Austria: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Austria

The Austrian refined soybean oil market contracted markedly to $X in 2022, waning by -16.2% against the previous year. Over the period under review, consumption recorded a abrupt shrinkage. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in Austria

In value terms, refined soybean oil production reduced to $X in 2022 estimated in export price. Over the period under review, production showed a noticeable contraction. The pace of growth appeared the most rapid in 2015 with an increase of 47%. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from Austria

In 2022, approx. X tons of refined soybean oil and its fractions were exported from Austria; growing by 46% compared with 2021 figures. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 87%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. In general, exports saw a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The Philippines (X tons), France (X tons) and Germany (X tons) were the main destinations of refined soybean oil exports from Austria, with a combined 77% share 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 the Philippines (with a CAGR of +144.8%), while the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X) emerged as the key foreign market for refined soybean oil and its fractions exports from Austria, comprising 46% of total exports. The second position in the ranking was taken by Germany ($X), with a 19% share of total exports. It was followed by France, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Philippines amounted to +234.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+13.8% per year) and France (+116.9% per year).

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, with an increase of 53% against the previous year. In general, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by +94.1% against 2020 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 external markets. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to the Netherlands ($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 the Philippines (+36.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Austria

In 2022, the amount of refined soybean oil and its fractions imported into Austria shrank to X tons, with a decrease of -12.6% on the year before. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 114%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports shrank remarkably to $X in 2022. In general, imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2016 when imports increased by 39%. Imports peaked at $X in 2021, and then declined markedly in the following year.

Imports by Country

In 2022, Sweden (X tons) constituted the largest refined soybean oil supplier to Austria, accounting for a 57% share of total imports. Moreover, refined soybean oil imports from Sweden exceeded the figures recorded by the second-largest supplier, Bosnia and Herzegovina (X tons), fourfold. Poland (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Sweden totaled +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Bosnia and Herzegovina (+10.4% per year) and Poland (+17.5% per year).

In value terms, Sweden ($X) constituted the largest supplier of refined soybean oil and its fractions to Austria, comprising 58% of total imports. The second position in the ranking was taken by Germany ($X), with a 27% share of total imports. It was followed by Bosnia and Herzegovina, with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Sweden amounted to +9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+10.2% per year) and Bosnia and Herzegovina (+13.1% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, with a decrease of -7% against the previous year. In general, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil import price decreased by -3.9% against 2014 indices. The most prominent rate of growth was recorded in 2014 an increase of 82%. The import price peaked at $X per ton in 2021, and then contracted in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+24.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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