Report Update Nov 1, 2024

Belarus - Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights

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Belarus: Soybean Oil Market 2024

Soybean Oil Market Size in Belarus

After two years of growth, the Belarusian soybean oil market decreased by -24% to $X in 2022. In general, consumption, however, showed resilient growth. Over the period under review, the market hit record highs at $X in 2021, and then declined notably in the following year.

Soybean Oil Production in Belarus

In value terms, soybean oil production totaled $X in 2022 estimated in export price. Over the period under review, production continues to indicate a significant expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by 417%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports from Belarus

In 2022, exports of soybean oil from Belarus skyrocketed to X tons, increasing by 39% against 2021 figures. Overall, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2016 when exports increased by 20,897%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, soybean oil exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 18,070% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Russia (X tons) was the main destination for soybean oil exports from Belarus, accounting for a 88% share of total exports. Moreover, soybean oil exports to Russia exceeded the volume sent to the second major destination, Lithuania (X tons), more than tenfold.

From 2015 to 2022, the average annual rate of growth in terms of volume to Russia totaled +406.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+129.9% per year) and Estonia (-16.2% per year).

In value terms, Russia ($X) remains the key foreign market for soybean oil exports from Belarus, comprising 90% of total exports. The second position in the ranking was held by Lithuania ($X), with a 6% share of total exports.

From 2015 to 2022, the average annual rate of growth in terms of value to Russia stood at +342.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+146.0% per year) and Estonia (+23.8% per year).

Export Prices by Country

The average soybean oil export price stood at $X per ton in 2022, picking up by 34% against the previous year. In general, the export price saw a resilient increase. The pace of growth appeared the most rapid in 2021 when the average export price increased by 54%. The export price peaked in 2022 and is expected to retain growth in the near future.

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

From 2015 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (+47.8%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Belarus

In 2022, supplies from abroad of soybean oil increased by 15% to X tons, rising for the fifth consecutive year after two years of decline. Overall, imports recorded a buoyant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 253%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, soybean oil imports rose markedly to $X in 2022. In general, imports enjoyed a strong expansion. The pace of growth was the most pronounced in 2020 with an increase of 290%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Russia (X tons) was the main soybean oil supplier to Belarus, with a 93% share of total imports. It was followed by Germany (X tons), with a 0.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia totaled +28.5%.

In value terms, Russia ($X) constituted the largest supplier of soybean oil to Belarus, comprising 93% of total imports. The second position in the ranking was taken by Germany ($X), with a 0.8% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia amounted to +27.6%.

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, waning by -1.5% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 66% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Russia ($X per ton), while the price for Germany totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (-0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for soybean oil in the world?

The countries with the highest volumes of in 2021 were China, the United States and Brazil, together comprising 59% of global consumption. India, Argentina, Nigeria and Bangladesh lagged somewhat behind, together accounting for a further 19%.

What are the largest producers of soybean oil in the world?

The countries with the highest volumes of in 2021 were China, Brazil and the United States, together comprising 64% of global production.

What are the leading suppliers of soybean oil to Belarus?

In value terms, Russia constituted the largest supplier of soybean oil to Belarus.

What are the leading importers of soybean oil from Belarus?

In value terms, Russia remains the key foreign market for soybean oil exports from Belarus, comprising 96% of total exports. The second position in the ranking was occupied by Lithuania, with a 2.3% share of total exports.

What is the average export price for soybean oil in Belarus?

The average soybean oil export price stood at $1,179 per ton in 2021, growing by 54% against the previous year.

What is the average import price for soybean oil in Belarus?

The average soybean oil import price stood at $1,208 per ton in 2021, picking up by 69% against the previous year.

This report provides an in-depth analysis of the soybean oil market in Belarus. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 237 - Oil of Soybeans

Country coverage:

Belarus

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Belarus
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023