Market research

Soybean oil and fractions market in Colombia

$Soybean oil and fractions market in Colombia$

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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File format: docx, xlsx

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Earlier Report Observations

The Colombian soybean oil market showed notable volatility from 2018 to 2023. The introduction of Resolution 0316 of 2018, which established rules for the environmentally sound management of used cooking oil and promoted a circular economy, coincided with a high market volume of 459.7 thousand tons in 2018. Subsequent tightening of environmental regulations and updates to front-of-pack nutritional labeling requirements, such as Resolution 2492 of 2022, continued to shape the operating landscape for edible oils.

Global events significantly impacted the market. The COVID-19 pandemic in 2020 disrupted supply chains and industrial demand, yet the market volume recovered to 444.3 thousand tons that year. Furthermore, the increasing use of soybean oil as a feedstock for biodiesel production, reflecting a global trend, began influencing demand patterns from 2021 onward, adding a new dimension to market dynamics beyond traditional food uses.

A surge in domestic soybean oil production to 184 thousand tons in 2022, driven by higher international prices and improved crop yields, helped push the overall market volume to 407.3 thousand tons. However, the market contracted to 313.5 thousand tons in 2023, pressured by rising national prices for vegetable oils influenced by global cost fluctuations and the implementation of new technical and sanitary regulations for fats and oils, including limits on trans fats.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Colombia
  1. 5.1.1. Annual dynamics of production in Colombia in kind, 2018-2023, K t
  2. 5.1.2. Annual dynamics of production in Colombia in value, 2018-2023, $ US
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, K t
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, K t
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Imports
1. 6.1. Imports (Direct Data)
  1. 6.1.1. Imports - Total information
  2. 6.1.2. Imports in kind, K t
    1. 6.1.2.1. Annual dynamics of product's imports to Colombia in kind, 2018-2024, K t
    2. 6.1.2.2. Dynamics of product's imports in kind to Colombia by countries, 2018-2024, K t
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.1.3. Imports in value, M $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Colombia in value, 2018-2024, M $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Colombia by countries, 2018-2024, M $ US
    3. 6.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's imports, $ US/t
    1. 6.1.4.1. Annual dynamics of average price of product's imports to Colombia, 2018-2024, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's imports to Colombia by countries, 2018-2024, $ US/t
2. 6.2. Imports (Mirror Data)
  1. 6.2.1. Imports - Total information
  2. 6.2.2. Imports in kind, K t
    1. 6.2.2.1. Annual dynamics of product's imports to Colombia in kind, 2018-2024, K t
    2. 6.2.2.2. Dynamics of product's imports in kind to Colombia by countries, 2018-2024, K t
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.2.3. Imports in value, M $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Colombia in value, 2018-2024, M $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Colombia by countries, 2018-2024, M $ US
    3. 6.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's imports, $ US/t
    1. 6.2.4.1. Annual dynamics of average price of product's imports to Colombia, 2018-2024, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's imports to Colombia by countries, 2018-2024, $ US/t
7. Exports
1. 7.1. Exports (Direct Data)
  1. 7.1.1. Exports - Total information
  2. 7.1.2. Exports in kind, K t
    1. 7.1.2.1. Annual dynamics of product's exports from Colombia in kind, 2018-2024, K t
    2. 7.1.2.2. Dynamics of product's exports in kind from Colombia by countries, 2018-2024, K t
    3. 7.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.1.3. Exports in value, M $ US
    1. 7.1.3.1. Annual dynamics of product's exports from Colombia in value, 2018-2024, M $ US
    2. 7.1.3.2. Dynamics of product's exports in value from Colombia by countries, 2018-2024, M $ US
    3. 7.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's exports, $ US/t
    1. 7.1.4.1. Annual dynamics of average price of product's exports from Colombia, 2018-2024, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's exports from Colombia by countries, 2018-2024, $ US/t
2. 7.2. Exports (Mirror Data)
  1. 7.2.1. Exports - Total information
  2. 7.2.2. Exports in kind, K t
    1. 7.2.2.1. Annual dynamics of product's exports from Colombia in kind, 2018-2024, K t
    2. 7.2.2.2. Dynamics of product's exports in kind from Colombia by countries, 2018-2024, K t
    3. 7.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.2.3. Exports in value, M $ US
    1. 7.2.3.1. Annual dynamics of product's exports from Colombia in value, 2018-2024, M $ US
    2. 7.2.3.2. Dynamics of product's exports in value from Colombia by countries, 2018-2024, M $ US
    3. 7.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's exports, $ US/t
    1. 7.2.4.1. Annual dynamics of average price of product's exports from Colombia, 2018-2024, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's exports from Colombia by countries, 2018-2024, $ US/t
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, K t
  2. 8.1.2. In value, M $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, K t
  2. 8.2.2. In value, M $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production soybean oil and fractions in Colombia

In kind, 2017-2020, K t

Between 2017 and 2020, Colombia ranked 29th globally in the production of soybean oil and fractions.

