Soybean oilcake market in India

Earlier Report Observations

The soybean oilcake market in India showed gradual growth in volume from 4 754 thousand tons in 2018 to 4 995 thousand tons in 2021, while its value increased more substantially from $2 172 million to $3 041 million over the same period. This steady expansion occurred without major disruptions or pronounced annual fluctuations.

A significant surge took place in 2022, with market volume jumping 21% to 6 056 thousand tons and value rising 46% to $4 424 million. This growth was supported by the permission of edible oil exports from 2017-2018, which improved market access for soybean oil processors and consequently boosted oilcake production. The market corrected in 2023, with volume dipping to 5 790 thousand tons and value falling to $3 397 million. This shift aligned with a reported increase in oilmeal exports by the Solvent Extractors' Association of India, which diverted soybean meal shipments abroad and reduced domestic availability. Throughout this period, regulatory updates from FSSAI on packaging and labelling required industry-wide compliance.

In 2024, the government approved the National Mission on Edible Oils - Oilseeds (NMEO-OS) with a financial outlay of Rs. 10 103 crore and raised import duties on edible oils in September. These measures were implemented to encourage domestic soybean cultivation and processing, directly targeting the supply base for oilcake.

Production soybean oilcake in India

In kind, 2017-2020, K t

India was one of the world's top producers of soybean oilcake from 2017 to 2020, ranking fifth globally by production volume.

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

Soybean oilcake production in India fell for the second year in a row. In 2020, output stood at 6 123 thousand tonnes, down 4.2% from the previous year. Over the 2017-2020 period, production dropped by 2.4%, with an average annual decline of 0.8%. The highest production was in 2018 at 6 701 thousand tonnes, which saw a 6.8% increase. The sharpest fall occurred in 2019, with a 4.6% decrease.

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

In value, 2017-2020, M $ US

India's soybean oilcake production value rose for the third consecutive year. In 2020, it was valued at 3 373 million US dollars, up 8.5% year-over-year. From 2017 to 2020, production value grew by 29.8%, averaging a 9.1% annual increase.

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

Exports soybean oilcake from India

Exports in kind, K t

Soybean oilcake exports from India declined for the third straight year. In 2020, exports totaled 1 273 thousand tonnes, a 16.9% drop from 2019. Over the 2017-2020 period, exports fell by 37%, with an average annual decrease of 14.3%.

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

From 2017 to 2020, India's soybean oilcake exports in volume terms were widely distributed. The United States (14.4% of exports), Iran (11.1%), and Bangladesh (10.7%) together accounted for just 36.2% of total flows, while the remaining 63.8% went to numerous other countries.

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

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

Exports in value, M $ US

Soybean oilcake export value from India fell for the second year in a row. In 2020, exports amounted to 701.4 million US dollars, down 5.8% from 2019. Over the 2017-2020 period, export value decreased by 16.3%, with an average annual decline of 5.7%. The peak was in 2018 at 891.4 million US dollars, which saw a 6.4% increase. The largest drop occurred in 2019, with a 16.5% decrease.

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

Between 2017 and 2020, India's soybean oilcake exports in value terms were not heavily concentrated. The United States (18.5% of exports), Iran (10.6%), and Bangladesh (9.6%) together made up only 38.7% of total flows.

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

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

Imports soybean oilcake to India

Imports in kind, K t

Soybean oilcake imports into India showed significant fluctuations from 2017 to 2020. The lowest point was in 2017, while imports peaked in 2019, with a 10.4-fold difference between these years. In 2020, imports reached 22 thousand tonnes, a sharp 45.1% decline from the previous year. The highest volume was in 2019 at 41 thousand tonnes, which saw a massive 924.6% increase.

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

From 2017 to 2020, India's soybean oilcake imports in volume terms were highly concentrated, with Argentina and Nigeria together accounting for 82.8% of total flows, leaving other partners with a small share.

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

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

Imports in value, M $ US

Soybean oilcake import value into India experienced notable swings from 2017 to 2020. The lowest value was in 2018, while the peak was in 2019, showing a 6.6-fold difference. In 2020, imports were valued at 10.3 million US dollars, down 33.0% from 2019. The minimum was 2.3 million US dollars in 2018, and the maximum was 15.3 million US dollars in 2019, which saw a 555.7% surge.

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

Throughout 2017-2020, Argentina (48.1% of imports), Nigeria (27.6%), and Nepal (10.1%) were the key partners for India's soybean oilcake imports in value terms, together making up 85.8% of total flows.

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

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