China, the United States, and Brazil dominate the global soybean oil supply, contributing significantly with 18.88, 13.17, and 11.03 million metric tons respectively in 2024 forecasted data. China showed a modest 0.3% increase, while the United States grew by 1.77%, and Brazil led with a 5.17% increase year-on-year. India's supply increased by 2.48% and Canada's impressive growth stood at 7.51%. Russia and Vietnam were also notable with growth rates of 6.13% and 5.89% respectively.
Conversely, Argentina and Bangladesh experienced declines of -3.01% and -7.15%. Significant negative variations also occurred in Northern Korea and Cuba, with -16.65% and -13.07%, respectively. Noteworthy positive variations were seen in Chile at 19.99%, Saudi Arabia at 8.27%, and Nigeria at 7.69%.
For future trends, watch for increased contributions from the top suppliers, particularly Brazil's fast-paced growth. Additionally, growing production in Nigeria and Saudi Arabia suggests potential market shifts. Issues in Argentina and Bangladesh might persist, affecting global supply dynamics. Lastly, geopolitical factors and climate change will likely impact long-term trends in soybean oil production.
| # | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 18,880 | 2023 | +8.06% | +0.3% | View data |
| 2 | 2 United States | 13,170 | 2023 | +1.51% | +1.77% | View data |
| 3 | 3 Brazil | 11,030 | 2023 | +3.68% | +5.17% | View data |
| 4 | 4 Argentina | 7,140 | 2023 | +9.63% | -3.01% | View data |
| 5 | 5 India | 5,540 | 2023 | -6.82% | +2.48% | View data |
| 6 | 6 Mexico | 1,540 | 2023 | +1.52% | -0.091% | View data |
| 7 | 7 Russia | 1,200 | 2023 | +4.7% | +6.13% | View data |
| 8 | 8 Algeria | 1,090 | 2023 | +6.86% | +1.68% | View data |
| 9 | 9 Bangladesh | 1,070 | 2023 | +10.05% | -7.15% | View data |
| 10 | 10 Iran | 964 | 2023 | +3.32% | +4.06% | View data |
