Report Update Apr 1, 2024

U.S. - Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights

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U.S.: Soybean Oil Market 2024

Soybean Oil Market Size in the U.S.

The U.S. soybean oil market stood at $X in 2022, remaining constant against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Soybean Oil Production in the U.S.

In value terms, soybean oil production totaled $X in 2022. Over the period under review, production, however, continues to indicate a noticeable setback. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports from the U.S.

Soybean oil exports from the United States fell to X tons in 2022, waning by X% compared with the previous year. Over the period under review, exports saw a noticeable slump. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, soybean oil exports rose remarkably to $X in 2022. In general, exports showed a mild reduction. The most prominent rate of growth was recorded in 2020 with an increase of X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

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, together accounting for X% of total exports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of X%), while shipments for 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 X% of total exports.

In terms of the main countries of destination, South Korea, with a CAGR of X%, saw the highest rates of growth with regard to 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, rising by X% against the previous year. Over the period under review, the export price enjoyed measured growth. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major external 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 (X%), 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 contracted rapidly to X tons in 2022, dropping by X% against the previous year's figure. Overall, imports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2015 when imports increased by X% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports shrank to $X in 2022. Over the period under review, imports, however, recorded strong growth. The growth pace was the most rapid in 2021 with an increase of X%. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, Canada (X tons) was the main soybean oil supplier to the United States, with a X% 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 rate of growth in terms of volume from Canada totaled X%.

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

From 2012 to 2022, the average annual growth rate of value from Canada amounted to X%.

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, increasing by X% against the previous year. Over the period under review, import price indicated slight 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, soybean oil import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of X%. The import price peaked in 2022 and is likely to see steady 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 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 (X%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for soybean oil in the world?

The countries with the highest volumes of consumption in 2023 were China, the United States and Brazil, with a combined 59% share of global consumption. India, Argentina, Bangladesh, Mexico and Algeria lagged somewhat behind, together accounting for a further 20%.

What are the largest producers of soybean oil in the world?

The countries with the highest volumes of production in 2022 were China, the United States and Brazil, with a combined 64% share of global production. Argentina, India and Mexico lagged somewhat behind, together accounting for a further 17%.

What are the leading suppliers of soybean oil to the U.S.?

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

What are the leading importers of soybean oil from the U.S.?

In value terms, the largest markets for soybean oil exported from the United States were India, Canada and South Korea, with a combined 50% share of total exports.

What is the average export price for soybean oil in the U.S.?

The average soybean oil export price stood at $1,594 per ton in 2022, picking up by 29% against the previous year.

What is the average import price for soybean oil in the U.S.?

The average soybean oil import price stood at $1,483 per ton in 2022, with an increase of 8% against the previous year.

This report provides an in-depth analysis of the soybean oil market in the U.S.. 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:

FCL 237 - Oil of Soybeans

Country coverage:

United States

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in the U.S.
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

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
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

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