Soybean oilcake market in Brazil

Earlier Report Observations

The Brazilian soybean oilcake market volume fluctuated significantly from 2018 to 2023, peaking at 19 601 thousand tons in 2023 after a 69% annual increase. This growth was primarily driven by a rise in production to 42 075 thousand tons, enabled by substantial investments in expanding and modernizing crushing plants. For example, multi-billion real investments announced in 2022 and 2023 aimed to boost daily processing capacity, partly motivated by higher biodiesel blending mandates that increased demand for soybean processing.

International demand, especially from China, coupled with reduced crushing capacity in Argentina, allowed Brazil to become the world's largest soybean oilcake exporter by 2023. Regulatory changes, including tax equalization between soybean and corn oilcake approved in 2024 and ICMS deferrals for domestic operations in São Paulo, enhanced the sector's competitiveness. These developments supported strong export volumes, which influenced the domestic market size throughout the period.

Technological innovations and the adoption of sustainable practices improved product quality and processing efficiency. Legislative measures, such as new international safety standards for transport and ongoing tax equity discussions, further shaped the market environment, contributing to production and export growth over the years.

Production soybean oilcake in Brazil

In kind, 2018-2021, K t

Brazil was one of the world's top producers of soybean oilcake from 2018 to 2021, ranking third globally by production volume during this period.

Top producers of soybean oilcake, 2018-2021

World map of production of soybean oilcake, 2018-2021

In 2021, Brazil produced 28 505 thousand tonnes of soybean oilcake, marking a 20.9% decrease from the previous year. Over the 2018-2021 period, production fell by 14.1%, which translates to an average annual decline of 4.9%. The highest production level was recorded in 2020 at 36 021 thousand tonnes, with the largest year-on-year increase of 24.8% also occurring that year.

Annual dynamics of production in Brazil in kind, 2018-2021, K t

In value, 2018-2021, M $ US

In 2021, the output of soybean oilcake in Brazil was valued at 12 205 million US dollars, showing a modest decrease of 2.9% compared to 2020. From 2018 to 2021, production value declined by 7.4%, averaging a 2.5% annual drop. The lowest value was in 2019 at 10 129 million US dollars, which saw the steepest decline of 23.2%. In contrast, 2020 experienced the largest increase of 24.1%.

Annual dynamics of production in Brazil in value, 2018-2021, M $ US

Exports soybean oilcake from Brazil

Exports in kind, K t

Brazil's soybean oilcake exports have grown for three consecutive years. In 2021, exports reached 17 149 thousand tonnes, a slight increase of 1.2% from the previous year. Over the 2018-2021 period, exports rose by 2.9%, with a compound annual growth rate of 0.9%.

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

From 2018 to 2021, the Netherlands, Thailand, and Indonesia were the largest buyers of soybean oilcake from Brazil, accounting for 13.4%, 13.3%, and 10.9% of exports in kind, respectively. Together, they made up 37.6% of total exports, with the remainder distributed among numerous smaller partners.

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

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

Exports in value, M $ US

Soybean oilcake exports from Brazil have increased for two consecutive years. In 2021, exports were valued at 7 343 million US dollars, representing a solid 24.3% growth compared to 2020. Over the 2018-2021 period, export value rose by 10.8%, with a compound annual growth rate of 3.5%. The lowest value was recorded in 2019 at 5 855 million US dollars, which also saw the largest decline of 11.6%.

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

From 2018 to 2021, the export market in value terms was diverse, with the Netherlands, Thailand, and Indonesia accounting for 14.2%, 13.0%, and 11.0% of exports, respectively. Combined, these three countries represented 38.1% of total flows, while the remaining 61.9% was distributed across many other countries.

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

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

Imports soybean oilcake to Brazil

Imports in kind, K t

The market exhibited volatility during the observed period. Imports reached their lowest point in 2018 and peaked in 2020, with a 23-fold difference between these years. In 2021, Brazil imported 4 thousand tonnes of soybean oilcake, reflecting a significant decline of 15.4% from 2020. The highest import volume was recorded in 2020 at 5 thousand tonnes, while the largest increase occurred in 2019 at 1 332.5%.

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

From 2018 to 2021, imports in kind were heavily concentrated, with Paraguay dominating the market by accounting for 92.2% of total flows.

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

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

Imports in value, M $ US

The market showed signs of volatility over the observed period. Import values varied 4.1 times from the low in 2018 to the high in 2020. In 2021, Brazil imported soybean oilcake valued at 2 million US dollars, a slight decline of 1.1% from 2020. The highest value was recorded in 2020 at 2 million US dollars, and the largest increase occurred in 2019 at 190.4%.

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

In 2018-2021, Paraguay and the United States dominated imports in value terms, together accounting for 91.5% of total flows, with other countries contributing smaller individual shares.

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

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