SADC: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in SADC

For the fifth year in a row, the SADC crude soybean oil market recorded growth in sales value, which increased by 9.6% to $X in 2022. Overall, consumption enjoyed a prominent increase. The level of consumption peaked in 2022 and is likely to continue growth in the near future.

Crude Soybean Oil Production in SADC

In value terms, crude soybean oil production totaled $X in 2022 estimated in export price. The total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.9% against 2020 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 24%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Crude Soybean Oil Exports

Exports in SADC

In 2022, overseas shipments of crude soybean oil decreased by -11.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 139%. The volume of export peaked at X tons in 2021, and then declined in the following year.

In value terms, crude soybean oil exports rose slightly to $X in 2022. Over the period under review, exports, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2014 with an increase of 105%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

In 2022, South Africa (X tons) represented the largest exporter of crude soybean oil in SADC, comprising 97% of total export.

South Africa was also the fastest-growing in terms of the crude soybean oil exports, with a CAGR of +26.4% from 2012 to 2022. While the share of South Africa (+63 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) also remains the largest crude soybean oil supplier in SADC.

From 2012 to 2022, the average annual rate of growth in terms of value in South Africa totaled +27.9%.

Export Prices by Country

In 2022, the export price in SADC amounted to $X per ton, surging by 15% against the previous year. Export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil export price increased by +96.9% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 48% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for South Africa.

From 2012 to 2022, the rate of growth in terms of prices for South Africa amounted to +1.2% per year.

Crude Soybean Oil Imports

Imports in SADC

After two years of growth, overseas purchases of crude soybean oil decreased by -1.9% to X tons in 2022. Over the period under review, imports, however, posted a strong expansion. The growth pace was the most rapid in 2016 with an increase of 43%. Over the period under review, imports attained the peak figure at X tons in 2021, and then declined slightly in the following year.

In value terms, crude soybean oil imports soared to $X in 2022. In general, imports, however, recorded a strong expansion. The growth pace was the most rapid in 2021 with an increase of 66% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Zimbabwe was the key importing country with an import of about X tons, which resulted at 48% of total imports. It was distantly followed by Mozambique (X tons), Madagascar (X tons), Zambia (X tons), Mauritius (X tons) and South Africa (X tons), together generating a 46% share of total imports. Malawi (X tons) followed a long way behind the leaders.

Zimbabwe was also the fastest-growing in terms of the crude soybean oil imports, with a CAGR of +32.2% from 2012 to 2022. At the same time, Mozambique (+14.5%), Madagascar (+11.3%), Malawi (+3.5%) and Zambia (+3.2%) displayed positive paces of growth. Mauritius experienced a relatively flat trend pattern. By contrast, South Africa (-5.1%) illustrated a downward trend over the same period. While the share of Zimbabwe (+41 p.p.), Mozambique (+5.2 p.p.) and Madagascar (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Malawi (-2.8 p.p.), Zambia (-7.4 p.p.), Mauritius (-9.7 p.p.) and South Africa (-16.5 p.p.) displayed negative dynamics.

In value terms, Zimbabwe ($X) constitutes the largest market for imported crude soybean oil in SADC, comprising 55% of total imports. The second position in the ranking was held by Mozambique ($X), with a 14% share of total imports. It was followed by Madagascar, with a 7.4% share.

From 2012 to 2022, the average annual growth rate of value in Zimbabwe amounted to +34.2%. The remaining importing countries recorded the following average annual rates of imports growth: Mozambique (+14.8% per year) and Madagascar (+10.5% per year).

Import Prices by Country

In 2022, the import price in SADC amounted to $X per ton, growing by 18% against the previous year. Import price indicated temperate growth 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, crude soybean oil import price increased by +95.8% against 2019 indices. The pace of growth was the most pronounced in 2021 when the import price increased by 49% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain 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 Zimbabwe ($X per ton), while Zambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+3.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform