Report Update Nov 1, 2024

Venezuela - Refined Soybean Oil and Its Fractions - Market Analysis, Forecast, Size, Trends and Insights

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Venezuela: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Venezuela

After three years of growth, the Venezuelan refined soybean oil market decreased by -20.3% to $X in 2022. Over the period under review, consumption, however, continues to indicate a prominent expansion. Over the period under review, the market hit record highs at $X in 2021, and then shrank markedly in the following year.

Refined Soybean Oil Exports

Exports from Venezuela

In 2022, shipments abroad of refined soybean oil and its fractions was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2013 when exports increased by 282%. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined soybean oil exports totaled $X in 2022. Over the period under review, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 449%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

The Dominican Republic (X tons) was the main destination for refined soybean oil exports from Venezuela, with a 99% share of total exports. It was followed by Trinidad and Tobago (X kg), with a 1.2% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the Dominican Republic totaled +20.6%.

In value terms, the Dominican Republic ($X) remains the key foreign market for refined soybean oil and its fractions exports from Venezuela, comprising 86% of total exports. The second position in the ranking was taken by Trinidad and Tobago ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the Dominican Republic amounted to +12.1%.

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, with an increase of 5.5% against the previous year. In general, the export price, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2014 an increase of 306% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Trinidad and Tobago ($X per ton), while the average price for exports to the Dominican Republic amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Trinidad and Tobago (+5.9%).

Refined Soybean Oil Imports

Imports into Venezuela

In 2022, overseas purchases of refined soybean oil and its fractions decreased by -10.8% to X tons for the first time since 2016, thus ending a five-year rising trend. In general, imports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 347% against the previous year. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, refined soybean oil imports plummeted to $X in 2022. Overall, imports, however, recorded a strong increase. The growth pace was the most rapid in 2017 when imports increased by 252%. Over the period under review, imports attained the peak figure at $X in 2021, and then dropped sharply in the following year.

Imports by Country

In 2022, Brazil (X tons) constituted the largest supplier of refined soybean oil to Venezuela, accounting for a 63% share of total imports. Moreover, refined soybean oil imports from Brazil exceeded the figures recorded by the second-largest supplier, Nicaragua (X tons), threefold. The third position in this ranking was held by China (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil amounted to +25.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Nicaragua (+13.4% per year) and China (+38.7% per year).

In value terms, Brazil ($X) constituted the largest supplier of refined soybean oil and its fractions to Venezuela, comprising 70% of total imports. The second position in the ranking was taken by Nicaragua ($X), with a 24% share of total imports. It was followed by China, with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil amounted to +22.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Nicaragua (+9.6% per year) and China (+18.4% per year).

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, with a decrease of -15.3% against the previous year. Over the period under review, the import price saw a noticeable decline. The most prominent rate of growth was recorded in 2021 an increase of 54%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a 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 Brazil ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for refined soybean oil and its fractions in the world?

The countries with the highest volumes of refined soybean oil consumption in 2020 were China, the United States and India, with a combined 30% share of global consumption. These countries were followed by Mauritania, Japan, Russia, Indonesia, Italy, Brazil, the UK, Pakistan, Bangladesh and Germany, which together accounted for a further 27%.

What are the largest producers of refined soybean oil and its fractions in the world?

The countries with the highest volumes of refined soybean oil production in 2020 were China, the United States and India, with a combined 31% share of global production. These countries were followed by Brazil, Japan, Russia, the Netherlands, Indonesia, Pakistan, Germany, Bangladesh, the UK and Italy, which together accounted for a further 27%.

What are the leading suppliers of refined soybean oil and its fractions to Venezuela?

In value terms, Nicaragua constituted the largest supplier of refined soybean oil to Venezuela, comprising 52% of total imports. The second position in the ranking was occupied by Brazil, with a 23% share of total imports. It was followed by China, with a 13% share.

What are the leading importers of refined soybean oil and its fractions from Venezuela?

In value terms, the Dominican Republic remains the key foreign market for refined soybean oil exports from Venezuela.

What is the average export price for refined soybean oil and its fractions in Venezuela?

The average refined soybean oil export price stood at $1,180 per ton in 2020, standing approx. at the previous year.

What is the average import price for refined soybean oil and its fractions in Venezuela?

In 2020, the average refined soybean oil import price amounted to $1,025 per ton, rising by 6.9% against the previous year.

This report provides an in-depth analysis of the refined soybean oil market in Venezuela. 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:

Prodcom 10415100 - Refined soya-bean oil and its fractions (excluding chemically modified)

Country coverage:

Venezuela

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Venezuela
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