Despite the fact that many consumers in the countries of the former USSR consider soybean oil to be not the most useful product, and try not to use it, replacing it with other vegetable oils, this product remains quite popular in world markets and is most often used in food.
The production of crude unrefined product of the first cold pressing breaks all records, and in many countries soybean oil outperforms other types of oils in sales. This is not surprising, because this product has a great effect on the condition of the heart and blood vessels, promotes faster treatment of skin diseases and is used to obtain hormones necessary in medicine. Europe is one of the main consumers of soybean oil, and the world’s largest companies are engaged in the production of this product.
Soybean oil production
Every year, the production of soybean oil becomes more and more profitable, and many enterprises are switching to soy processing, since this plant is profitable for growing and selling.
The main countries that organize the supply of this product are China (15.1 million tonnes), the United States (11.1 million tonnes), Argentina (8.7 million tonnes), Brazil (8.4 million tonnes), as well as EU countries with indicator of 8 million tons annually. At the same time, according to statistics, it is Chinese oil that is most often sold on world markets, however, experts predict that the influence of this country on this market will significantly decrease from 2020, since there will be less soybeans available for processing in China. These features will allow Ukrainian producers of soybean oil to enter international markets, since soybeans are also grown in Ukraine for export – moreover, you can sell both seeds and a finished product. In addition, despite the decrease in the influence of China, the volume of production of this product in 2020 will begin to grow, and the world will already produce 57.6 million tons of oil, although a year earlier the figure was 56.5 million tons.
Consumption of soybean oil in the world
As for the forecasts for the consumption of soybean oil, these indicators are expected to grow. In particular, experts expect an increase to 58.1 million tons against 56.5 million tons, which were recorded a year earlier. This means that the supply will still remain below the level of demand, and therefore soybeans remain a profitable plant for sale abroad.
India will remain the main consumer of this product; an increase in exports from China and the EU countries that do not produce soybean oil on their own is also expected. In order to sell a product to other countries, local manufacturers must familiarize themselves in detail with the requirements of the Customs Union, pay the duty and provide correct documents at the borders when transporting the product. These features must be taken into account when planning sales of soybean oil abroad, and timely track changes in the legislation of other countries.