Market research

Soybean oil and fractions market in Latin America and the Caribbean

$Soybean oil and fractions market in Latin America and the Caribbean$

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

Report language:

Report language:

Submission method: to your account

File format: docx, xlsx

Single Report

$500

Instant access to detailed data on one specific market
Ideal for one-off tasks: niche assessments, presentations, investment decisions
Available in Excel and Word in 15 minutes after purchase
Cheaper than subscription, but each market requires a separate purchase

Best if you know exactly what you need

Buy a single report

Platform Subscription

from$600

Complete and unlimited data access across products and regions
Includes continuous data updates during subscription period
Download reports instantly in Word, and Excel formats
More cost-effective for multiple markets or regular analysis

Ideal for regular data users

View pricing plans

"Latin America and the Caribbean" region includes following countries:

Argentina

Bolivia

Bouvet Island

Brazil

Chile

Colombia

Ecuador

Falkland Islands (Malvinas)

South Georgia and the South Sandwich Islands

French Guiana

Guyana

Paraguay

Peru

Suriname

Uruguay

Venezuela

Belize

Costa Rica

El Salvador

Guatemala

Honduras

Mexico

Nicaragua

Panama

Antigua and Barbuda

the Bahamas

Barbados

British Virgin Islands

Cayman Islands

Cuba

Dominica

Dominican Republic

Grenada

Guadeloupe

Haiti

Jamaica

Martinique

Montserrat

Curacao

Aruba

Saint Maarten (Dutch part)

Bonaire

Puerto Rico

Saint-Barthélemy

Saint Kitts and Nevis

Anguilla

Saint Lucia

Saint-Martin (French Part)

Saint Vincent and the Grenadines

Trinidad and Tobago

Turks and Caicos Islands

United States Virgin Islands

Earlier Report Observations

The market for soybean oil in Latin America and the Caribbean showed considerable volatility in volume from 2018 to 2022. After reaching 16 772 thousand tons in 2019, consumption fell sharply to 13 745 thousand tons in 2020 before partially recovering to 15 522 thousand tons in 2021. Another significant drop followed in 2022, bringing the market size down to 12 676 thousand tons.

A modest recovery occurred in 2023, with market volume rising to 13 115 thousand tons. This increase was primarily driven by the expansion of the regional food industry, where growing numbers of restaurants, fast-food chains, and demand for processed foods lifted consumption of soybean oil.

In 2024, the market context was shaped by persistently high prices for edible oils, resulting from global supply constraints and geopolitical disruptions like the war in Ukraine. Concurrently, major industry initiatives, such as ADM's expanding regenerative agriculture program, aimed at enhancing sustainability and supply chain resilience, while rising demand from the biodiesel and processed food sectors provided additional momentum.

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 Latin America and the Caribbean
  1. 5.1.1. Annual dynamics of production in Latin America and the Caribbean in kind, 2018-2023, K t
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 Argentina in kind, 2018-2024, K t
    2. 6.1.2.2. Dynamics of product's imports in kind to Argentina 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 Argentina in value, 2018-2024, M $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Argentina 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 Argentina, 2018-2024, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's imports to Argentina 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 Argentina in kind, 2018-2024, K t
    2. 6.2.2.2. Dynamics of product's imports in kind to Argentina 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 Argentina in value, 2018-2024, M $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Argentina 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 Argentina, 2018-2024, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's imports to Argentina 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 Argentina in kind, 2018-2024, K t
    2. 7.1.2.2. Dynamics of product's exports in kind from Argentina 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 Argentina in value, 2018-2024, M $ US
    2. 7.1.3.2. Dynamics of product's exports in value from Argentina 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 Argentina, 2018-2024, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's exports from Argentina 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 Argentina in kind, 2018-2024, K t
    2. 7.2.2.2. Dynamics of product's exports in kind from Argentina 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 Argentina in value, 2018-2024, M $ US
    2. 7.2.3.2. Dynamics of product's exports in value from Argentina 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 Argentina, 2018-2024, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's exports from Argentina 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 Latin America and the Caribbean

In kind, 2017-2020, K t

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

In Latin America and the Caribbean, soybean oil and fractions production reached 18 853 thousand tonnes in 2020, marking a 15.4% decrease from the previous year. Over the period from 2017 to 2020, production declined by 7.7%, which translates to an average annual decrease of 2.6%. The peak production was recorded in 2019 at 22 276 thousand tonnes, with the largest year-on-year increase of 16.9% also occurring that year.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

