Refined Soybean Oil Market Overview in Northern America
In value terms, refined soybean oil production dropped to $ in 2019 estimated in export prices. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2008 with an increase of % against the previous year. Over the period under review, production reached the peak level at $ in 2011; however, from 2012 to 2019, production failed to regain the momentum.
The country with the largest volume of refined soybean oil production was the U.S. ( tonnes), accounting for % of total volume. Moreover, refined soybean oil production in the U.S. exceeded the figures recorded by the second-largest producer, Canada ( tonnes), threefold.
From 2007 to 2019, the average annual growth rate of volume in the U.S. amounted to -%.
The size of the refined soybean oil market in Northern America shrank slightly to $ in 2019, approximately equating the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2011 when the market value increased by % y-o-y. As a result, consumption attained the peak level of $. From 2012 to 2019, the growth of the market remained at a lower figure.
In the U.S., refined soybean oil consumption remained relatively stable over the period from 2007-2019.
In value terms, the U.S. ($) led the market, alone. The second position in the ranking was occupied by Canada ($).
In the U.S., the refined soybean oil market expanded at an average annual rate of +% over the period from 2007-2019.
The countries with the highest levels of refined soybean oil per capita consumption in 2019 were Canada ( kg per person) and the U.S. ( kg per person).
From 2007 to 2019, the biggest increases were in the U.S..