South-Eastern Asia: Soybean Oil Market 2024

Soybean Oil Market Size in South-Eastern Asia

The Southeast Asian soybean oil market rose notably to $X in 2022, increasing by 11% against the previous year. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is likely to see gradual growth in the near future.

Soybean Oil Production in South-Eastern Asia

In value terms, soybean oil production expanded modestly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 13% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports in South-Eastern Asia

In 2022, shipments abroad of soybean oil decreased by -8% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 29% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, soybean oil exports fell to $X in 2022. Over the period under review, exports, however, continue to indicate a slight increase. The pace of growth appeared the most rapid in 2021 when exports increased by 74% against the previous year. As a result, the exports attained the peak of $X, and then contracted in the following year.

Exports by Country

Thailand (X tons) and Malaysia (X tons) represented the major exporters of soybean oil in 2022, amounting to approx. 39% and 30% of total exports, respectively. Indonesia (X tons) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (13%).

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +15.8%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Thailand ($X), Malaysia ($X) and Indonesia ($X) were the countries with the highest levels of exports in 2022, with a combined 87% share of total exports.

Indonesia, with a CAGR of +16.1%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, leveling off at the previous year. Export price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.6% 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 +56.3% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 51%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.9%), while the other leaders experienced more modest paces of growth.

Soybean Oil Imports

Imports in South-Eastern Asia

In 2022, approx. X tons of soybean oil were imported in South-Eastern Asia; increasing by 7.9% against the previous year. The total import volume increased at an average annual rate of +4.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 23% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports saw a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 45% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Malaysia (X tons), Vietnam (X tons), the Philippines (X tons) and Indonesia (X tons) represented roughly 90% of total imports in 2022. It was distantly followed by Singapore (X tons), constituting a 4.8% share of total imports. Cambodia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Cambodia (with a CAGR of +39.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soybean oil importing markets in South-Eastern Asia were the Philippines ($X), Malaysia ($X) and Indonesia ($X), with a combined 70% share of total imports. Vietnam, Singapore and Cambodia lagged somewhat behind, together accounting for a further 29%.

Cambodia, with a CAGR of +51.1%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, rising by 7.4% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 43%. Over the period under review, import prices reached the peak figure in 2022 and is likely to see steady growth in the near future.

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 Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (+8.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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