South Africa: Soybean Oil Market 2024

Soybean Oil Market Size in South Africa

In 2022, the South African soybean oil market decreased by -18.5% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption showed a slight slump. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Soybean Oil Production in South Africa

In value terms, soybean oil production amounted to $X in 2022 estimated in export price. Overall, the total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.5% 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 -2.1% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 24%. Soybean oil production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Soybean Oil Exports

Exports from South Africa

For the third year in a row, South Africa recorded growth in shipments abroad of soybean oil, which increased by 2.5% to X tons in 2022. In general, exports, however, recorded a slight downturn. The growth pace was the most rapid in 2014 when exports increased by 35% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, soybean oil exports soared to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 88%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Zimbabwe (X tons) was the main destination for soybean oil exports from South Africa, with a 52% share of total exports. Moreover, soybean oil exports to Zimbabwe exceeded the volume sent to the second major destination, Zambia (X tons), twofold. The third position in this ranking was taken by Botswana (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Zimbabwe amounted to -6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zambia (+19.6% per year) and Botswana (+21.8% per year).

In value terms, Zimbabwe ($X) remains the key foreign market for soybean oil exports from South Africa, comprising 51% of total exports. The second position in the ranking was taken by Zambia ($X), with a 21% share of total exports. It was followed by Botswana, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Zimbabwe amounted to -6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zambia (+20.5% per year) and Botswana (+37.4% per year).

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, picking up by 16% against the previous year. Overall, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil export price increased by +70.9% against 2017 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 48% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Democratic Republic of the Congo ($X per ton) and Botswana ($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 Botswana (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into South Africa

In 2022, the amount of soybean oil imported into South Africa shrank markedly to X tons, declining by -50.9% against 2021. Over the period under review, imports recorded a deep setback. The most prominent rate of growth was recorded in 2020 with an increase of 54% against the previous year. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, soybean oil imports reduced notably to $X in 2022. Overall, imports saw a abrupt downturn. The growth pace was the most rapid in 2020 with an increase of 66% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Argentina (X tons) constituted the largest soybean oil supplier to South Africa, accounting for a 54% share of total imports. Moreover, soybean oil imports from Argentina exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. Portugal (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Argentina totaled +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-16.7% per year) and Portugal (+58.6% per year).

In value terms, Argentina ($X) constituted the largest supplier of soybean oil to South Africa, comprising 53% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 23% share of total imports. It was followed by Portugal, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Argentina totaled +15.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-14.9% per year) and Portugal (+55.0% per year).

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, growing by 34% against the previous year. In general, the import price continues to indicate noticeable growth. The pace of growth was the most pronounced in 2021 when the average import price increased by 61%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Portugal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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