Soybeans market in France

Earlier Report Observations

The French soybean market volume grew by 12% in 2019, reaching 894 thousand tonnes, supported by a sharp increase in imports of organic soybeans and investments in the organic sector. This expansion occurred despite a long-term decline in the area dedicated to soybean cultivation in France, highlighting a growing reliance on imports to meet demand for plant-based proteins.

From 2020 to 2022, the market contracted by nearly 20%, falling to 720 thousand tonnes. This decline was primarily driven by a surge in global soybean prices in 2020, caused by massive Chinese imports post-COVID-19 to rebuild its pig herd and unfavorable weather in South America, which reduced affordability and access. Additionally, increasing uncertainty surrounding the European Union's impending anti-deforestation regulation (RDUE), set to apply from late 2024, led to caution among importers and affected market liquidity.

The market volume stabilized at 726 thousand tonnes in 2023. During this period, the development of domestic crushing facilities for animal feed, such as those operated by Sojalim, Extrusel, and Bunge, began to reshape supply chains. The RDUE, officially published in June 2023, continued to create regulatory uncertainty for imported soybeans. By 2024, record global soybean production, particularly in the United States and South America, contributed to a 24% drop in soybean meal prices in France.

Production soybeans in France

In kind, 2017-2020, K t

From 2017 to 2020, France held the 18th position globally in soybean production.

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

In 2020, France produced 406.8 thousand tonnes of soybeans, marking a modest year-over-year decline of 5.1%. The lowest production level was recorded in 2018 at 398.5 thousand tonnes, while the peak occurred in 2019 with 428.5 thousand tonnes. The most significant increase was observed in 2019, rising by 7.5%.

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

In value, 2017-2020, M $ US

Soybean production in France increased for the second consecutive year. In 2020, the output was valued at 229.9 million US dollars, reflecting a gradual uptick of 4.3% compared to the previous year. The lowest value was recorded in 2018 at 180.5 million US dollars, which also saw the largest decline of 21.4%. Conversely, the largest increase occurred in 2019, surging by 22.1%.

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

Exports soybeans from France

Exports in kind, K t

Market performance showed noticeable fluctuations during this period. France exported 187.4 thousand tonnes of soybeans in 2020, reflecting an abrupt increase of 38.5% compared to the previous year. Import levels varied 2.1-fold between the low in 2017 and the high in 2020. The largest decline was recorded in 2019 at 18.9%, while the largest increase occurred in 2018, jumping by 90.4%.

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

From 2017 to 2020, Belgium, Spain, and Germany were the primary destinations for France's soybean exports in kind, accounting for 36.0%, 28.9%, and 9.3% of exports, respectively. Together, they formed 74.3% of total export flows.

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

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

Exports in value, M $ US

In 2020, France exported 105.9 million US dollars worth of soybeans, constituting a sharp improvement of 52.1% compared to 2019. Between 2017 and 2020, exports increased by 118.5%, equating to an annualized growth rate of 29.8%. The largest decline was recorded in 2019 at 7.9%, while the largest increase occurred in 2018, rising by 56.0%.

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

From 2017 to 2020, Belgium, Spain, and Germany remained the main destinations for France's soybean exports in value terms, accounting for 32.9%, 27.1%, and 10.2% of exports, respectively. Together, they comprised 70.2% of total export value.

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

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

Imports soybeans to France

Imports in kind, K t

Soybean imports into France increased for the second consecutive year. In 2020, imports amounted to 620.4 thousand tonnes, up by 3.3% year-over-year. Between 2017 and 2020, imports grew by 8%, equating to an annualized rate of 2.6%. The lowest import level was recorded in 2018 at 566.1 thousand tonnes, which also saw the largest decline of 1.4%. The largest increase occurred in 2019, rising by 6.1%.

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

From 2017 to 2020, Brazil, the United States, and Canada were the main sources of soybean imports into France in kind, accounting for 44.8%, 31.1%, and 7.5% of imports, respectively. Together, they comprised 83.3% of total import volumes.

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

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

Imports in value, M $ US

In 2020, soybean imports into France amounted to 276.7 million US dollars, representing a solid improvement of 15.9% year-over-year. Over the period from 2017 to 2020, imports increased by 14.9%, with a compound annual growth rate of 4.7%. The lowest value was recorded in 2019 at 238.7 million US dollars, which also saw the largest decline of 16.5%. The peak occurred in 2018 at 286.0 million US dollars, marking the largest increase of 18.8%.

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

From 2017 to 2020, Brazil, the United States, and Canada were the primary suppliers of soybeans to France in value terms, accounting for 42.3%, 30.2%, and 7.1% of imports, respectively. Together, they comprised 79.6% of total import value.

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

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