Belgium: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Belgium

For the third year in a row, the Belgian rapeseed oil market recorded growth in sales value, which increased by 38% to $X in 2022. In general, consumption continues to indicate a prominent expansion. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in the immediate term.

Rapeseed Oil Production in Belgium

In value terms, rapeseed oil production totaled $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2017 with an increase of 16% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Rapeseed Oil Exports

Exports from Belgium

In 2022, after three years of growth, there was significant decline in overseas shipments of rapeseed oil, when their volume decreased by -27.8% to X tons. Overall, total exports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.2% 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 2016 with an increase of 48%. Over the period under review, the exports hit record highs at X tons in 2021, and then fell rapidly in the following year.

In value terms, rapeseed oil exports declined to $X in 2022. Over the period under review, exports, however, showed a notable increase. The growth pace was the most rapid in 2021 with an increase of 45%. As a result, the exports attained the peak of $X, and then reduced in the following year.

Exports by Country

Germany (X tons), the Netherlands (X tons) and France (X tons) were the main destinations of rapeseed oil exports from Belgium, with a combined 68% share of total exports. Norway, China, Spain, the UK, Sweden and Israel lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +114.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for rapeseed oil exported from Belgium were Germany ($X), the Netherlands ($X) and France ($X), together accounting for 69% of total exports. Norway, Spain, China, the UK, Sweden and Israel lagged somewhat behind, together comprising a further 26%.

China, with a CAGR of +98.2%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average rapeseed oil export price stood at $X per ton in 2022, increasing by 27% against the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.7% 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 +79.0% against 2019 indices. The growth pace was the most rapid in 2021 when the average export price increased by 31% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to China ($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 Israel (+3.6%), while the prices for the other major destinations experienced more modest paces of growth.

Rapeseed Oil Imports

Imports into Belgium

In 2022, supplies from abroad of rapeseed oil decreased by -8.7% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, total imports indicated strong growth from 2012 to 2022: its volume 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, imports increased by +80.1% against 2017 indices. The pace of growth was the most pronounced in 2021 with an increase of 36%. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, rapeseed oil imports surged to $X in 2022. Over the period under review, imports, however, continue to indicate resilient growth. The pace of growth appeared the most rapid in 2021 with an increase of 80% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

France (X tons), the Netherlands (X tons) and Germany (X tons) were the main suppliers of rapeseed oil imports to Belgium, together comprising 95% of total imports. These countries were followed by the UK, which accounted for a further 4.3%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +81.3%), while imports for the other leaders experienced mixed trend patterns.

In value terms, France ($X), the Netherlands ($X) and Germany ($X) constituted the largest rapeseed oil suppliers to Belgium, together comprising 94% of total imports. The UK lagged somewhat behind, accounting for a further 4.3%.

In terms of the main suppliers, the UK, with a CAGR of +82.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average rapeseed oil import price amounted to $X per ton, picking up by 32% against the previous year. In general, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.7% 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 +79.1% against 2017 indices. The most prominent rate of growth was recorded in 2021 an increase of 33%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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