Soybean oil and fractions market in Central Asia

Earlier Report Observations

The market for soybean oil in Central Asia began the period at 35 373 t in 2018. It then declined over the next two years, falling to 29 029 t in 2020. This downturn was partly driven by a reduction in soybean harvests in Russia in 2019, which tightened the raw material base for oil production. The following year, the COVID-19 pandemic disrupted demand patterns and logistics across the region, further suppressing market volume.

A sharp contraction occurred in 2021, with the market shrinking by more than half to 14 138 t. This was influenced by a broader 7% decline in oil and fat production in Russia, which constrained supply. A strong recovery followed in 2022, with market volume growing 57% to 22 206 t. This rebound was primarily fueled by legislative restrictions on palm oil use in Russia, which boosted demand for substitute oils like soybean oil. Growth continued into 2023, with the market reaching 28 532 t, supported by the launch of new large-scale vegetable oil plants in Russia's Rostov and Orenburg regions, which expanded production capacity.

Production soybean oil and fractions in Central Asia

In kind, 2017-2020, t

Top producers of soybean oil and fractions, 2017-2020

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

Central Asia's production of soybean oil and fractions saw a two-year increase before declining. In 2019, production reached its peak at 25 854 t, but by 2020 it had fallen to 24 394 t, marking a 5.6% decrease from the previous year. Over the 2017-2020 period, production grew by 28.9%, with an average annual growth rate of 8.8%. The most significant increase occurred in 2018, when production rose by 27.4%.

Annual dynamics of production in Central Asia in kind, 2017-2020, t

In value, 2017-2020, K $ US

In 2020, the value of soybean oil and fractions produced in Central Asia was 20 004 K $ US, showing a moderate 3.2% increase compared to 2019. From 2017 to 2020, production value grew by 21.4%, which translates to an annualized rate of 6.7%. The largest decline was observed in 2019, with a 2.8% drop, while the most substantial increase happened in 2018, at 21.1%.

Annual dynamics of production in Central Asia in value, 2017-2020, K $ US

Exports soybean oil and fractions from Central Asia

Exports in kind, t

The market exhibited volatility during the observed period. In 2019, exports hit their lowest point at 9 118 t, but by 2020 they surged to 17 305 t, representing a sharp 89.8% increase from the previous year. The difference between the minimum in 2019 and the maximum in 2020 was 1.9-fold. The largest decline occurred in 2019, with a 34.3% decrease.

Annual dynamics of product's exports from Central Asia in kind, 2017-2020, t

From 2017 to 2020, China consistently remained the primary and most stable destination for exports in kind, accounting for 13.8% of total export flows.

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

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

Exports in value, K $ US

Market behavior was characterized by volatility over these years. In 2019, exports reached their lowest value at 6 838 K $ US, but by 2020 they rebounded sharply to 14 191 K $ US, indicating a 107.5% improvement compared to 2019. The peak occurred in 2017, with the difference between the maximum in 2017 and the minimum in 2019 being 2.1-fold. The largest decline was recorded in 2019, at 40.5%.

Annual dynamics of product's exports from Central Asia in value, 2017-2020, K $ US

Throughout 2017-2020, China held the top position among buyers of soybean oil and fractions from Central Asia in value terms, with a share of 14.2%.

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

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

Imports soybean oil and fractions to Central Asia

Imports in kind, t

In 2020, Central Asia's imports of soybean oil and fractions reached 21 940 t, a 36.6% gain from 2019. Over the 2017-2020 period, imports decreased by 10.6%, with an average annual decline of 3.7%. The minimum value was recorded in 2019 at 16 063 t, while the maximum occurred in 2018 at 25 144 t. The largest decline was in 2019, with a 36.1% drop.

Annual dynamics of product's imports to Central Asia in kind, 2017-2020, t

From 2017 to 2020, Russia, China, and Sweden remained the key sources for imports in kind, with shares of 41.1%, 1.3%, and 0.9% respectively. Together, they accounted for 43.3% of total import flows.

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

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

Imports in value, K $ US

After a two-year decrease, Central Asia's imports of soybean oil and fractions in value terms increased in 2020. Imports totaled 16 650 K $ US that year, equivalent to a 40.0% rise compared to 2019. Over the 2017-2020 period, imports decreased by 18.8%, with an average annual decline of 6.7%. The minimum value was in 2019 at 11 895 K $ US, and the largest decline occurred that same year, at 41.7%.

Annual dynamics of product's imports to Central Asia in value, 2017-2020, K $ US

Over 2017-2020, Russia, China, and Belarus were the leading destinations in the import structure by value, with shares of 41.3%, 1.2%, and 0.7% respectively. Combined, they represented 43.2% of total import flows.

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

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