Soybean oil and fractions market in CIS

Earlier Report Observations

The soybean oil market in the CIS showed initial volatility, with volume falling to 327 thousand tons in 2019. This dip was influenced by a surge in global soybean oil production, which expanded export opportunities from the region and reduced domestic availability. The following year, market volume recovered to 349 thousand tons. A decline in the Russian soybean harvest constrained local production, but this was offset by a sharp rise in imports to meet steady demand.

Market volume then entered a phase of strong expansion, climbing to 466 thousand tons in 2021 and peaking at 604 thousand tons in 2022. This growth was primarily driven by regulatory changes affecting soybean oil imports into Russia, which curtailed incoming shipments. In response, domestic production capacity increased, supported by the launch of new processing plants in regions like Rostov and Orenburg.

By 2023, domestic production reached 1 169 thousand tons, yet market volume contracted to 541 thousand tons. This divergence was due to robust export flows, fueled by high global vegetable oil prices which made foreign sales more attractive. The trend of rising production and active exports continued into 2024, underpinned by record Russian soybean harvests and further capacity investments.

Production soybean oil and fractions in CIS

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

Soybean oil and fractions production in the CIS declined after two years of growth. In 2019, production reached its peak at 971.9 thousand tons. The following year, in 2020, output decreased slightly to 964.6 thousand tons, representing a modest 0.7% drop from 2019. Over the four-year period from 2017 to 2020, production grew by 21.6%, with an average annual growth rate of 6.7%. The most significant increase occurred in 2018, when production surged by 18.9%.

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

In value, 2017-2020, M $ US

In 2020, the value of soybean oil and fractions production in the CIS reached 713.3 million US dollars, marking a 9.5% increase from the previous year. Over the period from 2017 to 2020, production value rose by 15.7%, translating to an average annual growth rate of 5.0%. The largest decline was recorded in 2019, with a 6.8% drop, while the most substantial increase occurred in 2018, with a 13.4% rise.

Annual dynamics of production in CIS in value, 2017-2020, M $ US

Exports soybean oil and fractions from CIS

Exports in kind, K t

Soybean oil and fractions exports from the CIS increased for the third consecutive year. In 2020, exports reached 703.4 thousand tons, up 5.6% from 2019. Over the four-year span from 2017 to 2020, exports grew by 33.7%, with an average annual growth rate of 10.2%.

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

From 2017 to 2020, China, Algeria, and Cuba were the leading destinations for soybean oil and fractions exports from the CIS in volume terms. China accounted for 35.1% of exports, Algeria for 27.9%, and Cuba for 6.7%. Together, these three countries represented 69.7% of total export flows.

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

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

Exports in value, M $ US

Soybean oil and fractions export values from the CIS increased for the third year in a row. In 2020, export value amounted to 520.1 million US dollars, a significant 16.6% increase from 2019. Between 2017 and 2020, export value rose by 27.2%, with an average annual growth rate of 8.4%.

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

From 2017 to 2020, China, Algeria, and Cuba dominated the value structure of soybean oil and fractions exports from the CIS. China held a 35.6% share, Algeria 27.6%, and Cuba 7.0%. Collectively, these markets accounted for 70.1% of total export value.

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

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

Imports soybean oil and fractions to CIS

Imports in kind, K t

Import volumes of soybean oil and fractions into the CIS showed irregular changes, reflecting a volatile market. In 2019, imports hit their lowest point at 20.5 thousand tons, with a 26.6% decline that year. The following year, in 2020, imports surged to their peak, reaching a total of 86.5 thousand tons—a dramatic 329.8% increase from 2019. This represents a 4.3-fold shift between the two years.

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

From 2017 to 2020, South Korea and Ukraine were the primary sources for soybean oil and fractions imports into the CIS in volume terms, together accounting for 1.8% of total import flows.

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

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

Imports in value, M $ US

Import values of soybean oil and fractions into the CIS increased for the third consecutive year. In 2020, import value reached 74.8 million US dollars, a sharp 59.4% rise from the previous year. Over the period from 2017 to 2020, import value grew by 222.6%, with an average annual growth rate of 47.8%.

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

From 2017 to 2020, South Korea and Ukraine were the key contributors to the import value structure of soybean oil and fractions into the CIS, jointly representing 2.3% of total import flows.

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

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