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RUSoybean Oil in 2024: Export Analysis, Key Markets, Prices, and Logistics
Soybean oil is one of the key products in Ukraine’s agricultural exports, playing a significant role in the global vegetable oil market. In 2024, soybean oil continues to strengthen its position due to its high quality, versatility in use, and growing demand for healthy food products.
This article covers the following topics:
- Export routes for soybean oil from Ukraine.
- Key countries importing Ukrainian soybean oil.
- Major players in the global soybean oil market.
- Price trends in 2024.
- Logistical aspects of transportation.
- Market development prospects.
1. Export Routes for Soybean Oil from Ukraine
Ukraine is one of the leading producers of soybean oil in Europe. In 2024, the export of approximately 450,000-500,000 tons is projected, representing a significant portion of the global market.
Main export routes:
Sea transport:
- Key ports: Odesa, Chornomorsk, Pivdennyi.
- Share of total export: 75%.
- Primarily used for shipments to Asia, Africa, and Latin American countries.
Rail transport:
- Key directions: European Union countries (Poland, Germany, Italy).
- Share of total export: 15%.
Road transport:
- Supplies to neighboring countries (Moldova, Romania, Hungary).
- Share of total export: 10%.
After restrictions on Ukrainian ports due to geopolitical factors in 2024, exporters are actively utilizing the ports of Romania and Poland.
2. Key Countries Importing Ukrainian Soybean Oil
2.1. Asian Countries
- India: The largest importer of soybean oil. India’s share of the total Ukrainian export volume exceeds 40%.
- China: The second-largest market. China uses soybean oil in the food industry and for biofuel production.
- South Korea and Japan: Demand for high-quality products is increasing due to healthy eating trends.
2.2. European Countries
- Netherlands, Spain, Germany: The largest buyers in Europe. They use soybean oil in culinary applications, animal feed production, and biodiesel.
2.3. African and Middle Eastern Countries
- Egypt, Algeria, Morocco: Major consumers due to the low price and widespread use of soybean oil in the food industry.
- Iran, Saudi Arabia: Actively purchasing Ukrainian soybean oil for domestic consumption.
3. Major Players in the Global Soybean Oil Market
The global soybean oil market in 2024 remains competitive, with the following leaders:
| Country | Share in production (%) | Export (million tons) | Key markets |
|---|---|---|---|
| USA | 31% | 11 | China, EU, Latin America |
| Brazil | 27% | 10 | EU, India, Africa |
| Argentina | 23% | 9 | China, EU, Middle East |
| Ukraine | 6.5% | 0.5 | Asia, Europe, Africa |
Ukraine ranks prominently among exporters to Europe and Asia thanks to competitive pricing and favorable logistics.
4. Soybean Oil Prices in 2024
In 2024, soybean oil prices are rising due to high demand and limited supply.
| Region | Price per Ton (USD) | Price Dynamics (%) |
|---|---|---|
| Asia | 950-1,000 | +6% |
| Europe | 900-950 | +4% |
| Africa | 960-1,020 | +8% |
| Middle East | 940-980 | +5% |
Prices vary by region between 900-1,020 USD per ton, influenced by transportation costs and customs duties.
5. Logistics of Soybean Oil Transportation
Sea Transport:
- Advantages: Ability to transport large volumes.
- Disadvantages: Dependence on port infrastructure.
Rail Transport:
- Used for deliveries to EU countries.
- Advantages: High speed, lower risks.
Road Transport:
- Provides prompt deliveries to neighboring countries.
Alternative Routes:
- Ports of Romania and Poland: Used for exports when Ukrainian ports are restricted.
6. Market Prospects in 2024
Further growth in Ukrainian soybean oil exports is expected due to:
- Increased demand for vegetable oils in Asia and Africa.
- Investments in Ukraine’s processing industry.
- Expansion of logistics routes.
Ukraine has the potential to increase its global market share by focusing on modernizing production and developing infrastructure.