Soybean oilcake market in Northern America

Earlier Report Observations

From 2018 to 2023, soybean oilcake production in Northern America increased from 45 531 thousand tonnes to 50 363 thousand tonnes, driving market volume growth. This expansion was supported by historically high U.S. soybean acreage, with over 87 million acres planted in 2018, and a continued industry shift toward domestic crushing for oil and meal rather than export. Technological advancements in oil extraction, such as improved yields and reduced waste rates, further enhanced processing efficiency and output.

Growing consumer demand for plant-based foods and increased biodiesel production boosted soybean processing, raising oilcake output. Trade with Mexico, where the U.S. is a major supplier, also contributed, with soybean oilcake trade reaching $845 million in 2023. The launch of a soy oil futures contract and a joint venture between Bunge and Olleco to manage edible oil lifecycles reflected industry efforts to streamline supply chains.

After a slight dip in market volume in 2020, growth resumed, accelerated by U.S. biodiesel policies that raised soybean oil demand and, consequently, oilcake production. Health trends favoring organic and non-GMO oils further stimulated processing activity, while regulatory attention to hexane residues in extraction processes prompted operational adjustments.

Production soybean oilcake in Northern America

In kind, 2017-2020, K t

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

In 2019, Northern America produced 47,813 thousand tonnes of soybean oilcake, marking the highest output during the period. Production then declined slightly to 47,236 thousand tonnes in 2020, representing a 1.2% decrease from the previous year. The lowest production level was recorded in 2018 at 45,531 thousand tonnes. Over the four-year span from 2017 to 2020, overall production grew by 2.5%, which translates to an average annual increase of 0.8%. The most significant year-on-year drop occurred in 2018 with a 1.2% decline, while the largest rise was seen in 2019 with a 5.0% increase.

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

In value, 2017-2020, M $ US

In 2020, the value of soybean oilcake production in Northern America reached 18,786 million US dollars, reflecting a moderate 5.7% rise compared to 2019. The lowest value during the period was recorded in 2019 at 17,778 million US dollars, which also saw the most substantial decline of 2.7%. From 2017 to 2020, the total value of production increased by 4.3%, averaging an annual growth rate of 1.4%.

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

Exports soybean oilcake from Northern America

Exports in kind, K t

Northern America exported 314 thousand tonnes of soybean oilcake in 2020, a slight decrease of 0.6% from the previous year. The highest export volume was recorded in 2018 at 410 thousand tonnes, while the lowest was in 2017. Export levels varied significantly, with a 1.7-fold difference between the peak in 2018 and the trough in 2017. The most notable decline occurred in 2019 with a 22.8% drop, whereas the largest increase was in 2018 with a 72.2% surge.

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

From 2017 to 2020, Ireland, the United Kingdom, and Denmark were the three largest markets for soybean oilcake exports from Northern America in volume terms. Together, these countries accounted for 42.6% of total export flows during this period.

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

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

Exports in value, M $ US

In 2020, Northern America exported soybean oilcake worth 125.0 million US dollars, representing a moderate 6.3% increase over the previous year. The highest export value was recorded in 2018 at 164.5 million US dollars, with the lowest in 2017. Export values showed considerable volatility, fluctuating 1.8 times between the high in 2018 and the low in 2017. The most significant decline occurred in 2019 with a 28.5% decrease, while the largest rise was in 2018 with a 76.8% increase.

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

Between 2017 and 2020, Ireland, the United Kingdom, and Denmark were the primary buyers of soybean oilcake from Northern America in value terms. Ireland accounted for 20.3% of exports, the United Kingdom for 7.2%, and Denmark for 1.4%. Collectively, these three markets made up 29.0% of total export value during this period.

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

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

Imports soybean oilcake to Northern America

Imports in kind, K t

In 2020, Northern America imported 63 thousand tonnes of soybean oilcake, showing a substantial 22.2% increase compared to 2019. The lowest import volume was recorded in 2018 at 41 thousand tonnes, while the highest was in 2017. Import levels exhibited significant volatility, with a 19-fold variation between the peak in 2017 and the trough in 2018. The most dramatic decline occurred in 2018 with a 94.6% drop, whereas the largest increase was in 2019 with a 26.4% rise.

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

From 2017 to 2020, India and China were the leading sources of soybean oilcake imports to Northern America in volume terms. Together, these two countries accounted for 4.3% of total import flows during this period.

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

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

Imports in value, M $ US

In 2020, Northern America imported soybean oilcake valued at 125.0 million US dollars, marking a 20.8% increase year-over-year. Over the period from 2017 to 2020, import value grew by 33.6%, with a compound annual growth rate of 10.1%. The most significant decline occurred in 2019 with a 4.4% decrease.

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

Throughout 2017 to 2020, India and China formed the main group of markets for soybean oilcake imports to Northern America in value terms. Together, these two countries accounted for 7.4% of total import flows during this period.

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

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