Austria: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Austria

In 2022, the Austrian rapeseed oil market increased by 27% to $X, rising for the third consecutive year after two years of decline. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Rapeseed Oil Production in Austria

In value terms, rapeseed oil production reduced remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 when the production volume increased by 48%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Rapeseed Oil Exports

Exports from Austria

In 2022, overseas shipments of rapeseed oil decreased by -26.4% to X tons, falling for the second consecutive year after five years of growth. Overall, exports, however, posted prominent growth. The growth pace was the most rapid in 2016 with an increase of 142%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, rapeseed oil exports rose notably to $X in 2022. Over the period under review, exports, however, saw a strong increase. The growth pace was the most rapid in 2016 with an increase of 86%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Germany (X tons), Poland (X tons) and the Czech Republic (X tons) were the main destinations of rapeseed oil exports from Austria, with a combined 70% share of total exports. Hungary, Slovakia, Greece and Slovenia lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovakia (with a CAGR of +51.5%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for rapeseed oil exports from Austria, comprising 41% of total exports. The second position in the ranking was taken by Poland ($X), with an 18% share of total exports. It was followed by the Czech Republic, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Germany stood at +6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+43.8% per year) and the Czech Republic (+11.0% per year).

Export Prices by Country

In 2022, the average rapeseed oil export price amounted to $X per ton, surging by 44% against the previous year. In general, export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil export price increased by +88.9% against 2018 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Greece ($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 Germany (+3.2%), while the prices for the other major destinations experienced more modest paces of growth.

Rapeseed Oil Imports

Imports into Austria

After three years of growth, purchases abroad of rapeseed oil decreased by -17.8% to X tons in 2022. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 37%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, rapeseed oil imports amounted to $X in 2022. Overall, imports, however, recorded pronounced growth. The most prominent rate of growth was recorded in 2021 when imports increased by 50% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, the Czech Republic (X tons) constituted the largest supplier of rapeseed oil to Austria, with a 55% share of total imports. Moreover, rapeseed oil imports from the Czech Republic exceeded the figures recorded by the second-largest supplier, Hungary (X tons), fourfold. The third position in this ranking was taken by Germany (X tons), with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume from the Czech Republic amounted to +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (+8.1% per year) and Germany (-13.8% per year).

In value terms, the Czech Republic ($X) constituted the largest supplier of rapeseed oil to Austria, comprising 57% of total imports. The second position in the ranking was taken by Hungary ($X), with a 14% share of total imports. It was followed by Germany, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Czech Republic totaled +13.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (+10.3% per year) and Germany (-11.6% per year).

Import Prices by Country

The average rapeseed oil import price stood at $X per ton in 2022, jumping by 37% against the previous year. In general, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil import price increased by +92.2% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the Czech Republic ($X per ton) and Croatia ($X per ton), while the price for Belgium ($X per ton) and Hungary ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Croatia (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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