Soybean oilcake market in Southern Asia

Earlier Report Observations

The soybean oilcake market in Southern Asia, measured in physical volume, grew from 13.3 million tons in 2018 to a peak of 14.2 million tons in 2020. After this high, the market volume experienced a gradual contraction, falling to 13.6 million tons in 2022 before a modest recovery to 13.8 million tons in 2023.

In monetary terms, the market's value showed a different trajectory, declining to $5.7 billion in 2019. A sustained period of growth followed, driving the market value to $8.0 billion by 2022, after which it settled at $7.8 billion in 2023, reflecting considerable price appreciation over the six-year span.

Key developments in 2024 included the approval of a national mission with substantial funding to increase oilseed production and achieve self-sufficiency in edible oils. The government also raised import duties on edible oils to stimulate domestic demand for oilseeds like soybean, while major industry players continued to operate and expand integrated solvent extraction facilities.

Production soybean oilcake in Southern Asia

In kind, 2017-2020, K t

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

In 2020, Southern Asia produced 11 792 K t of soybean oilcake, marking a moderate 8.5% increase from the previous year. Over the period from 2017 to 2020, production grew by 21.9%, which translates to an annualized rate of 6.8%. The largest decline occurred in 2019, at 2.0%, while the most significant increase was in 2018, reaching 14.6%.

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

Exports soybean oilcake from Southern Asia

Exports in kind, K t

The data shows irregular changes, reflecting a volatile market environment. Exports reached their lowest point in 2017 and peaked in 2020, with a 6.9-fold difference between these years. In 2020, cross-border shipments of soybean oilcake from Southern Asia totaled 38 K t, representing a sharp uptick of 240.8% compared to 2019. The largest decline was recorded in 2019 at 68.4%, while the largest increase occurred in 2018, soaring by 540.7%.

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

From 2017 to 2020, the partner structure for exports in kind was balanced rather than concentrated. Malaysia accounted for 12.0% of exports in kind, Oman for 8.0%, and Kuwait for 4.3%, together representing 24.3% of total flows. Many other countries made up the remaining 75.7%.

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

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

Exports in value, M $ US

The market exhibited volatility over the observed period. Exports hit their lowest point in 2017 and peaked in 2020, with a 9.6-fold difference. In 2020, Southern Asia exported 17 M $ US of soybean oilcake, which is 272.6% higher than in 2019. The largest decline was in 2019 at 72.3%, while the largest increase was in 2018, surging by 833.0%.

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

From 2017 to 2020, the partner portfolio for exports in value terms of soybean oilcake from Southern Asia was quite broad. Malaysia contributed 12.1% of exports in value terms, Oman 8.7%, and Kuwait 4.6%, together accounting for only 25.4% of total flows.

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

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

Imports soybean oilcake to Southern Asia

Imports in kind, K t

In 2020, soybean oilcake imports into Southern Asia totaled 2 469 K t, showing a dramatic decline of 26.2% from the previous year. Between 2017 and 2020, imports decreased by 5.1%, equating to an annualized rate of 1.7%. The minimum value was recorded in 2018 at 2 212 K t, while the maximum was in 2019 at 3 346 K t. The largest increase occurred in 2019, rising by 51.3%.

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

The structure of imports in kind from 2017 to 2020 points to a diversified set of partners. The United Kingdom accounted for 15.4% of imports in kind, the United States for 10.1%, and Turkey for 9.0%, jointly representing only 34.5% of total flows. The remaining 65.5% was dispersed among numerous smaller markets.

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

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

Imports in value, M $ US

In 2020, Southern Asia imported approximately 1 063 M $ US of soybean oilcake, indicating a strong decrease of 21.2% compared to 2019. The minimum value was recorded in 2018 at 1 004 M $ US, while the maximum was in 2019 at 1 348 M $ US. The largest increase occurred in 2019, climbing by 34.3%.

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

From 2017 to 2020, imports in value terms of soybean oilcake to Southern Asia were spread across many countries. The United Kingdom accounted for 15.3% of imports in value terms, the United States for 10.2%, and Turkey for 9.1%, jointly representing only 34.5% of total flows.

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

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