Market research

Soybean oilcake market in Latin America and the Caribbean

Release date: Mar 29, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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"Latin America and the Caribbean" region includes following countries:

Argentina

Bolivia

Bouvet Island

Brazil

Chile

Colombia

Ecuador

Falkland Islands (Malvinas)

South Georgia and the South Sandwich Islands

French Guiana

Guyana

Paraguay

Peru

Suriname

Uruguay

Venezuela

Belize

Costa Rica

El Salvador

Guatemala

Honduras

Mexico

Nicaragua

Panama

Antigua and Barbuda

the Bahamas

Barbados

British Virgin Islands

Cayman Islands

Cuba

Dominica

Dominican Republic

Grenada

Guadeloupe

Haiti

Jamaica

Martinique

Montserrat

Curacao

Aruba

Saint Maarten (Dutch part)

Bonaire

Puerto Rico

Saint-Barthélemy

Saint Kitts and Nevis

Anguilla

Saint Lucia

Saint-Martin (French Part)

Saint Vincent and the Grenadines

Trinidad and Tobago

Turks and Caicos Islands

United States Virgin Islands

Earlier Report Observations

The soybean oilcake market in Latin America and the Caribbean began the period at 34.2 million tonnes in 2018 before declining to 30.5 million tonnes in 2019. It then recovered sharply to 38.8 million tonnes in 2020, propelled by rising consumer demand for plant-based foods and vegetable proteins, which increased consumption of soybean products.

Market volume continued to grow in 2021, reaching 42.5 million tonnes, as post-pandemic recovery and stronger domestic demand for soybean oil in biodiesel blending policies in Brazil stimulated soybean crushing and oilcake production. However, in 2022, adverse weather events in competing regions like the United States and Argentina altered global supply patterns, leading to higher Latin American exports and a reduction in regional market size to 32.3 million tonnes.

A renewed expansion followed in 2023, with the market climbing to 41.3 million tonnes. This was driven by robust global biodiesel demand, which increased soybean processing, and by heightened needs of the livestock sector in the Northern Hemisphere, which supported prices and consumption of soybean meal. Regulatory adjustments in Brazil, anticipating a higher biodiesel blend mandate, further reinforced domestic demand for soybean oil and its by-products.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
  2. 4.1.2. In value
    1. 4.1.2.1. Production, 2018-2023
    2. 4.1.2.2. Imports, 2018-2024
    3. 4.1.2.3. Exports, 2018-2024
    4. 4.1.2.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Latin America and the Caribbean
  1. 5.1.1. Annual dynamics of production in Latin America and the Caribbean in kind, 2018-2023, K t
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, K t
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, K t
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Imports
1. 6.1. Imports (Direct Data*)
  1. 6.1.1. Imports - Total information
  2. 6.1.2. Imports in kind, K t
    1. 6.1.2.1. Annual dynamics of product's imports to Argentina in kind, 2018-2024, K t
    2. 6.1.2.2. Dynamics of product's imports in kind to Argentina by countries, 2018-2024, K t
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.1.3. Imports in value, M $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Argentina in value, 2018-2024, M $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Argentina by countries, 2018-2024, M $ US
    3. 6.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's imports, $ US/t
    1. 6.1.4.1. Annual dynamics of average price of product's imports to Argentina, 2018-2024, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's imports to Argentina by countries, 2018-2024, $ US/t
2. 6.2. Imports (Mirror Data)
  1. 6.2.1. Imports - Total information
  2. 6.2.2. Imports in kind, K t
    1. 6.2.2.1. Annual dynamics of product's imports to Argentina in kind, 2018-2024, K t
    2. 6.2.2.2. Dynamics of product's imports in kind to Argentina by countries, 2018-2024, K t
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.2.3. Imports in value, M $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Argentina in value, 2018-2024, M $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Argentina by countries, 2018-2024, M $ US
    3. 6.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's imports, $ US/t
    1. 6.2.4.1. Annual dynamics of average price of product's imports to Argentina, 2018-2024, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's imports to Argentina by countries, 2018-2024, $ US/t
7. Exports
1. 7.1. Exports (Direct Data*)
  1. 7.1.1. Exports - Total information
  2. 7.1.2. Exports in kind, K t
    1. 7.1.2.1. Annual dynamics of product's exports from Argentina in kind, 2018-2024, K t
    2. 7.1.2.2. Dynamics of product's exports in kind from Argentina by countries, 2018-2024, K t
    3. 7.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.1.3. Exports in value, M $ US
    1. 7.1.3.1. Annual dynamics of product's exports from Argentina in value, 2018-2024, M $ US
    2. 7.1.3.2. Dynamics of product's exports in value from Argentina by countries, 2018-2024, M $ US
    3. 7.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's exports, $ US/t
    1. 7.1.4.1. Annual dynamics of average price of product's exports from Argentina, 2018-2024, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's exports from Argentina by countries, 2018-2024, $ US/t
2. 7.2. Exports (Mirror Data)
  1. 7.2.1. Exports - Total information
  2. 7.2.2. Exports in kind, K t
    1. 7.2.2.1. Annual dynamics of product's exports from Argentina in kind, 2018-2024, K t
    2. 7.2.2.2. Dynamics of product's exports in kind from Argentina by countries, 2018-2024, K t
    3. 7.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.2.3. Exports in value, M $ US
    1. 7.2.3.1. Annual dynamics of product's exports from Argentina in value, 2018-2024, M $ US
    2. 7.2.3.2. Dynamics of product's exports in value from Argentina by countries, 2018-2024, M $ US
    3. 7.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's exports, $ US/t
    1. 7.2.4.1. Annual dynamics of average price of product's exports from Argentina, 2018-2024, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's exports from Argentina by countries, 2018-2024, $ US/t
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, K t
  2. 8.1.2. In value, M $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, K t
  2. 8.2.2. In value, M $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production soybean oilcake in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of soybean oilcake, 2017-2020

