Report Update Nov 1, 2024

U.S. - Crude Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights

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U.S.: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in the U.S.

In 2022, the U.S. crude soybean oil market increased by 1.9% to $X, rising for the seventh consecutive year after three years of decline. Over the period under review, consumption, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the market value increased by 4% against the previous year. Crude soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Soybean Oil Production in the U.S.

In value terms, crude soybean oil production totaled $X in 2022. Overall, production, however, continues to indicate a pronounced slump. The growth pace was the most rapid in 2020 with an increase of 5.1%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Soybean Oil Exports

Exports from the U.S.

In 2022, approx. X tons of crude soybean oil were exported from the United States; with a decrease of -16.4% against the year before. In general, exports showed a pronounced contraction. The most prominent rate of growth was recorded in 2020 with an increase of 34%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, crude soybean oil exports reached $X in 2022. Overall, exports showed a noticeable shrinkage. The growth pace was the most rapid in 2020 with an increase of 41% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

India (X tons), South Korea (X tons) and Mexico (X tons) were the main destinations of crude soybean oil exports from the United States, together comprising 55% of total exports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +18.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), South Korea ($X) and Mexico ($X) appeared to be the largest markets for crude soybean oil exported from the United States worldwide, together comprising 57% of total exports.

In terms of the main countries of destination, South Korea, with a CAGR of +22.2%, saw 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

In 2022, the average crude soybean oil export price amounted to $X per ton, with an increase of 29% against the previous year. Over the period under review, the export price posted a noticeable expansion. The pace of growth appeared the most rapid in 2021 when the average export price increased by 55% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+6.1%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into the U.S.

For the third consecutive year, the United States recorded growth in purchases abroad of crude soybean oil, which increased by 26% to X tons in 2022. Over the period under review, imports showed a strong expansion. The pace of growth appeared the most rapid in 2015 with an increase of 1,162%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, crude soybean oil imports skyrocketed to $X in 2022. In general, imports enjoyed tangible growth. The pace of growth appeared the most rapid in 2015 when imports increased by 1,005%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Canada (X tons) was the main crude soybean oil supplier to the United States, with a 94% share of total imports. Moreover, crude soybean oil imports from Canada exceeded the figures recorded by the second-largest supplier, Mexico (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Canada amounted to +9.2%.

In value terms, Canada ($X) constituted the largest supplier of crude soybean oil to the United States, comprising 95% of total imports. The second position in the ranking was held by Mexico ($X), with a 4.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada amounted to +2.8%.

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, dropping by -7% against the previous year. Over the period under review, the import price recorded a drastic downturn. The most prominent rate of growth was recorded in 2013 when the average import price increased by 4.4%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (-0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude soybean oil in the world?

The countries with the highest volumes of crude soybean oil consumption in 2020 were China, Brazil and the United States, together accounting for 63% of global consumption. India, Argentina, Mexico and Bangladesh lagged somewhat behind, together comprising a further 16%.

What are the largest producers of crude soybean oil in the world?

The countries with the highest volumes of crude soybean oil production in 2020 were China, Brazil and the United States, with a combined 64% share of global production. These countries were followed by Argentina, India and Mexico, which together accounted for a further 17%.

What are the leading suppliers of crude soybean oil to the U.S.?

In value terms, Canada constituted the largest supplier of crude soybean oil to the United States, comprising 67% of total imports. The second position in the ranking was occupied by Turkey, with an 18% share of total imports. It was followed by India, with an 11% share.

What are the leading importers of crude soybean oil from the U.S.?

In value terms, South Korea, the Dominican Republic and Guatemala appeared to be the largest markets for crude soybean oil exported from the United States worldwide, with a combined 52% share of total exports. These countries were followed by Colombia, Morocco, Venezuela, India, Mexico, Egypt, China, Peru, Jamaica and Algeria, which together accounted for a further 43%.

What is the average export price for crude soybean oil in the U.S.?

The average crude soybean oil export price stood at $756 per ton in 2020, rising by 4.8% against the previous year.

What is the average import price for crude soybean oil in the U.S.?

In 2020, the average crude soybean oil import price amounted to $731 per ton, approximately equating the previous year.

This report provides an in-depth analysis of the crude soybean oil market in the U.S.. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 237 - Oil of Soybeans

Country coverage:

United States

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in the U.S.
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

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This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
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While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023