Uruguay: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in Uruguay

In 2021, the Uruguayan soybean oilcake market increased by 11% to $X, rising for the fifth year in a row after three years of decline. Over the period under review, the total consumption indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +116.6% against 2016 indices. Over the period under review, the market reached the maximum level in 2021 and is likely to see steady growth in years to come.

Soybean Oilcake Production in Uruguay

In value terms, soybean oilcake production totaled $X in 2021 estimated in export price. In general, production saw a mild decrease. The pace of growth was the most pronounced in 2018 when the production volume increased by 68% against the previous year. Soybean oilcake production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Soybean Oilcake Exports

Exports from Uruguay

In 2021, shipments abroad of soybean oilcake decreased by -17.6% to X tons, falling for the second consecutive year after two years of growth. Overall, exports saw a precipitous setback. The growth pace was the most rapid in 2015 when exports increased by 869% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, soybean oilcake exports skyrocketed to $X in 2021. In general, exports recorded a precipitous contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 635% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for soybean oilcake exports from Uruguay, with a 67% share of total exports. Moreover, soybean oilcake exports to the Netherlands exceeded the volume sent to the second major destination, Mauritius (X tons), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Netherlands amounted to +8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mauritius (0.0% per year) and Senegal (0.0% per year).

In value terms, the Netherlands ($X) remains the key foreign market for soybean oilcake exports from Uruguay, comprising 65% of total exports. The second position in the ranking was taken by Senegal ($X), with an 18% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the Netherlands stood at +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Senegal (0.0% per year) and Mauritius (0.0% per year).

Export Prices by Country

The average soybean oilcake export price stood at $X per ton in 2021, with an increase of 49% against the previous year. Overall, the export price, however, recorded a slight decrease. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Israel (-0.7%), while the prices for the other major destinations experienced a decline.

Soybean Oilcake Imports

Imports into Uruguay

In 2021, purchases abroad of soybean oilcake increased by 125% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, imports recorded a moderate increase. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, soybean oilcake imports soared to $X in 2021. Overall, imports posted a mild expansion. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Argentina (X tons) constituted the largest soybean oilcake supplier to Uruguay, with a 58% share of total imports. Moreover, soybean oilcake imports from Argentina exceeded the figures recorded by the second-largest supplier, Paraguay (X tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Argentina stood at +18.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Paraguay (-9.1% per year) and Bolivia (+63.3% per year).

In value terms, Argentina ($X), Paraguay ($X) and Bolivia ($X) appeared to be the largest soybean oilcake suppliers to Uruguay, together accounting for 100% of total imports.

In terms of the main suppliers, Bolivia, with a CAGR of +60.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average soybean oilcake import price amounted to $X per ton, growing by 14% against the previous year. Over the period under review, the import price, however, recorded a mild curtailment. The pace of growth was the most pronounced in 2018 when the average import price increased by 15%. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Paraguay ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Paraguay (-0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :