U.S.: Market for Soybean And Other Oilseed Processing 2024

Market Size for Soybean And Other Oilseed Processing in the U.S.

After two years of growth, the U.S. market for soybean and other oilseed processing decreased by X% to $X in 2023. The market value increased at an average annual rate of X% from 2013 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Soybean and other oilseed processing consumption peaked at $X in 2022, and then shrank in the following year.

Production of Soybean And Other Oilseed Processing in the U.S.

In value terms, soybean and other oilseed processing production shrank slightly to $X in 2023. The total output value increased at an average annual rate of X% over the period from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

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Exports of Soybean And Other Oilseed Processing

Exports from the U.S.

In 2023, overseas shipments of soybean and other oilseed processing were finally on the rise to reach X tons after two years of decline. The total export volume increased at an average annual rate of X% from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, soybean and other oilseed processing exports rose to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. The exports peaked in 2023 and are likely to see steady growth in years to come.

Exports by Country

The Philippines (X tons), Mexico (X tons) and Canada (X tons) were the main destinations of soybean and other oilseed processing exports from the United States, with a combined X% share of total exports. Colombia, Ecuador, Venezuela, Guatemala, the Dominican Republic, Vietnam, Morocco, Honduras, Ireland and Japan lagged somewhat behind, together accounting for a further X%.

From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Colombia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Canada ($X) and Mexico ($X) constituted the largest markets for soybean and other oilseed processing exported from the United States worldwide, together comprising X% of total exports. Colombia, Ecuador, Venezuela, Guatemala, the Dominican Republic, Vietnam, Morocco, Honduras, Ireland and Japan lagged somewhat behind, together comprising a further X%.

Colombia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average export price for soybean and other oilseed processing amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the export price recorded a mild reduction. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Ecuador ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Canada (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Soybean And Other Oilseed Processing

Imports into the U.S.

In 2023, imports of soybean and other oilseed processing into the United States expanded sharply to X tons, surging by X% compared with the previous year. The total import volume increased at an average annual rate of X% over the period from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, soybean and other oilseed processing imports fell to $X in 2023. Over the period under review, imports showed strong growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. Imports peaked at $X in 2022, and then contracted in the following year.

Imports by Country

In 2023, Canada (X tons) constituted the largest soybean and other oilseed processing supplier to the United States, with a X% share of total imports. Moreover, soybean and other oilseed processing imports from Canada exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. The Philippines (X tons) ranked third in terms of total imports with a X% share.

From 2013 to 2023, the average annual rate of growth in terms of volume from Canada amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and the Philippines (X% per year).

In value terms, Canada ($X) constituted the largest supplier of soybean and other oilseed processing to the United States, comprising X% of total imports. The second position in the ranking was held by Indonesia ($X), with a X% share of total imports. It was followed by Spain, with a X% share.

From 2013 to 2023, the average annual growth rate of value from Canada amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Spain (X% per year).

Import Prices by Country

The average import price for soybean and other oilseed processing stood at $X per ton in 2023, reducing by X% against the previous year. Overall, import price indicated a temperate expansion from 2013 to 2023: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, soybean and other oilseed processing import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2022, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Canada (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform