Market research

Soybean oil and fractions market in Northern America

$Soybean oil and fractions market in Northern America$

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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"Northern America" region includes following countries:

Bermuda

Canada

Greenland

Saint Pierre and Miquelon

the United States

Earlier Report Observations

Between 2018 and 2020, the soybean oil market volume in Northern America increased steadily from 11 157 thousand tons to 11 555 thousand tons. Growth was moderate, with a period of near stabilization in 2020.

Market expansion accelerated from 2021. The volume rose to 12 005 thousand tons that year, supported by a 44% surge in exports of refined soybean oil. In 2022, volume reached 12 195 thousand tons, driven significantly by expanded renewable diesel production in the United States under California's clean air policies, which boosted industrial consumption of soybean oil for biofuel. The upward trend continued into 2023, with market volume climbing to 12 619 thousand tons.

The market landscape saw notable developments in 2024. Braya Renewable Fuels began commercial operations at its plant in Canada, adding new production capacity for biofuel feedstock. Canada experienced an extraordinary surge in imports of refined soybean oil, with volumes rising by over 300%, reflecting a sharp increase in demand. Biofuel policies in the U.S. and Canada continued to support industrial demand, while consumer preferences increasingly shifted toward non-GMO and sustainable soybean oil products.

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

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 Northern America, soybean oil and fractions production remained stable in 2020 at 11 650 K t, showing no significant change from 2019. Over the 2017-2020 period, production grew by 8.7%, with an average annual growth rate of 2.8%. The highest production level was recorded in 2019 at 11 650 K t, while the largest year-over-year increase occurred in 2018 at 5.1%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	5.1%	3.4%	(0.0%)	2.8%

Source: SHEV.io

In value, 2017-2020, M $ US

Soybean oil and fractions production in Northern America increased for the second consecutive year in 2020, reaching a value of 11 699 M $ US. This represented a 1.0% rise compared to 2019. The lowest value during this period was recorded in 2018 at 11 549 M $ US, which also saw the largest decline of 0.2%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(0.2%)	0.3%	1.0%	0.4%

Source: SHEV.io

Exports soybean oil and fractions from Northern America

Exports in kind, K t

Northern America's soybean oil and fractions exports declined for the second year in a row in 2020, totaling 99.7 K t. This marked a 21.7% decrease from the previous year. Between 2017 and 2020, exports fell by 8.9%, with an average annual decline of 3.1%. The peak export volume was recorded in 2018 at 128.7 K t, which also experienced the largest increase of 17.6%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	17.6%	(1.0%)	(21.7%)	(3.1%)

Source: SHEV.io

From 2017 to 2020, South Korea was the primary destination for Northern America's soybean oil and fractions exports in volume terms, accounting for 2.2% 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 Northern America in kind, 2017-2020

Source: SHEV.io

Exports in value, M $ US

Northern America's soybean oil and fractions export values declined for the second consecutive year in 2020, reaching 100.1 M $ US. This represented a 21.0% decrease compared to 2019. Between 2017 and 2020, export values dropped by 15.3%, equating to an average annual decline of 5.4%. The highest value was recorded in 2018 at 131.9 M $ US, which also saw the largest increase of 11.6%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	11.6%	(3.9%)	(21.0%)	(5.4%)

Source: SHEV.io

Throughout the 2017-2020 period, South Korea and Trinidad and Tobago formed the core markets for Northern America's soybean oil and fractions exports in value terms, together accounting for 2.8% of total export flows.

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

Source: SHEV.io

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

Source: SHEV.io

Imports soybean oil and fractions to Northern America

Imports in kind, K t

Import volumes for soybean oil and fractions in Northern America showed significant volatility during this period. In 2020, imports amounted to 5.1 K t, representing a sharp increase of 154.4% compared to 2019. The highest import volume was recorded in 2018 at 19.8 K t, while the lowest occurred in 2017. The peak-to-trough ratio between these years was 10.1 times. The largest decline was recorded in 2019 at 90.0%, while the largest increase occurred in 2018 at 913.1%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	913.1%	(90.0%)	154.4%	37.2%

Source: SHEV.io

Between 2017 and 2020, India and China were the largest contributors to Northern America's soybean oil and fractions imports in volume terms, together representing 4.9% of total import flows.

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

Source: SHEV.io

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

Source: SHEV.io

Imports in value, M $ US

Import values for soybean oil and fractions in Northern America exhibited considerable volatility during this period. In 2020, imports totaled 48.9 M $ US, marking a dramatic increase of 107.9% compared to 2019. The highest value was recorded in 2020, while the lowest occurred in 2019 at 23.5 M $ US, representing a 2.1-fold difference between these years. The largest decline was recorded in 2018 at 5.8%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(5.8%)	(3.4%)	107.9%	23.7%

Source: SHEV.io

Throughout the 2017-2020 period, India and China remained the principal suppliers of soybean oil and fractions to Northern America in value terms, together accounting for 5.2% of total imports.

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

Source: SHEV.io

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

Source: SHEV.io