South Africa: Crude Soybean Oil Market 2025

Crude Soybean Oil Market Size in South Africa

In 2022, the South African crude soybean oil market decreased by -0.2% to $X, falling for the second consecutive year after three years of growth. Over the period under review, the total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -14.8% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Crude Soybean Oil Production in South Africa

In value terms, crude soybean oil production expanded modestly to $X in 2022 estimated in export price. Overall, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.1% 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 -3.2% against 2020 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by 20%. Crude soybean oil production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports from South Africa

In 2022, crude soybean oil exports from South Africa rose markedly to X tons, increasing by 11% compared with 2021 figures. Overall, exports saw significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 161%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, crude soybean oil exports soared to $X in 2022. Over the period under review, exports showed significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 122%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Zimbabwe (X tons) was the main destination for crude soybean oil exports from South Africa, with a 61% share of total exports. Moreover, crude soybean oil exports to Zimbabwe exceeded the volume sent to the second major destination, Zambia (X tons), twofold. Swaziland (X tons) ranked third in terms of total exports with an 8.1% share.

From 2012 to 2022, the average annual growth rate of volume to Zimbabwe stood at +22.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zambia (+66.3% per year) and Swaziland (+21.5% per year).

In value terms, Zimbabwe ($X) remains the key foreign market for crude soybean oil exports from South Africa, comprising 62% of total exports. The second position in the ranking was held by Zambia ($X), with a 25% share of total exports. It was followed by Swaziland, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Zimbabwe stood at +23.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zambia (+70.2% per year) and Swaziland (+28.1% per year).

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2022, growing by 15% against the previous year. Overall, export price indicated modest growth 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 +86.3% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 49%. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Zimbabwe ($X per ton) and Botswana ($X per ton), while the average price for exports to Mozambique ($X per ton) and Swaziland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Swaziland (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into South Africa

In 2022, purchases abroad of crude soybean oil increased by 1.5% to X tons for the first time since 2016, thus ending a five-year declining trend. Overall, imports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 111% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude soybean oil imports soared to $X in 2022. In general, imports, however, continue to indicate a mild downturn. The most prominent rate of growth was recorded in 2016 with an increase of 125%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Portugal (X tons), the Netherlands (X tons) and Germany (X tons) were the main suppliers of crude soybean oil imports to South Africa, together accounting for 98% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +5.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude soybean oil suppliers to South Africa were the Netherlands ($X), Portugal ($X) and Germany ($X), together comprising 99% of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +9.9%, recorded 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

The average crude soybean oil import price stood at $X per ton in 2022, surging by 50% against the previous year. Over the period under review, the import price posted a temperate increase. The growth pace was the most rapid in 2021 when the average import price increased by 57%. The import price peaked in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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