Parameter		2018	2019	2020	CAGR
1	Change from last year	(6.7%)	16.9%	(15.4%)	(2.6%)

Source: SHEV.io

In value, 2017-2020, M $ US

The value of soybean oil and fractions production in Latin America and the Caribbean stood at 14 176 million US dollars in 2020, reflecting a 4.8% drop compared to the prior year. From 2017 to 2020, production value fell by 10.7%, with a compound annual growth rate of -3.7%. The lowest value was observed in 2018 at 13 966 million US dollars, which also saw the largest decline of 12.0%. In contrast, 2019 experienced the biggest increase of 6.6%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	(12.0%)	6.6%	(4.8%)	(3.7%)

Source: SHEV.io

Exports soybean oil and fractions from Latin America and the Caribbean

Exports in kind, K t

Exports of soybean oil and fractions from Latin America and the Caribbean have risen for the second year in a row. In 2020, exports totaled 7 082 thousand tonnes, showing little change from the previous year. The lowest export volume was recorded in 2018 at 6 338 thousand tonnes, which also saw the largest decline of 11.3%. The following year, 2019, posted the highest increase of 11.1%.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, K t

Parameter		2018	2019	2020	CAGR
1	Change from last year	(11.3%)	11.1%	0.5%	(0.3%)

Source: SHEV.io

From 2017 to 2020, India, Bangladesh, and China were the top destinations for soybean oil and fractions exports from Latin America and the Caribbean in volume terms. India accounted for 45.6% of exports, Bangladesh for 11.1%, and China for 6.4%, together making up 63.1% of total export flows.

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

Source: SHEV.io

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Source: SHEV.io

Exports in value, M $ US

The value of soybean oil and fractions exports from Latin America and the Caribbean has increased for the second consecutive year. In 2020, export value reached 5 325 million US dollars, representing a strong 13.0% rise compared to the year before. However, over the 2017-2020 period, exports decreased by 4.1%, averaging an annual decline of 1.4%. The lowest value was in 2018 at 4 645 million US dollars, which also experienced the largest drop of 16.4%.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, M $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	(16.4%)	1.4%	13.0%	(1.4%)

Source: SHEV.io

Between 2017 and 2020, India, Bangladesh, and China were the leading markets for soybean oil and fractions exports from Latin America and the Caribbean in value terms. India held a 45.0% share, Bangladesh 10.9%, and China 6.2%, collectively accounting for 62.1% of total export value.

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

Source: SHEV.io

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Source: SHEV.io

Imports soybean oil and fractions to Latin America and the Caribbean

Imports in kind, K t

Following a two-year decline, imports of soybean oil and fractions into Latin America and the Caribbean rebounded. In 2020, imports amounted to 1 974 thousand tonnes, a 28.0% increase from 2019. Over the 2017-2020 span, imports grew by 17.8%, with a compound annual growth rate of 5.6%. The lowest import volume was in 2019 at 1 542 thousand tonnes, which also saw the largest decrease of 7.0%.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, K t

Parameter		2018	2019	2020	CAGR
1	Change from last year	(1.1%)	(7.0%)	28.0%	5.6%

Source: SHEV.io

During 2017-2020, the United States and Russia were the primary suppliers of soybean oil and fractions to Latin America and the Caribbean in volume terms. Together, they accounted for 33.8% of total imports.

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

Source: SHEV.io

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Source: SHEV.io

Imports in value, M $ US

After two years of decline, imports of soybean oil and fractions into Latin America and the Caribbean have turned upward. In 2020, imports were valued at approximately 1 861 million US dollars, showing a sharp 29.2% increase year-over-year. From 2017 to 2020, import value rose by 5.7%, with an average annual growth rate of 1.9%. The lowest value was recorded in 2019 at 1 440 million US dollars, which also experienced the largest decline of 14.6%.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, M $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	(4.1%)	(14.6%)	29.2%	1.9%

Source: SHEV.io

Throughout 2017-2020, the United States and Russia formed the core group of suppliers for soybean oil and fractions imports into Latin America and the Caribbean in value terms, jointly representing 36.1% of total import flows.

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

Source: SHEV.io

World map of product's imports to Latin America and the Caribbean in value, 2017-2020

Source: SHEV.io