Soybean oilcake market in Australia

Earlier Report Observations

Between 2018 and 2020, the Australian soybean oilcake market grew from 895.4 thousand tonnes to 985.6 thousand tonnes, primarily driven by increasing imports. Domestic production experienced volatility during this period, but the market was supported by foundational developments in soybean agriculture. In 2020, research efforts led to the successful harvest of the high-protein Hayman soybean variety and the strengthening of the Australian Soybean Breeding Program through a partnership between DPI, CSIRO, and the GRDC, initiatives aimed at enhancing future crop quality and productivity.

A significant market contraction occurred in 2021, with volume dropping sharply to 703.7 thousand tonnes due to a major reduction in imports. The market partially recovered to 882.1 thousand tonnes in 2022 as import volumes increased again. This period of adjustment was followed by another shift in 2023, where the market size decreased to 743.7 thousand tonnes despite domestic production rising to 31.8 thousand tonnes, as imports fell from the previous year's level.

The latter part of the period saw continued innovation and regulatory evolution affecting the sector. In August 2023, Aussie Soy introduced advanced processing techniques to improve the efficiency and quality of soy protein and oil extraction. Moving into 2024, product development focused on sustainable applications, exemplified by EcoFeed's launch of a soybean-based cattle feed. By 2025, proposed regulatory changes, including amendments to maximum residue limits for pesticides and food labeling standards under the Australia New Zealand Food Standards Code, alongside the potential impact of global factors like US biofuel policy, were shaping the market environment for soybean oilcake.

Production soybean oilcake in Australia

In kind, 2018-2021, t

Top producers of soybean oilcake, 2018-2021

World map of production of soybean oilcake, 2018-2021

Soybean oilcake production in Australia increased after two years of decline. In 2021, production reached 25 800 tonnes, which represents a 67.5% increase compared to 2020. Over the period from 2018 to 2021, production grew by 18.3%, with a compound annual growth rate of 5.8%. The lowest production level was recorded in 2020 at 15 400 tonnes, while the largest decline occurred in 2019, with a drop of 20.2%.

Annual dynamics of production in Australia in kind, 2018-2021, t

Exports soybean oilcake from Australia

Exports in kind, K t

The market showed an unstable trend throughout the period. Exports reached their lowest point in 2020 and peaked in 2021, with a 36-fold difference between these years. In 2021, Australia exported 0.0 thousand tonnes of soybean oilcake, indicating a sharp year-on-year increase of 3,461.6%. The minimum value was recorded in 2020 at 0.0 thousand tonnes, and the largest decline occurred in 2019, with a decrease of 42.9%.

Annual dynamics of product's exports from Australia in kind, 2018-2021, K t

From 2018 to 2021, the Netherlands remained the primary destination for soybean oilcake exports from Australia, accounting for 79.7% of total exports in kind. Other destinations played a much smaller role during this period.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Australia in kind, 2018-2021

Exports in value, M $ US

The data reveals irregular changes, indicating a volatile market environment. Exports reached their lowest point in 2019 and peaked in 2020, showing a 19-fold variation. In 2021, soybean oilcake exports from Australia amounted to 0.0 million US dollars, corresponding to a sharp decline of 52.8% compared to 2020. The minimum value was recorded in 2019 at 0.0 million US dollars, while the maximum value was recorded in 2020 at 0.1 million US dollars. The largest decline occurred in 2019, with a decrease of 58.6%, and the largest increase was recorded in 2020, with a rise of 1,777.8%.

Annual dynamics of product's exports from Australia in value, 2018-2021, M $ US

From 2018 to 2021, the principal destinations for soybean oilcake exports in value terms were New Caledonia (59.0% of exports), the Netherlands (11.8% of exports), and Papua New Guinea (9.4% of exports). Together, these three destinations accounted for 80.1% of total export flows.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Australia in value, 2018-2021

Imports soybean oilcake to Australia

Imports in kind, K t

After two years of increase, soybean oilcake imports to Australia declined. In 2021, imports amounted to 677.9 thousand tonnes, down by 30.1% compared to the previous year. Between 2018 and 2021, imports decreased by 22.4%, equating to an annualized rate of 8.1%. The maximum value was recorded in 2020 at 970.2 thousand tonnes, and the largest increase occurred in 2019, with a rise of 7.3%.

Annual dynamics of product's imports to Australia in kind, 2018-2021, K t

Throughout the period from 2018 to 2021, Argentina dominated the partner structure of soybean oilcake imports in kind, consistently accounting for 98.3% of total flows.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Australia in kind, 2018-2021

Imports in value, M $ US

After two years of growth, Australia's soybean oilcake imports declined. In 2021, imports stood at 338.1 million US dollars, marking a significant decline of 10.7% from the previous year. Over the period from 2018 to 2021, imports decreased by 4.7%, with a compound annual growth rate of 1.6%. The maximum value was recorded in 2020 at 378.4 million US dollars, and the largest increase occurred in 2020, with a rise of 4.6%.

Annual dynamics of product's imports to Australia in value, 2018-2021, M $ US

From 2018 to 2021, imports of soybean oilcake to Australia in value terms were almost entirely tied to Argentina, whose share amounted to 97.7% of total flows.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Australia in value, 2018-2021