SADC: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in SADC

The SADC refined soybean oil market fell to $X in 2022, dropping by -12% against the previous year. In general, consumption saw a slight curtailment. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in SADC

In value terms, refined soybean oil production fell to $X in 2022 estimated in export price. Over the period under review, production recorded a perceptible curtailment. The growth pace was the most rapid in 2015 with an increase of 32%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Soybean Oil Exports

Exports in SADC

In 2022, exports of refined soybean oil and its fractions in SADC contracted to X tons, which is down by -10.3% compared with the year before. Overall, exports showed a abrupt decrease. The growth pace was the most rapid in 2019 with an increase of 12% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports reached $X in 2022. Over the period under review, exports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 57%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

South Africa was the major exporter of refined soybean oil and its fractions in SADC, with the volume of exports recording X tons, which was approx. 76% of total exports in 2022. It was distantly followed by Mozambique (X tons), comprising a 19% share of total exports. Zambia (X tons) took a minor share of total exports.

Exports from South Africa decreased at an average annual rate of -17.9% from 2012 to 2022. At the same time, Mozambique (+31.5%) and Zambia (+20.5%) displayed positive paces of growth. Moreover, Mozambique emerged as the fastest-growing exporter exported in SADC, with a CAGR of +31.5% from 2012-2022. While the share of Mozambique (+19 p.p.) and Zambia (+2.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of South Africa (-23.8 p.p.) displayed negative dynamics.

In value terms, South Africa ($X) remains the largest refined soybean oil supplier in SADC, comprising 76% of total exports. The second position in the ranking was held by Mozambique ($X), with a 20% share of total exports.

In South Africa, refined soybean oil exports shrank by an average annual rate of -15.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Mozambique (+34.3% per year) and Zambia (+24.0% per year).

Export Prices by Country

The export price in SADC stood at $X per ton in 2022, jumping by 26% against the previous year. Export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.5% 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 +107.7% against 2016 indices. The most prominent rate of growth was recorded in 2021 an increase of 42%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mozambique ($X per ton), while Zambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Zambia (+2.8%), while the other leaders experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports in SADC

In 2022, the amount of refined soybean oil and its fractions imported in SADC fell significantly to X tons, which is down by -29.9% compared with the year before. Overall, imports showed a abrupt downturn. The pace of growth appeared the most rapid in 2017 with an increase of 47% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined soybean oil imports contracted markedly to $X in 2022. In general, imports saw a abrupt decline. The most prominent rate of growth was recorded in 2017 when imports increased by 49%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Angola represented the key importing country with an import of about X tons, which resulted at 60% of total imports. South Africa (X tons) took a 23% share (based on physical terms) of total imports, which put it in second place, followed by Madagascar (8.8%). Mauritius (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined soybean oil imports into Angola stood at +3.6%. At the same time, Mauritius (+15.5%) and Madagascar (+13.0%) displayed positive paces of growth. Moreover, Mauritius emerged as the fastest-growing importer imported in SADC, with a CAGR of +15.5% from 2012-2022. By contrast, South Africa (-15.6%) illustrated a downward trend over the same period. While the share of Angola (+36 p.p.), Madagascar (+7.4 p.p.) and Mauritius (+3.4 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of South Africa (-46.7 p.p.) displayed negative dynamics.

In value terms, Angola ($X) constitutes the largest market for imported refined soybean oil and its fractions in SADC, comprising 56% of total imports. The second position in the ranking was held by South Africa ($X), with a 26% share of total imports. It was followed by Madagascar, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value in Angola stood at +2.1%. In the other countries, the average annual rates were as follows: South Africa (-14.1% per year) and Madagascar (+9.6% per year).

Import Prices by Country

In 2022, the import price in SADC amounted to $X per ton, with an increase of 4.5% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 44%. Over the period under review, import prices reached the peak figure in 2022 and is likely to see steady 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 Mauritius ($X per ton), while Madagascar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritius (+2.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform