Argentina: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Argentina

The Argentinian refined rapeseed oil market rose rapidly to $X in 2022, increasing by 5.2% against the previous year. Over the period under review, consumption, however, continues to indicate a abrupt shrinkage. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Rapeseed Oil Production in Argentina

In value terms, refined rapeseed oil production expanded notably to $X in 2022 estimated in export price. Over the period under review, production, however, saw a deep slump. The most prominent rate of growth was recorded in 2020 when the production volume increased by 24%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Rapeseed Oil Exports

Exports from Argentina

In 2022, shipments abroad of refined rape, colza or mustard oil increased by 191% to X tons, rising for the fifth year in a row after two years of decline. Overall, exports saw significant growth. The growth pace was the most rapid in 2013 when exports increased by 295% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, refined rapeseed oil exports soared to $X in 2022. In general, exports saw a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 205% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the near future.

Exports by Country

Australia (X tons) was the main destination for refined rapeseed oil exports from Argentina, accounting for a 95% share of total exports. Moreover, refined rapeseed oil exports to Australia exceeded the volume sent to the second major destination, Costa Rica (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Australia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+90.7% per year) and Uruguay (+10.8% per year).

In value terms, Australia ($X) emerged as the key foreign market for refined rape, colza or mustard oil exports from Argentina, comprising 94% of total exports. The second position in the ranking was held by Costa Rica ($X), with a 3.6% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Australia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+65.3% per year) and Uruguay (+2.0% per year).

Export Prices by Country

In 2022, the average refined rapeseed oil export price amounted to $X per ton, which is down by -7.9% against the previous year. In general, the export price continues to indicate a slight descent. The most prominent rate of growth was recorded in 2020 an increase of 65%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Uruguay ($X per ton), while the average price for exports to Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+14.0%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Rapeseed Oil Imports

Imports into Argentina

In 2022, overseas purchases of refined rape, colza or mustard oil increased by 4.9% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, total imports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -28.2% against 2017 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 24% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, refined rapeseed oil imports surged to $X in 2022. The total import value increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Belgium (X tons), Brazil (X tons) and Chile (X tons) were the main suppliers of refined rapeseed oil imports to Argentina, with a combined 98% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +36.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X) constituted the largest supplier of refined rape, colza or mustard oil to Argentina, comprising 52% of total imports. The second position in the ranking was held by Brazil ($X), with a 26% share of total imports. It was followed by Chile, with a 20% share.

From 2012 to 2022, the average annual growth rate of value from Belgium amounted to +38.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+8.1% per year) and Chile (+7.5% per year).

Import Prices by Country

The average refined rapeseed oil import price stood at $X per ton in 2022, picking up by 23% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Chile ($X per ton) and Belgium ($X per ton), while the price for Brazil ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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