Thailand: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Thailand

In 2022, the Thai refined soybean oil market decreased by -2.6% to $X, falling for the third consecutive year after three years of growth. In general, consumption recorded a abrupt descent. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in Thailand

In value terms, refined soybean oil production shrank slightly to $X in 2022 estimated in export price. In general, the total production indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.5% 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 -2.8% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 27% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from Thailand

In 2022, overseas shipments of refined soybean oil and its fractions decreased by -1.8% to X tons for the first time since 2011, thus ending a ten-year rising trend. Overall, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 50%. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank in the following year.

In value terms, refined soybean oil exports soared to $X in 2022. Over the period under review, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 101%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The Philippines (X tons), Cambodia (X tons) and Indonesia (X tons) were the main destinations of refined soybean oil exports from Thailand, together comprising 57% of total exports. Vietnam, Hong Kong SAR, Malaysia, Myanmar and South Korea lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Myanmar (with a CAGR of +95.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined soybean oil exported from Thailand were the Philippines ($X), Cambodia ($X) and Indonesia ($X), together accounting for 58% of total exports. Vietnam, Hong Kong SAR, Malaysia, Myanmar and South Korea lagged somewhat behind, together comprising a further 40%.

Among the main countries of destination, Myanmar, with a CAGR of +97.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, surging by 25% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 34%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were South Korea ($X per ton) and Myanmar ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) and Malaysia ($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 Malaysia (+3.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Thailand

In 2022, approx. X tons of refined soybean oil and its fractions were imported into Thailand; rising by 29% on the previous year. Over the period under review, imports saw temperate growth. The growth pace was the most rapid in 2013 with an increase of 6,570% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. Overall, imports posted moderate growth. The pace of growth appeared the most rapid in 2013 when imports increased by 2,367%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of refined soybean oil to Thailand, accounting for a 79% share of total imports. Moreover, refined soybean oil imports from Germany exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fourfold. The United States (X kg) ranked third in terms of total imports with less than 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +102.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-4.2% per year) and the United States (-59.0% per year).

In value terms, Germany ($X) constituted the largest supplier of refined soybean oil and its fractions to Thailand, comprising 76% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 24% share of total imports. It was followed by the United States, with less than 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +91.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-6.4% per year) and the United States (-58.3% per year).

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, surging by 12% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 93% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+21.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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