U.S.: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in the U.S.

The U.S. refined soybean oil market dropped to $X in 2022, reducing by -6.7% against the previous year. In general, consumption saw a noticeable decline. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in the U.S.

In value terms, refined soybean oil production reached $X in 2022. Overall, production saw a pronounced reduction. The most prominent rate of growth was recorded in 2017 with an increase of 5.3%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from the U.S.

In 2022, exports of refined soybean oil and its fractions from the United States expanded markedly to X tons, picking up by 12% against the previous year's figure. In general, exports, however, saw a mild curtailment. The growth pace was the most rapid in 2017 with an increase of 40%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined soybean oil exports surged to $X in 2022. The total export value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Canada (X tons) was the main destination for refined soybean oil exports from the United States, with a 61% share of total exports. Moreover, refined soybean oil exports to Canada exceeded the volume sent to the second major destination, Mexico (X tons), sevenfold. The third position in this ranking was taken by South Korea (X tons), with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume to Canada totaled +11.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-17.6% per year) and South Korea (+44.5% per year).

In value terms, Canada ($X) remains the key foreign market for refined soybean oil and its fractions exports from the United States, comprising 62% of total exports. The second position in the ranking was taken by Mexico ($X), with an 8.2% share of total exports. It was followed by South Korea, with a 4.3% share.

From 2012 to 2022, the average annual growth rate of value to Canada totaled +14.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-14.4% per year) and South Korea (+39.6% per year).

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, growing by 22% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by +103.4% against 2017 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 50%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to South Korea ($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 Mexico (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into the U.S.

In 2022, the amount of refined soybean oil and its fractions imported into the United States shrank dramatically to X tons, with a decrease of -24.3% against 2021 figures. In general, imports, however, continue to indicate resilient growth. The pace of growth appeared the most rapid in 2013 with an increase of 45%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, refined soybean oil imports fell to $X in 2022. Overall, imports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by 111%. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

In 2022, Canada (X tons) was the main refined soybean oil supplier to the United States, accounting for a 96% share of total imports. Moreover, refined 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 rate of growth in terms of volume from Canada stood at +6.3%.

In value terms, Canada ($X) constituted the largest supplier of refined soybean oil and its fractions to the United States, comprising 95% of total imports. The second position in the ranking was held by Mexico ($X), with a 3.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada stood at +10.1%.

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, jumping by 18% against the previous year. In general, the import price recorded temperate growth. The pace of growth appeared the most rapid in 2021 an increase of 87% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+3.5%).

Source: IndexBox Platform

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