The global soybean oil market in 2023 is led by the United States with 4.52 million metric tons, followed closely by China and India. Noteworthy year-on-year increases are observed in Spain (3.83%), Malaysia (2.21%), Bangladesh (0.82%), and Uzbekistan (4.16%). Meanwhile, notable declines occurred in Venezuela (-1.28%) and Norway (-9.71%).
Factors shaping future trends include:
- Increasing health awareness driving demand in Asia, especially in India and Southeast Asia.
- Potential impacts from climate change on soybean production affecting supply chain stability.
- Technological advancements in oil extraction and refinement enhancing efficiency.
- Policy changes in major export countries like China influencing market dynamics.
Top countries in Soybean Oil Market Size Volume by Country
| # | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 4,520 | 2023 | +0.29% | +0.22% | View data |
| 2 | 2 China | 4,130 | 2023 | +1.23% | +1.14% | View data |
| 3 | 3 India | 3,040 | 2023 | +1.13% | +1.85% | View data |
| 4 | 4 Brazil | 2,710 | 2023 | +0.37% | +0.36% | View data |
| 5 | 5 Iran | 600 | 2023 | +0.67% | +0.47% | View data |
| 6 | 6 Mexico | 514 | 2023 | -0.19% | +0.24% | View data |
| 7 | 7 Indonesia | 510 | 2023 | +0.59% | +0.52% | View data |
| 8 | 8 South Korea | 462 | 2023 | +0.22% | +0.13% | View data |
| 9 | 9 Japan | 460 | 2023 | +1.32% | +1.22% | View data |
| 10 | 10 Germany | 449 | 2023 | +1.35% | +1.2% | View data |
