a 22% share of total imports.

What is the average export price for soybean oil in Northern America?

In 2021, the export price in Northern America amounted to $1,261 per ton, growing by 59% against the previous year.

What is the average import price for soybean oil in Northern America?

The import price in Northern America stood at $1,438 per ton in 2021, increasing by 65% against the previous year.

This report provides an in-depth analysis of the soybean oil market in Northern America. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 237 - Oil of Soybeans

Country coverage:

Bermuda
Canada
Greenland
Saint Pierre and Miquelon
United States

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Production in Northern America, split by region and country
Trade (exports and imports) in Northern America
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. CONSUMPTION BY COUNTRY
3. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- Bermuda
- Canada
- Greenland
- Saint Pierre and Miquelon
- United States
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption, By Country, 2018–2023
5. Production, In Physical Terms, By Country, 2012–2023
6. Imports, In Physical Terms, By Country, 2012–2023
7. Imports, In Value Terms, By Country, 2012–2023
8. Import Prices, By Country Of Destination, 2012–2023
9. Exports, In Physical Terms, By Country, 2012–2023
10. Exports, In Value Terms, By Country, 2012–2023
11. Export Prices, By Country Of Origin, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Consumption, By Country, 2023
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Exports And Growth
12. Export Prices And Growth
13. Market Size And Growth
14. Per Capita Consumption
15. Imports And Growth
16. Import Prices
17. Production, In Physical Terms, 2012–2023
18. Production, In Value Terms, 2012–2023
19. Production, By Country, 2023
20. Production, In Physical Terms, By Country, 2012–2023
21. Imports, In Physical Terms, 2012–2023
22. Imports, In Value Terms, 2012–2023
23. Imports, In Physical Terms, By Country, 2023
24. Imports, In Physical Terms, By Country, 2012–2023
25. Imports, In Value Terms, By Country, 2012–2023
26. Import Prices, By Country, 2012–2023
27. Exports, In Physical Terms, 2012–2023
28. Exports, In Value Terms, 2012–2023
29. Exports, In Physical Terms, By Country, 2023
30. Exports, In Physical Terms, By Country, 2012–2023
31. Exports, In Value Terms, By Country, 2012–2023
32. Export Prices, 2012–2023