Top producers of soybean oil and fractions, 2017-2020

Source: SHEV.io

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

Source: SHEV.io

Colombia's production of soybean oil and fractions declined for the second year in a row. In 2020, the country produced 140.4 thousand tons, which was 3.6% lower than the previous year. Over the 2017-2020 period, production grew by 11%, with an average annual growth rate of 3.5%. The highest production volume was recorded in 2018 at 149.0 thousand tons, marking the largest increase of 17.8% that year.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	17.8%	(2.3%)	(3.6%)	3.5%

Source: SHEV.io

In value, 2017-2020, M $ US

Colombia's production value of soybean oil and fractions also fell for the second consecutive year. In 2020, the output was valued at 136.5 million US dollars, showing a slight decrease of 1.8% compared to the previous year. The peak value occurred in 2018 at 148.2 million US dollars, which saw the largest increase of 9.0%. The most significant decline was in 2019, with a drop of 6.2%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	9.0%	(6.2%)	(1.8%)	0.1%

Source: SHEV.io

Exports soybean oil and fractions from Colombia

Exports in kind, K t

The export market for soybean oil and fractions from Colombia showed considerable volatility during this period. Exports reached their lowest point in 2017 and peaked in 2019, with a 5.2-fold difference between these years. In 2020, exports stood at 73.8 thousand tons, reflecting a small decline of 1.9% from 2019. The highest volume was recorded in 2019 at 75.2 thousand tons, while the largest increase occurred in 2018 with a surge of 135.4%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	135.4%	121.7%	(1.9%)	72.3%

Source: SHEV.io

From 2017 to 2020, Ecuador was the overwhelmingly dominant buyer of soybean oil and fractions from Colombia, accounting for 93.0% of total exports in volume terms.

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

Source: SHEV.io

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

Source: SHEV.io

Exports in value, M $ US

Market performance in value terms exhibited noticeable fluctuations. Export values varied 4.6 times between the low in 2017 and the high in 2019. In 2020, cross-border shipments were valued at 71.8 million US dollars, remaining virtually unchanged from the previous year. The maximum value was also recorded in 2019 at 71.8 million US dollars, with the largest increase happening in 2018 at 117.9%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	117.9%	112.7%	(0.1%)	66.7%

Source: SHEV.io

During 2017-2020, exports of soybean oil and fractions from Colombia in value terms were almost entirely concentrated in Ecuador, which held a share of 93.0%.

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

Source: SHEV.io

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

Source: SHEV.io

Imports soybean oil and fractions to Colombia

Imports in kind, K t

After a two-year decline, imports of soybean oil and fractions into Colombia rebounded. In 2020, imports totaled 377.8 thousand tons, indicating a dramatic gain of 30.7% from the previous year. Between 2017 and 2020, imports increased by 6.8%, equating to an annualized growth rate of 2.2%. The lowest volume was recorded in 2019 at 289.1 thousand tons, which also saw the largest decline of 16.1%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(2.5%)	(16.1%)	30.7%	2.2%

Source: SHEV.io

From 2017 to 2020, Bolivia and the United States dominated imports of soybean oil and fractions into Colombia in volume terms, together accounting for 93.7% of total flows, while other destinations made smaller individual contributions.

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

Source: SHEV.io

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

Source: SHEV.io

Imports in value, M $ US

Following a two-year drop, imports of soybean oil and fractions into Colombia increased in value terms. In 2020, imports amounted to 293.0 million US dollars, representing a 16.1% rise compared to 2019. Over the 2017-2020 period, imports decreased by 3%, with an annualized decline rate of 1.0%. The minimum value was recorded in 2019 at 252.3 million US dollars, and the largest decline occurred in 2018 at 9.3%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(9.3%)	(7.9%)	16.1%	(1.0%)

Source: SHEV.io

Between 2017 and 2020, Bolivia and the United States remained the main suppliers of soybean oil and fractions to Colombia in value terms, with a combined share of 93.7% of total imports, while the remainder was fragmented across other countries.

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

Source: SHEV.io

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

Source: SHEV.io