Asia: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Asia

The Asian crude soybean oil market totaled $X in 2022, therefore, remained relatively stable against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is likely to continue growth in the near future.

Crude Soybean Oil Production in Asia

In value terms, crude soybean oil production declined slightly to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Crude Soybean Oil Exports

Exports in Asia

After two years of growth, shipments abroad of crude soybean oil decreased by X% to X tons in 2022. In general, exports, however, showed a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of X%. The volume of export peaked at X tons in 2021, and then contracted slightly in the following year.

In value terms, crude soybean oil exports rose rapidly to $X in 2022. Over the period under review, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Turkey was the key exporting country with an export of around X tons, which amounted to X% of total exports. Vietnam (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Saudi Arabia (X%) and Thailand (X%). The following exporters - China (X tons) and Kazakhstan (X tons) - together made up X% of total exports.

Turkey was also the fastest-growing in terms of the crude soybean oil exports, with a CAGR of X% from 2012 to 2022. At the same time, Kazakhstan (X%) displayed positive paces of growth. China experienced a relatively flat trend pattern. By contrast, Vietnam (X%), Thailand (X%) and Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of Turkey (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (X p.p.), Thailand (X p.p.), Saudi Arabia (X p.p.) and Vietnam (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest crude soybean oil supplier in Asia, comprising X% of total exports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total exports. It was followed by Saudi Arabia, with an X% share.

In Turkey, crude soybean oil exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, rising by X% against the previous year. Export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports in Asia

In 2022, after three years of growth, there was significant decline in overseas purchases of crude soybean oil, when their volume decreased by X% to X tons. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude soybean oil imports rose rapidly to $X in 2022. In general, imports, however, saw a perceptible expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

India was the key importer of crude soybean oil in Asia, with the volume of imports accounting for X tons, which was near X% of total imports in 2022. Bangladesh (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by China (X%) and South Korea (X%). Nepal (X tons), Pakistan (X tons) and Iran (X tons) held a relatively small share of total imports.

Imports into India increased at an average annual rate of X% from 2012 to 2022. At the same time, Pakistan (X%) and Nepal (X%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2022. South Korea and Bangladesh experienced a relatively flat trend pattern. By contrast, Iran (X%) and China (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India and Pakistan increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported crude soybean oil in Asia, comprising X% of total imports. The second position in the ranking was held by Bangladesh ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

In India, crude soybean oil imports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Bangladesh (X% per year) and South Korea (X% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, with an increase of X% against the previous year. Import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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