Global soybean oil production is seeing a significant contribution from countries like China, the United States, Brazil, and Argentina. As of 2023, China leads this sector with 19.954 million metric tons, followed by the United States at 11.585 million metric tons. Brazil and Argentina also contribute substantially with 10.778 and 8.2297 million metric tons respectively. Smaller producers include India, Mexico, Paraguay, and Russia.
The year-on-year variations for 2023 indicate that China’s production has increased by 3.72%, the United States by 1.26%, and Brazil by 2.98%. Argentina saw a 2.57% increase, while India experienced a slight dip of 0.79%. Notable increases include Nigeria (5.54%), Bangladesh (2.6%), and Vietnam (4.52%). Negative trends were observed in Belgium (-23.54%) and Kuwait (-42.01%).
Over the last five years, the Compound Annual Growth Rate (CAGR) highlights a stable but moderate growth across most leading producers, with a few countries like Bulgaria and Sri Lanka exhibiting double-digit growth.
Future trends to watch include the impact of climate change on agricultural yields, advancements in soybean farming technologies, and the geopolitical factors that may influence trade relations among major producing and consuming countries. Additionally, shifts towards sustainable and alternative oil sources might gradually affect production dynamics in the coming years.
Top countries in Soybean Oil Production by Country
| # | 10 Countries | Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 19,954,000 | 2023 | +3.31% | +3.72% | View data |
| 2 | 2 United States | 11,585,000 | 2023 | +1.4% | +1.26% | View data |
| 3 | 3 Brazil | 10,778,000 | 2023 | +2.39% | +2.98% | View data |
| 4 | 4 Argentina | 8,229,700 | 2023 | +1.45% | +2.57% | View data |
| 5 | 5 India | 1,449,100 | 2023 | +0.096% | -0.79% | View data |
| 6 | 6 Mexico | 949,940 | 2023 | +3.94% | +3.57% | View data |
| 7 | 7 Paraguay | 929,580 | 2023 | +3.4% | +4.23% | View data |
| 8 | 8 Russia | 928,190 | 2023 | +4.19% | +4.51% | View data |
| 9 | 9 Netherlands | 667,930 | 2023 | +1.08% | +0.59% | View data |
| 10 | 10 Germany | 641,740 | 2023 | +0.018% | -0.098% | View data |
