Belgium: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Belgium

In 2022, the Belgian crude soybean oil market decreased by -11.5% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption, however, saw a resilient increase. As a result, consumption attained the peak level of $X, and then contracted in the following year.

Crude Soybean Oil Production in Belgium

In value terms, crude soybean oil production reduced slightly to $X in 2022 estimated in export price. In general, production showed a prominent increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 55%. Crude soybean oil production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Crude Soybean Oil Exports

Exports from Belgium

In 2022, the amount of crude soybean oil exported from Belgium skyrocketed to X tons, increasing by 311% compared with the previous year's figure. In general, exports, however, showed a noticeable setback. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, crude soybean oil exports skyrocketed to $X in 2022. Overall, exports saw mild growth. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Algeria (X tons) was the main destination for crude soybean oil exports from Belgium, accounting for a 58% share of total exports. Moreover, crude soybean oil exports to Algeria exceeded the volume sent to the second major destination, the UK (X tons), twofold. The third position in this ranking was taken by France (X tons), with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume to Algeria totaled +198.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+53.6% per year) and France (-20.1% per year).

In value terms, Algeria ($X), the UK ($X) and France ($X) were the largest markets for crude soybean oil exported from Belgium worldwide, together accounting for 93% of total exports.

In terms of the main countries of destination, Algeria, with a CAGR of +168.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average crude soybean oil export price amounted to $X per ton, with an increase of 15% against the previous year. Over the period under review, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil export price increased by +81.5% against 2018 indices. The pace of growth was the most pronounced in 2015 an increase of 59%. The export price peaked in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to France ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Algeria ($X per ton) and the UK ($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 Portugal (+71.8%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into Belgium

After two years of growth, overseas purchases of crude soybean oil decreased by -22.4% to X tons in 2022. In general, total imports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 58%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, crude soybean oil imports rose rapidly to $X in 2022. Over the period under review, imports, however, recorded a moderate expansion. The pace of growth appeared the most rapid in 2021 with an increase of 65%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of crude soybean oil to Belgium, with a 65% share of total imports. Moreover, crude soybean oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Hungary (X tons), fourfold. The third position in this ranking was taken by the UK (X tons), with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands totaled +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (+32.8% per year) and the UK (+49.2% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of crude soybean oil to Belgium, comprising 63% of total imports. The second position in the ranking was taken by Hungary ($X), with a 14% share of total imports. It was followed by the UK, with a 9.5% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands amounted to +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (+38.0% per year) and the UK (+52.1% per year).

Import Prices by Country

The average crude soybean oil import price stood at $X per ton in 2022, with an increase of 38% against the previous year. In general, import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil import price increased by +115.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 50%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the UK ($X per ton) and France ($X per ton), while the price for the Netherlands ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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