Thailand: Soybean Oil Market 2024

Soybean Oil Market Size in Thailand

The Thai soybean oil market was estimated at $X in 2022, surging by 9% against the previous year. In general, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.9% 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 -15.1% 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.

Soybean Oil Production in Thailand

In value terms, soybean oil production totaled $X in 2022 estimated in export price. In general, the total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 -5.4% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 45% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports from Thailand

In 2022, shipments abroad of soybean oil decreased by -2.6% to X tons for the first time since 2016, thus ending a five-year rising trend. Overall, exports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2015 when exports increased by 45% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021, and then dropped modestly in the following year.

In value terms, soybean oil exports soared to $X in 2022. In general, exports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2021 with an increase of 94%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Vietnam (X tons), the Philippines (X tons) and Cambodia (X tons) were the main destinations of soybean oil exports from Thailand, with a combined 61% share of total exports. Indonesia, Malaysia, Hong Kong SAR, Myanmar, India and South Korea lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +95.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), the Philippines ($X) and Cambodia ($X) appeared to be the largest markets for soybean oil exported from Thailand worldwide, with a combined 61% share of total exports. Indonesia, Malaysia, Hong Kong SAR, Myanmar, India and South Korea lagged somewhat behind, together accounting for a further 37%.

Among the main countries of destination, Myanmar, with a CAGR of +97.4%, saw the highest rates of growth with regard to 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 soybean oil export price stood at $X per ton in 2022, growing by 25% against the previous year. In general, export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.9% 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 +90.9% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 45%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to South Korea ($X per ton) and Myanmar ($X per ton), while the average price for exports to India ($X per ton) and Hong Kong SAR ($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 South Korea (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Thailand

In 2022, soybean oil imports into Thailand surged to X tons, growing by 25% on the previous year. Over the period under review, imports saw perceptible growth. The growth pace was the most rapid in 2013 when imports increased by 6,570%. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, soybean oil imports soared to $X in 2022. In general, imports recorded a temperate increase. The pace of growth was the most pronounced in 2020 when imports increased by 5,154%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of soybean oil to Thailand, with a 79% share of total imports. Moreover, soybean oil imports from Germany exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fourfold. The third position in this ranking was held by the United States (X kg), 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 (-58.6% per year).

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

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +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 (-57.4% per year).

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, increasing by 9.2% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 191%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, 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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