Soybean oilcake market in South-eastern Asia

Earlier Report Observations

The soybean oilcake market in South-eastern Asia showed consistent growth from 2018 to 2022, with market volume expanding from 19.7 million t to a peak of 22.0 million t. This increase was supported by rising domestic production, which climbed from 3.5 million t to 4.6 million t by 2021, and steady growth in imports, which supplied the majority of the market.

Market volume contracted by 4% to 21.1 million t in 2023. This decline coincided with heightened inflationary pressures across the region, notably in Singapore, where rising energy and production costs increased expenses across the food supply chain, affecting the soybean oilcake market's cost structure and likely dampening demand.

Entering 2024, the market saw the entry of new players and innovations in the organic food segment, intensifying competition. Concurrently, fluctuations in global oil prices continued to influence transportation and processing costs. Imports for the year rose to 18.7 million t, indicating sustained underlying demand amid these evolving market conditions.

Production soybean oilcake in South-eastern Asia

In kind, 2017-2020, K t

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

Soybean oilcake production in South-eastern Asia grew for the second year in a row. In 2020, the region produced 4 226 K t, marking a 15.1% increase from 2019. Over the period from 2017 to 2020, production rose by 17.7%, which translates to an average annual growth rate of 5.6%. The lowest production level was recorded in 2018 at 3 460 K t, with the largest decline of 3.6% also occurring that year.

Annual dynamics of production in South-eastern Asia in kind, 2017-2020, K t

Exports soybean oilcake from South-eastern Asia

Exports in kind, K t

Market performance showed noticeable fluctuations during this period. The lowest export volume was recorded in 2019 at 63 K t, while the highest reached 117 K t in 2020, resulting in a peak-to-trough ratio of 1.9 times. In 2020, South-eastern Asia's soybean oilcake exports totaled 117 K t, representing an 86.9% increase compared to 2019. The largest decline of 43.7% was observed in 2019.

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

From 2017 to 2020, soybean oilcake from South-eastern Asia was exported to a diverse range of markets. South Korea accounted for 7.4% of exports in kind, Papua New Guinea for 6.0%, and Japan for 3.9%, together making up 17.3% of total exports. The remaining 82.7% was distributed among numerous smaller destinations.

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

World map of product's exports from South-eastern Asia in kind, 2017-2020

Exports in value, M $ US

The market exhibited volatility during these years. Export values hit their lowest point in 2019 at 49 M $ US and peaked in 2020 at 90 M $ US, with a top-to-bottom ratio of 1.8 times. In 2020, South-eastern Asia exported 90 M $ US worth of soybean oilcake, showing a sharp year-over-year gain of 83.9%. The largest decline of 29.9% was recorded in 2019.

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

Between 2017 and 2020, the export structure in value terms was balanced rather than concentrated. South Korea contributed 7.4% of exports in value, Papua New Guinea 6.9%, and Japan 3.4%, collectively representing 17.8% of total flows. The remaining 82.2% came from many other countries.

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

World map of product's exports from South-eastern Asia in value, 2017-2020

Imports soybean oilcake to South-eastern Asia

Imports in kind, K t

After two years of growth, soybean oilcake import volumes in South-eastern Asia declined. In 2020, imports stood at 16 468 K t, reflecting a slight year-over-year decrease of 3.0%. Over the 2017-2020 period, imports increased by 3.4%, with a compound annual growth rate of 1.1%. The highest import volume was recorded in 2019 at 16 986 K t, accompanied by the largest increase of 3.9% that year.

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

From 2017 to 2020, the largest suppliers of soybean oilcake to South-eastern Asia were Argentina, accounting for 51.1% of imports in kind, Brazil with 24.2%, and the United States at 17.2%. Together, these three countries formed 92.5% of total imports in kind.

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

World map of product's imports to South-eastern Asia in kind, 2017-2020

Imports in value, M $ US

Soybean oilcake imports into South-eastern Asia declined for the second consecutive year. In 2020, the region imported 6 546 M $ US, showing minimal change from the previous year. Between 2017 and 2020, imports increased by 5.2%, equivalent to an annualized rate of 1.7%. The highest value was recorded in 2018 at 7 160 M $ US, with the largest increase of 15.0% that year. The largest decline of 8.5% occurred in 2019.

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

Throughout 2017-2020, the core of imports in value terms consisted of Argentina with 50.6%, Brazil with 24.4%, and the United States with 17.5%, together accounting for 92.6% of total flows.

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

World map of product's imports to South-eastern Asia in value, 2017-2020