In 2023, the United States led the global soybean oil market with a volume share of 19.17 thousand metric tons, followed by China and India with 17.5 and 12.9 thousand metric tons, respectively. Notably, the biggest year-on-year volume growth was seen in the Philippines (2.29%) and Kenya (5.92%), amidst regions traditionally stable like China (1.14%) and Brazil (0.36%). Ongoing political, economic, and environmental factors influenced these variations, contributing to a dynamic market landscape.
Looking forward, the global soybean oil market is expected to witness significant shifts, influenced by sustainable agriculture practices, fluctuating trade policies, and innovations in biofuel utilization. Monitoring changes in major consuming countries such as China, India, and the United States will be crucial for understanding these future trends.
Top countries in Soybean Oil Market Size Volume Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 19.17 | 2023 | +0.29% | +0.22% | View data |
| 2 | 2 China | 17.5 | 2023 | +1.23% | +1.14% | View data |
| 3 | 3 India | 12.9 | 2023 | +1.13% | +1.85% | View data |
| 4 | 4 Brazil | 11.48 | 2023 | +0.37% | +0.36% | View data |
| 5 | 5 Iran | 2.54 | 2023 | +0.67% | +0.47% | View data |
| 6 | 6 Mexico | 2.18 | 2023 | -0.19% | +0.24% | View data |
| 7 | 7 Indonesia | 2.16 | 2023 | +0.59% | +0.52% | View data |
| 8 | 8 South Korea | 1.96 | 2023 | +0.22% | +0.13% | View data |
| 9 | 9 Japan | 1.95 | 2023 | +1.32% | +1.22% | View data |
| 10 | 10 Germany | 1.9 | 2023 | +1.35% | +1.2% | View data |
