Top countries of soybean oil consumption worldwide 2023 | Statista (2024)

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Top countries of soybean oil consumption worldwide 2023 | Statista? ›

Leading countries of soybean oil consumption worldwide 2023

China consumes the most soybean meal, followed by the United States, the European Union, Brazil and several other countries with livestock and poultry operations. Nearly 65% of the world's soybean meal is consumed by China, United States, the European Union and Brazil.

In 2022, Top exporters of Crude soya-bean oil are Argentina ($5,881,420.74K , 4,039,970,000 Kg), Brazil ($3,579,234.91K ), European Union ($999,461.12K , 664,875,000 Kg), United States ($771,977.66K , 507,959,000 Kg), Bolivia ($704,177.89K , 485,950,000 Kg).

As of 2022, the leading country in soybean oil consumption was China, with about 17.1 million metric tons consumed. The United States was the second largest consumer of soybean oil, at about 12.25 million metric tons consumed.

The main destination of Soybeans exports from United States are: China ($18B), Mexico ($3.64B), Egypt ($1.97B), Japan ($1.82B), and Germany ($1.4B). The fastest growing export markets for Soybeans of United States between 2021 and 2022 were China ($3.69B), Mexico ($969M), and Germany ($625M).

Markets of Major Importers

China is by far the largest importer of soybeans in the world.

Between 2021 and 2022, the fastest growing importers of Soybeans were China ($9.93B), Germany ($1.01B), Mexico ($859M), Japan ($613M), and Algeria ($459M).

Just over 70 percent of the soybeans grown in the United States are used for animal feed, with poultry being the number one livestock sector consuming soybeans, followed by hogs, dairy, beef and aquaculture.

Which country is the largest exporter of soybeans? ›

This statistic shows the export share of soya beans worldwide in 2022, by leading country. In that year, Brazil was the largest exporter of soya beans worldwide, accounting for about 49.7 percent of the total global value of exports.

The Bom Futuro farm was founded in 1982, and has already grown to be the largest soybean farm in the world, with 555,000 acres of just soybeans! This does not even include what they grow for other crops or their pasture land.

US Soybean Production by State: Top 11 Rankings [in 2024]

In 2022 Illinois produced 677.2 million bushels of soybeans, slightly greater than 2021's total of 672.6 million. Illinois is the number one state producer of soybeans in the United States.

Saudi Arabia is the world's largest oil exporter, followed by Russia and Canada. Norway, Nigeria, and Kazakhstan round out the list of top 10 oil exporters.

Exporters and Importers

In 2022 Other Vegetable Oils were the world's 499th most traded product (out of 1,218). In 2022, the top exporters of Other Vegetable Oils were Malaysia ($1.66B), Indonesia ($1.52B), Netherlands ($424M), Germany ($354M), and China ($342M).

Markets of Major Importers

China is by far the largest importer of soybeans in the world. It sourced 63% of its soybean imports from Brazil from 2018-2022. The US was the second largest supplier with almost 30%. The EU also imports a lot of soybeans from both Brazil and the US.

Eight of the top 12 soy drink consuming countries are Asian with Hong Kong residents consuming the most at 17 litres per year each, according to TetraPak data. Next were Singapore (almost 12l/day), Thailand (just over 10l/day), China (9.5l/day) and Malaysia (9l/day).

Soybean production in the United States is a significant part of the country's agriculture sector, with several states contributing substantially to the overall output. The leading soybean-producing states include Illinois, Iowa, Minnesota, Indiana, and Ohio.

Japan is the largest consumer of Tofu as the hub for the largest number of manufacturers and easy availability. China is the key market with a high density of manufacturers and holds the major share in the global Tofu market.