Soybean oilcake market in Saudi Arabia

Earlier Report Observations

Saudi Arabia's soybean oilcake market volume grew strongly from 1.18 million tons in 2018 to a peak of 1.73 million tons in 2022, driven by the country's position as a top global importer of edible oils and rising health awareness that increased demand for vegetable oil products. This growth was temporarily supported by pandemic-induced shifts toward healthier oils in 2020 and was later reinforced by climate-related disruptions to olive oil production, which likely spurred demand for alternative oils like soybean oil and its by-product, oilcake.

A significant shift occurred in 2021 when market volume contracted to 1.41 million tons, coinciding with the expansion of domestic olive cultivation and Saudi Arabia's focus on developing its olive oil sector, which may have diverted some consumer preference away from soybean-based products. The subsequent rebound in 2022 was followed by a sharp decline to 1.34 million tons in 2023, a period marked by rising olive oil prices due to global climate volatility and a notable expansion in the number of domestic edible oil processing plants to 234 facilities, indicating increased local competition and potential adjustments in supply chains for oilseed by-products.

Production soybean oilcake in Saudi Arabia

In kind, 2017-2020, K t

Saudi Arabia ranked 30th globally in soybean oilcake production from 2017 to 2020.

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

In 2020, Saudi Arabia produced 511.6 K t of soybean oilcake, marking a 14.1% decrease from 2019. Over the 2017-2020 period, production grew by 13.6%, with a compound annual growth rate of 4.4%. The lowest production level was in 2018 at 367.6 K t, while the highest was in 2019 at 595.6 K t. The most significant decline occurred in 2018, dropping by 18.3%, whereas the largest increase was in 2019, rising by 62.0%.

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

Exports soybean oilcake from Saudi Arabia

Market analysis indicates that Saudi Arabia did not export any soybean oilcake between 2017 and 2020.

Imports soybean oilcake to Saudi Arabia

Imports in kind, K t

Soybean oilcake imports into Saudi Arabia rose for the second year in a row. In 2020, the country imported 1 000 K t of soybean oilcake, representing a 12.1% year-over-year increase. From 2017 to 2020, imports overall fell by 7.3%, averaging an annual decline of 2.5%. The lowest import volume was in 2018 at 814 K t. The sharpest drop occurred in 2018, down by 29.4%, while the largest gain was in 2019, up by 17.2%.

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

Between 2017 and 2020, Argentina dominated Saudi Arabia's soybean oilcake imports in volume, accounting for 78.4% of the total, with the rest spread across a range of other markets.

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

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

Imports in value, M $ US

In 2020, Saudi Arabia's soybean oilcake imports totaled 372.9 M $ US, showing a slight decrease of 3.0% compared to the previous year. Over the 2017-2020 span, import value declined by 8.6%, with an average annual reduction of 2.9%. The most notable decrease was in 2018, down by 8.0%, while the highest increase was in 2019, up by 2.5%.

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

From 2017 to 2020, Argentina was the primary source for Saudi Arabia's soybean oilcake imports in value, capturing 76.4% of the total, while the remainder was divided among several smaller markets.

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

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