Belgium: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Belgium

In 2022, the Belgian refined soybean oil market increased by 41% to $X, rising for the second consecutive year after three years of decline. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Exports

Exports from Belgium

In 2022, the amount of refined soybean oil and its fractions exported from Belgium declined dramatically to X tons, waning by -62.6% compared with the previous year's figure. Over the period under review, exports showed a pronounced descent. The pace of growth appeared the most rapid in 2020 with an increase of 81%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, refined soybean oil exports declined notably to $X in 2022. Overall, exports recorded a mild decrease. The most prominent rate of growth was recorded in 2020 with an increase of 80%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for refined soybean oil exports from Belgium, with a 35% share of total exports. Moreover, refined soybean oil exports to the Netherlands exceeded the volume sent to the second major destination, France (X tons), twofold. The third position in this ranking was held by Ireland (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands stood at +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+9.0% per year) and Ireland (+1.2% per year).

In value terms, the largest markets for refined soybean oil exported from Belgium were the Netherlands ($X), France ($X) and Ireland ($X), with a combined 61% share of total exports. Cyprus, Spain, Malta, the UK, Guyana, Trinidad and Tobago, Guinea and Israel lagged somewhat behind, together comprising a further 29%.

Among the main countries of destination, Guinea, with a CAGR of +14.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, growing by 45% against the previous year. Overall, export price indicated a slight expansion 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, refined soybean oil export price increased by +91.8% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Malta ($X per ton) and Trinidad and Tobago ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Guinea ($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 Malta (+4.1%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Belgium

Refined soybean oil imports into Belgium declined rapidly to X tons in 2022, which is down by -26.8% on 2021. Overall, imports continue to indicate a pronounced descent. The pace of growth was the most pronounced in 2020 with an increase of 38%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined soybean oil imports totaled $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 47% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Netherlands (X tons) was the main refined soybean oil supplier to Belgium, accounting for a 95% share of total imports. It was followed by Germany (X tons), with a 2.1% share of total imports. Italy (X tons) ranked third in terms of total imports with a 1.6% 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: Germany (-16.5% per year) and Italy (+9.9% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of refined soybean oil and its fractions to Belgium, comprising 93% of total imports. The second position in the ranking was held by Germany ($X), with a 2.8% share of total imports. It was followed by Italy, with a 1.9% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-12.9% per year) and Italy (+12.8% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, rising by 37% against the previous year. Over the period under review, import price indicated a mild expansion 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, refined soybean oil import price increased by +91.4% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Germany ($X per ton) and Italy ($X per ton), while the price for the Netherlands ($X per ton) and France ($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 (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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