Soybean oil and fractions market in Africa

Earlier Report Observations

The soybean oil market volume in Africa grew from 3 249 thousand tons in 2018 to 3 768 thousand tons by 2020. This expansion was driven by increased demand from crushing plants and the animal feed sector, supported by a growing middle class seeking high-protein foods. Expansion of soybean cultivation in western South Africa replaced other crops, boosting local supply, while the food industry raised its use of soybean oil in processed goods like margarine and salad dressings, with research projects continuing to explore new applications.

Market volume dipped to 3 434 thousand tons in 2021 before recovering to 3 568 thousand tons in 2022, reflecting typical supply and demand fluctuations during this period.

In 2023, volume jumped to 3 885 thousand tons despite a decline in domestic production. Drought and port disruptions hampered local soybean output, leading to higher imports to meet consumption needs. Concurrently, investments in soybean breeding and technology levies aimed at enhancing processing capacity and supporting sustainable cultivation practices.

Production soybean oil and fractions in Africa

In kind, 2017-2020, K t

Top producers of soybean oil and fractions, 2017-2020

World map of production of soybean oil and fractions, 2017-2020

Africa's soybean oil and fractions production has grown for the third year in a row. In 2020, the continent produced 1 431 K t, marking a 16.1% increase compared to the previous year. Looking at the period from 2017 to 2020, production surged by 84.3%, with an average annual growth rate of 22.6%.

Annual dynamics of production in Africa in kind, 2017-2020, K t

Exports soybean oil and fractions from Africa

Exports in kind, K t

The data shows irregular fluctuations, pointing to a volatile market environment. Exports hit their lowest point in 2018 at 42 K t and peaked in 2020 at 163 K t, representing a 3.9-fold difference between these years. In 2020, shipments from Africa to abroad reached 163 K t, up 48.8% from the year before. The largest decline occurred in 2018, dropping by 55.5%, while the biggest increase was in 2019, soaring by 163.2%.

Annual dynamics of product's exports from Africa in kind, 2017-2020, K t

From 2017 to 2020, the structure of exports in kind indicates a diversified set of trading partners. Jordan accounted for 3.8% of exports, India for 2.8%, and Malaysia for 1.7%, together making up just 8.3% of total flows. The remaining 91.7% was spread across numerous smaller markets.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Africa in kind, 2017-2020

Exports in value, M $ US

Soybean oil and fractions exports in Africa have increased for the second consecutive year. In 2020, export value reached 235 M $ US, showing a 42.8% rise compared to the prior year. Over the period from 2017 to 2020, exports grew by 72.2%, with an average annual growth rate of 19.9%. The lowest value was recorded in 2018 at 123 M $ US, with the largest decline that year at 10.0%.

Annual dynamics of product's exports from Africa in value, 2017-2020, M $ US

Between 2017 and 2020, the geographical structure of exports in value terms was highly diversified. Jordan contributed 4.1% of exports, India 2.3%, and Lebanon 1.2%, together accounting for only 7.6% of total flows. The remaining 92.4% was distributed among numerous smaller partner countries.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Africa in value, 2017-2020

Imports soybean oil and fractions to Africa

Imports in kind, K t

Soybean oil and fractions shipments to Africa from abroad have risen for the second year in a row. In 2020, Africa imported approximately 2 500 K t, up 3.1% from the previous year. From 2017 to 2020, imports increased by 6.2%, equating to an annualized growth rate of 2.0%. The minimum value was in 2018 at 2 245 K t, with the largest decline that year at 4.6%, while the biggest increase was in 2019 at 8.0%.

Annual dynamics of product's imports to Africa in kind, 2017-2020, K t

From 2017 to 2020, Argentina, Spain, and Russia were the top sources for imports in kind. Argentina accounted for 31.0% of imports, Spain for 12.4%, and Russia for 8.6%, together comprising 52.1% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Africa in kind, 2017-2020

Imports in value, M $ US

Africa's soybean oil and fractions import volume has grown for the second consecutive year. In 2020, imports were recorded at 1 966 M $ US, showing a strong rise of 13.7% from a year earlier. Over the period from 2017 to 2020, imports increased by 9.1%, with an average annual growth rate of 2.9%. The minimum value was in 2018 at 1 689 M $ US, with the largest decline that year at 6.3%.

Annual dynamics of product's imports to Africa in value, 2017-2020, M $ US

Between 2017 and 2020, Argentina, Spain, and Russia were the main markets for imports in value terms. Argentina accounted for 31.1% of imports, Spain for 12.1%, and Russia for 8.3%, together making up 51.4% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Africa in value, 2017-2020