Soybean oilcake market in China

Earlier Report Observations

Between 2018 and 2019, the soybean oilcake market in China contracted from 72.5 thousand tonnes to 69.7 thousand tonnes. This decline was driven by the official launch of the national policy to reduce the use of soybean meal in animal feed. The Ministry of Agriculture and Rural Affairs began implementing the 'Feed Soybean Meal Reduction and Substitution Action,' which lowered demand for soybean oilcake within the domestic livestock sector.

The market rebounded over 2020 and 2021, growing to 75.5 thousand tonnes. This recovery was supported by global supply factors. The La Niña climate phenomenon led to reduced soybean harvests in South America, tightening global supplies. Concurrently, severe drought in South America and a significant drop in Canadian rapeseed production in 2021 intensified reliance on domestic processing, stimulating local soybean crushing and oilcake output.

Following a slight dip to 74.4 thousand tonnes in 2022, partly due to continued feed substitution efforts and a reduction in soybean imports, the market expanded again to reach 78.2 thousand tonnes in 2023. This final year's growth was primarily fueled by a record domestic soybean harvest exceeding 20 million tonnes, which increased raw material availability for crushing and boosted oilcake production.

Production soybean oilcake in China

In kind, 2017-2020, K t

From 2017 to 2020, China maintained its position as the world's leading producer of soybean oilcake.

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

In 2020, China produced 74 453 thousand tonnes of soybean oilcake, marking a 5.3% increase compared to 2019. Over the period from 2017 to 2020, production grew by 3.4%, which translates to an average annual growth rate of 1.1%. The lowest production level was recorded in 2019 at 70 701 thousand tonnes, with the largest decline of 4.0% occurring that same year.

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

In value, 2017-2020, M $ US

China's soybean oilcake production declined for the second consecutive year in 2020, with output valued at 30 082 million US dollars, representing a 6.4% decrease from 2019. Between 2017 and 2020, production fell by 6.7%, corresponding to a compound annual growth rate of -2.3%. The peak value was reached in 2018 at 35 611 million US dollars, which saw the largest increase of 10.4%. The most significant decline occurred in 2019, dropping by 9.7%.

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

Exports soybean oilcake from China

Exports in kind, K t

China's soybean oilcake exports declined for the second year in a row in 2020, totaling 967 thousand tonnes, a slight decrease of 2.1% from 2019. The highest export volume was recorded in 2018 at 1 134 thousand tonnes, which experienced the largest increase of 16.7%. The most substantial decline took place in 2019, falling by 12.8%.

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

Between 2017 and 2020, three key markets—Japan, the Netherlands, and Denmark—collectively accounted for 76.2% of China's total soybean oilcake exports by volume.

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

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

Exports in value, M $ US

Soybean oilcake shipments from China declined for the second consecutive year in 2020, with export value reaching 390.8 million US dollars, down 13.0% from 2019. From 2017 to 2020, exports decreased by 10.2%, equating to a compound annual growth rate of -3.5%. The peak value was in 2018 at 548.7 million US dollars, which saw the largest increase of 26.1%. The most significant decline occurred in 2019, dropping by 18.1%.

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

Throughout 2017 to 2020, Japan, the Netherlands, and Denmark formed the core group of markets for China's soybean oilcake exports by value. Japan accounted for 56.4% of exports, followed by the Netherlands at 8.2% and Denmark at 7.0%, together representing 71.6% of total export flows.

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

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

Imports soybean oilcake to China

Imports in kind, K t

The import market showed an unstable trend during this period. The lowest import volume was recorded in 2019 at 10 thousand tonnes, while the highest was in 2017, resulting in a 6.4-fold difference between these years. In 2020, China's soybean oilcake imports surged to 58 thousand tonnes, a 508.9% increase from the previous year. The largest decline occurred in 2018, falling by 62.7%.

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

From 2017 to 2020, Denmark, India, and Russia were the largest sources of soybean oilcake imports by volume for China. Denmark contributed 36.2% of imports, India 33.4%, and Russia 15.6%, together making up 85.2% of total import flows.

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

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

Imports in value, M $ US

The data indicates volatile market conditions with irregular changes. The minimum import value was in 2019 at 7.3 million US dollars, while the maximum was in 2020, showing a 5.1-fold variation between these years. In 2020, China imported 37.1 million US dollars worth of soybean oilcake, a 408.9% rise compared to 2019. The largest decline was recorded in 2018, decreasing by 60.3%.

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

Between 2017 and 2020, Denmark, India, and Russia remained the primary suppliers of soybean oilcake to China by value. Denmark accounted for 46.3% of imports, India for 27.6%, and Russia for 12.6%, jointly comprising 86.5% of total import value.

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

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