Soybean oil and fractions market in South-eastern Asia

Earlier Report Observations

From 2018 to 2020, the market for soybean oil and fractions in South-eastern Asia expanded steadily, with volume rising from 777 thousand tons to 986 thousand tons. This growth phase occurred without major reported market disruptions or specific regional factors.

After peaking in 2020, the market contracted over the next three years, falling to 700 thousand tons by 2023. The sharp increase in exports, which reached 394 thousand tons in 2023, significantly reduced domestic availability. This export surge was influenced by global trade dynamics and supply chain shifts, which redirected product overseas. During this period, major producers like Wilmar International, IOI Group, and Sime Darby Plantation strengthened their presence and introduced specialty oils for high-heat cooking and health-conscious consumers.

In 2024, early indicators pointed to a continuation of subdued market conditions. Regional consumption and production saw slight decreases, while import tariff adjustments in South Korea affected trade flows. Competitive pricing pressure from ample global supply also played a role, keeping market volumes stable at lower levels compared to the early 2020s.

Production soybean oil and fractions in South-eastern Asia

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 South-eastern Asia grew for the second year in a row. In 2020, the region produced 920.7 thousand tonnes, an 11.2% increase from 2019. Looking at the period from 2017 to 2020, production rose by 11.3%, which translates to an average annual growth rate of 3.6%. The lowest production volume was recorded in 2018 at 796.0 thousand tonnes, when output fell by 3.8%.

Annual dynamics of production in South-eastern Asia in kind, 2017-2020, K t

In value, 2017-2020, M $ US

In 2020, the value of soybean oil and fractions production in South-eastern Asia was 1 167 million US dollars, down 3.3% year-on-year. From 2017 to 2020, production value decreased by 10.5%, averaging a 3.6% annual decline. The lowest value occurred in 2018 at 1 011 million US dollars, with a sharp drop of 22.5% that year. However, 2019 saw a significant rebound with a 19.4% increase.

Annual dynamics of production in South-eastern Asia in value, 2017-2020, M $ US

Exports soybean oil and fractions from South-eastern Asia

Exports in kind, K t

Exports of soybean oil and fractions from South-eastern Asia reached 185.0 thousand tonnes in 2020, a substantial 41.5% rise from 2019. Over the 2017-2020 period, exports grew by 21.1%, equivalent to an average annual rate of 6.6%. The lowest export volume was in 2019 at 130.8 thousand tonnes, when shipments fell by 29.2%.

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

Between 2017 and 2020, South-eastern Asia exported soybean oil and fractions to numerous countries. Even the top destinations—Australia, South Korea, and New Zealand—collectively accounted for just 23.7% of total export volume.

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

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

Exports in value, M $ US

Following a two-year decline, exports of soybean oil and fractions from South-eastern Asia rebounded. In 2020, export value stood at 234.5 million US dollars, up 23.0% from the previous year. However, over the 2017-2020 period, exports decreased by 2.6%, with a compound annual growth rate of -0.9%. The lowest value was recorded in 2019 at 190.7 million US dollars, when exports dropped by 18.7%.

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

From 2017 to 2020, the value of soybean oil and fractions exports from South-eastern Asia was distributed across many markets. Australia, South Korea, and New Zealand, with shares of 11.3%, 5.9%, and 4.1% respectively, together made up only 21.3% of total export value.

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

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

Imports soybean oil and fractions to South-eastern Asia

Imports in kind, K t

Imports of soybean oil and fractions into South-eastern Asia increased for the second consecutive year. In 2020, imports totaled 250.3 thousand tonnes, a 22.4% rise from 2019. Between 2017 and 2020, import volume grew by 11.9%, averaging 3.8% per year. The lowest volume was in 2018 at 165.5 thousand tonnes, with a 26.0% decline that year. In contrast, 2019 saw the largest increase at 23.5%.

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

During 2017-2020, Argentina, China, and Brazil were the leading suppliers of soybean oil and fractions to South-eastern Asia, with shares of 35.5%, 5.6%, and 3.7% respectively. Together, they accounted for 44.8% of total import volume, but the market remained diverse with many smaller partners.

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

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

Imports in value, M $ US

After a two-year decrease, imports of soybean oil and fractions into South-eastern Asia rose. In 2020, import value reached 228.7 million US dollars, a 25.7% increase from 2019. Over the 2017-2020 period, imports grew by 2.2%, with an average annual rate of 0.7%. The lowest value was in 2019 at 182.0 million US dollars, while the largest decline occurred in 2018 at 12.7%.

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

From 2017 to 2020, Argentina, China, and Brazil played significant but not dominant roles as suppliers of soybean oil and fractions to South-eastern Asia in value terms. With shares of 32.7%, 5.8%, and 3.5% respectively, their combined share was 42.0% of total import value.

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

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