In 2024, China leads global soybean oil production with 18.22 million metric tons, reflecting strong year-on-year growth of 1.84%. The United States follows at 11.16 million metric tons, while Brazil produces 9.22 million metric tons. Argentina contributes 7.63 million metric tons. Among smaller producers, Iran exhibited notable year-on-year growth at 5.64%, while Bulgaria and Sri Lanka saw a significant jump of 14.87% each. Conversely, Guatemala and Venezuela faced notable declines. Over the last 5 years, the Compound Annual Growth Rate (CAGR) indicates a steady increase in global production, driven largely by emerging markets and technological advancements.
Future trends to watch:
- Emerging markets like Iran and Bangladesh showing rapid growth potential.
- Technological advancements in agriculture boosting productivity.
- Impact of geopolitical factors on major producers like the United States and Argentina.
- Sustainability measures and innovations influencing production efficiency.
- Shifts in global trade policies affecting export-import balances among key players.
Top countries in Soybean Oil Production by Country
| # | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 18,220 | 2023 | +1.89% | +1.84% | View data |
| 2 | 2 United States | 11,160 | 2023 | +0.78% | +0.51% | View data |
| 3 | 3 Brazil | 9,220 | 2023 | +1.11% | +0.85% | View data |
| 4 | 4 Argentina | 7,630 | 2023 | +0.17% | +1.03% | View data |
| 5 | 5 India | 1,390 | 2023 | -0.65% | -1.65% | View data |
| 6 | 6 Russia | 799 | 2023 | +1.91% | +1.44% | View data |
| 7 | 7 Paraguay | 798 | 2023 | +0.88% | +1.09% | View data |
| 8 | 8 Netherlands | 696 | 2023 | +1.75% | +1.41% | View data |
| 9 | 9 Germany | 638 | 2023 | -0.16% | -0.22% | View data |
| 10 | 10 Iran | 588 | 2023 | +5.38% | +5.64% | View data |