Source: SHEV.io

World map of production of soybean oilcake, 2017-2020

Source: SHEV.io

Following a two-year decline, soybean oilcake production in Latin America and the Caribbean rebounded. In 2020, the region produced 72 411 thousand tons, representing a 5.0% increase compared to the previous year. The lowest production level was recorded in 2019 at 68 946 thousand tons, while the largest annual decline occurred in 2018 at 2.7%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

Parameter		2018	2019	2020	CAGR
1	Change from last year	(2.7%)	(0.9%)	5.0%	0.4%

Source: SHEV.io

In value, 2017-2020, M $ US

In 2020, the value of soybean oilcake production in Latin America and the Caribbean reached 25 012 million US dollars, marking a 9.3% year-over-year increase. Over the 2017-2020 period, production value grew by 2.9%, with a compound annual growth rate of 1.0%. The lowest value was recorded in 2019 at 22 874 million US dollars, while the highest was in 2018 at 27 129 million US dollars. The largest annual decline occurred in 2019 at 15.7%, and the largest increase was in 2018 at 11.6%.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	11.6%	(15.7%)	9.3%	1.0%

Source: SHEV.io

Exports soybean oilcake from Latin America and the Caribbean

Exports in kind, K t

In 2020, soybean oilcake exports from Latin America and the Caribbean totaled 42 250 thousand tons, reflecting a moderate 10.0% decrease compared to the previous year. Between 2017 and 2020, exports declined by 5.6%, equivalent to an annualized rate of 1.9%. The highest export volume was recorded in 2019 at 46 922 thousand tons, which also saw the largest annual increase at 7.6%.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, K t

Parameter		2018	2019	2020	CAGR
1	Change from last year	(2.6%)	7.6%	(10.0%)	(1.9%)

Source: SHEV.io

From 2017 to 2020, the export structure for soybean oilcake in kind was balanced rather than concentrated. Vietnam and Indonesia each accounted for 9.8% of exports, while the Netherlands represented 6.4%. Together, these three countries comprised 26.0% of total flows, with the remaining 74.0% distributed among numerous other markets.

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

Source: SHEV.io

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Source: SHEV.io

Exports in value, M $ US

Soybean oilcake exports from Latin America and the Caribbean declined for the second consecutive year. In 2020, the region exported 14 594 million US dollars worth of soybean oilcake, representing a 6.3% decrease compared to the previous year. Between 2017 and 2020, exports fell by 4.0%, equivalent to an annualized rate of 1.4%. The highest value was recorded in 2018 at 17 005 million US dollars, which also saw the largest annual increase at 11.8%. The largest annual decline occurred in 2019 at 8.5%.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, M $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	11.8%	(8.5%)	(6.3%)	(1.4%)

Source: SHEV.io

During the 2017-2020 period, soybean oilcake exports in value terms from Latin America and the Caribbean were distributed across a wide range of markets. Indonesia accounted for 9.9% of exports, Vietnam for 9.6%, and the Netherlands for 7.2%. Together, these three countries represented only 26.6% of total flows.

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

Source: SHEV.io

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Source: SHEV.io

Imports soybean oilcake to Latin America and the Caribbean

Imports in kind, K t

Soybean oilcake imports into Latin America and the Caribbean increased for the third consecutive year. In 2020, the region imported approximately 8 673 thousand tons, showing a slight rise of 1.8% compared to the previous year. Over the 2017-2020 period, imports grew by 21.1%, with a compound annual growth rate of 6.6%.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, K t

Parameter		2018	2019	2020	CAGR
1	Change from last year	14.7%	3.7%	1.8%	6.6%

Source: SHEV.io

From 2017 to 2020, the United States and China consistently remained the primary sources for soybean oilcake imports in kind, together accounting for 60.8% of total flows.

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

Source: SHEV.io

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Source: SHEV.io

Imports in value, M $ US

In 2020, foreign soybean oilcake supplies to Latin America and the Caribbean were valued at 3 524 million US dollars, showing a moderate 5.8% year-over-year increase. Between 2017 and 2020, imports grew by 14.7%, equivalent to an annualized rate of 4.7%. The highest value was recorded in 2018 at 3 592 million US dollars, which also saw the largest annual increase at 16.9%. The largest annual decline occurred in 2019 at 7.3%.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, M $ US

Parameter		2018	2019	2020	CAGR
1	Change from last year	16.9%	(7.3%)	5.8%	4.7%

Source: SHEV.io

From 2017 to 2020, the United States and China formed the leading pair of markets for soybean oilcake imports in value terms to Latin America and the Caribbean. The United States accounted for 61.1% of total flows, while China represented 0.7%.

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

Source: SHEV.io

World map of product's imports to Latin America and the Caribbean in value, 2017-2020

Source: SHEV.io