Soybean oilcake market in ASEAN

Earlier Report Observations

The ASEAN soybean oilcake market volume increased from 19.7 million tons in 2018 to a peak of 22.0 million tons in 2022, supported by consistent growth in imports which surpassed 18 million tons. Domestic production also expanded during this period, reaching 4.6 million tons in 2021 before declining in the subsequent years.

In 2022, global supply chain disruptions and competitive price trends in the vegetable oil sector, where soybean oil gained advantage, contributed to higher imports of soybean oilcake, sustaining overall market growth. By 2023, technological improvements in soybean oil extraction and evolving geopolitical trade policies influenced processing dynamics and raw material availability, coinciding with a market adjustment that brought volume to 21.1 million tons.

Production soybean oilcake in ASEAN

In kind, 2017-2020, K t

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

Soybean oilcake production in ASEAN has increased for the second consecutive year. In 2020, production reached 4 226 K t, marking a solid 15.1% increase compared to the previous year. Over the period from 2017 to 2020, production grew by 17.7%, with a compound annual growth rate of 5.6%. The lowest production level was recorded in 2018 at 3 460 K t, which also saw the largest decline of 3.6%.

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

Exports soybean oilcake from ASEAN

Exports in kind, K t

The data reveals irregular changes, indicating a volatile market environment. Exports reached their lowest point in 2019 at 63 K t, with the largest decline of 43.7% recorded that year. In 2020, ASEAN's soybean oilcake exports surged to 117 K t, an 86.9% increase compared to 2019, marking the peak. The gap between the peak in 2020 and the trough in 2019 was 1.9-fold.

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

From 2017 to 2020, the country composition of exports in kind was dispersed. South Korea accounted for 7.4% of exports, Papua New Guinea for 6.0%, and Japan for 3.9%, together forming just 17.3% of total flows. The remaining 82.7% was distributed among a wide range of other destinations.

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

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

Exports in value, M $ US

Volatility characterized the market behavior during these years. Exports in value terms hit their lowest point in 2019 at 49 M $ US, with the largest decline of 29.9% recorded that year. In 2020, cross-border shipments of soybean oilcake from ASEAN reached 90 M $ US, an 83.9% increase compared to 2019, marking the peak. The gap between the peak in 2020 and the trough in 2019 was 1.8-fold.

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

From 2017 to 2020, South Korea, Papua New Guinea, and Japan were among the largest buyers of soybean oilcake from ASEAN in value terms, accounting for 7.4%, 6.9%, and 3.4% of exports, respectively. However, even combined, they represented just 17.8% of total exports, indicating a broadly diversified partner base.

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

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

Imports soybean oilcake to ASEAN

Imports in kind, K t

After a two-year uptick, soybean oilcake imports into ASEAN declined. In 2020, imports amounted to 16 468 K t, a 3.0% decrease year-over-year. Over the period from 2017 to 2020, imports increased by 3.4%, with a compound annual growth rate of 1.1%. The highest import level was recorded in 2019 at 16 986 K t, which also saw the largest increase of 3.9%.

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

From 2017 to 2020, Argentina, Brazil, and the United States led the structure of imports in kind. Argentina accounted for 51.1% of imports, Brazil for 24.2%, and the United States for 17.2%, together representing 92.5% of total flows.

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

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

Imports in value, M $ US

Foreign soybean oilcake supplies to ASEAN declined for the second consecutive year. In 2020, imports reached 6 546 M $ US, remaining nearly unchanged compared to 2019. Over the period from 2017 to 2020, imports increased by 5.2%, with a compound annual growth rate of 1.7%. The highest value was recorded in 2018 at 7 160 M $ US, which saw the largest increase of 15.0%. The largest decline occurred in 2019 at 8.5%.

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

From 2017 to 2020, Argentina, Brazil, and the United States accounted for the largest share of imports in value terms. Argentina represented 50.6% of imports, Brazil 24.4%, and the United States 17.5%, together comprising 92.6% of total flows.

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

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