South Africa: Soya Bean Market 2024

Soya Bean Market Size in South Africa

In 2022, after two years of growth, there was significant decline in the South African soya bean market, when its value decreased by X% to $X. Over the period under review, consumption, however, saw a remarkable increase. Over the period under review, the market attained the maximum level at $X in 2021, and then reduced markedly in the following year.

Soya Bean Production in South Africa

In value terms, soya bean production skyrocketed to $X in 2022 estimated in export price. In general, production, however, continues to indicate a strong expansion. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

The average yield of soya beans in South Africa dropped to X tons per ha in 2022, declining by X% compared with 2021. In general, the yield indicated a pronounced increase from 2012 to 2022: its figure 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 2022 figures, soya bean yield increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the average soya bean yield attained the maximum level at X tons per ha in 2021, and then declined in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of soya beans were harvested in South Africa; which is down by X% on the previous year. Overall, the total harvested area indicated a strong expansion from 2012 to 2022: its figure 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 2022 figures, soya bean harvested area increased by X% against 2020 indices. The growth pace was the most rapid in 2018 with an increase of X%. The soya bean harvested area peaked at X ha in 2021, and then contracted in the following year.

Soya Bean Exports

Exports from South Africa

In 2022, shipments abroad of soya beans increased by X% to X tons, rising for the second year in a row after two years of decline. Overall, exports continue to indicate a pronounced expansion. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, soya bean exports soared to $X in 2022. Over the period under review, exports enjoyed a strong increase. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Malaysia (X tons), Mozambique (X tons) and Vietnam (X tons) were the main destinations of soya bean exports from South Africa, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soya bean exported from South Africa were Malaysia ($X), Mozambique ($X) and Vietnam ($X), with a combined X% share of total exports.

Vietnam, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of 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

The average soya bean export price stood at $X per ton in 2022, rising by X% against the previous year. Over the period under review, the export price continues to indicate pronounced growth. The growth pace was the most rapid in 2014 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Malaysia ($X per ton) and Mozambique ($X per ton), while the average price for exports to Zimbabwe ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Soya Bean Imports

Imports into South Africa

In 2022, after three years of growth, there was significant decline in overseas purchases of soya beans, when their volume decreased by X% to X tons. In general, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, soya bean imports shrank sharply to $X in 2022. Over the period under review, imports, however, continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2014 when imports increased by X%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Zambia (X tons) was the main supplier of soya bean to South Africa, with a X% share of total imports. Moreover, soya bean imports from Zambia exceeded the figures recorded by the second-largest supplier, Argentina (X tons), more than tenfold. The third position in this ranking was held by Brazil (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Zambia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (X% per year) and Brazil (X% per year).

In value terms, Zambia ($X) constituted the largest supplier of soya beans to South Africa, comprising X% of total imports. The second position in the ranking was held by Argentina ($X), with a X% share of total imports. It was followed by Brazil, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Zambia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (X% per year) and Brazil (X% per year).

Import Prices by Country

In 2022, the average soya bean import price amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible slump. The pace of growth appeared the most rapid in 2020 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Zambia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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