U.S.: Soybean Oil Market 2025

Soybean Oil Market Size in the U.S.

The U.S. soybean oil market was estimated at $X in 2022, approximately equating the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the market value increased by 3.8%. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Soybean Oil Production in the U.S.

In value terms, soybean oil production amounted to $X in 2022. Overall, production, however, showed a perceptible reduction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 4.1% against the previous year. Soybean oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from the U.S.

In 2022, the amount of soybean oil exported from the United States shrank to X tons, dropping by -11.9% on the previous year's figure. Overall, exports saw a perceptible downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 30%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, soybean oil exports rose rapidly to $X in 2022. In general, exports continue to indicate a mild decrease. The most prominent rate of growth was recorded in 2020 with an increase of 34%. Over the period under review, the exports attained the maximum 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 Canada (X tons) were the main destinations of soybean oil exports from the United States, with a combined 49% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +19.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from the United States were India ($X), Canada ($X) and South Korea ($X), together accounting for 50% of total exports.

In terms of the main countries of destination, South Korea, with a CAGR of +22.9%, 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 soybean oil export price stood at $X per ton in 2022, increasing by 29% against the previous year. Overall, the export price continues to indicate a tangible expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 55%. The export price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Canada ($X per ton) and Mexico ($X per ton), while the average price for exports to the Dominican Republic ($X per ton) and Venezuela ($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 India (+3.6%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into the U.S.

Soybean oil imports into the United States reduced dramatically to X tons in 2022, which is down by -15.5% compared with 2021 figures. Overall, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 104% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, soybean oil imports dropped to $X in 2022. In general, imports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 91%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, Canada (X tons) was the main supplier of soybean oil to the United States, with a 95% share of total imports. Moreover, 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 +7.0%.

In value terms, Canada ($X) constituted the largest supplier of soybean oil to the United States, comprising 95% of total imports. The second position in the ranking was taken by Mexico ($X), with a 4% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Canada stood at +9.1%.

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, increasing by 8% against the previous year. In general, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil import price increased by +90.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 71%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

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 totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+1.9%).

Source: IndexBox Platform

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