Benelux: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Benelux

In 2022, the Benelux crude soybean oil market increased by 13% to $X, rising for the third consecutive year after three years of decline. The market value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in years to come.

Crude Soybean Oil Production in Benelux

In value terms, crude soybean oil production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 12%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Crude Soybean Oil Exports

Exports in Benelux

In 2022, approx. X tons of crude soybean oil were exported in Benelux; which is down by -11.9% against the previous year's figure. Total exports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -36.8% against 2018 indices. The pace of growth was the most pronounced in 2015 with an increase of 66%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude soybean oil exports surged to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +57.9% against 2019 indices. The pace of growth was the most pronounced in 2015 with an increase of 37%. The level of export peaked in 2022 and is likely to continue growth in years to come.

Exports by Country

The Netherlands prevails in exports structure, finishing at X tons, which was approx. 92% of total exports in 2022. It was distantly followed by Belgium (X tons), mixing up a 7.9% share of total exports.

The Netherlands was also the fastest-growing in terms of the crude soybean oil exports, with a CAGR of +2.7% from 2012 to 2022. Belgium (-3.7%) illustrated a downward trend over the same period. While the share of the Netherlands (+6.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Belgium (-6.1 p.p.) displayed negative dynamics.

In value terms, the Netherlands ($X) remains the largest crude soybean oil supplier in Benelux, comprising 92% of total exports. The second position in the ranking was taken by Belgium ($X), with a 7.8% share of total exports.

In the Netherlands, crude soybean oil exports increased at an average annual rate of +5.9% over the period from 2012-2022.

Export Prices by Country

The export price in Benelux stood at $X per ton in 2022, rising by 34% against the previous year. Overall, the export price enjoyed a pronounced expansion. The pace of growth appeared the most rapid in 2021 an increase of 50%. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while Belgium stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+5.6%).

Crude Soybean Oil Imports

Imports in Benelux

In 2022, purchases abroad of crude soybean oil increased by 8.3% to X tons, rising for the second consecutive year after two years of decline. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 24% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, crude soybean oil imports soared to $X in 2022. Total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% 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 +108.3% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 58%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

The Netherlands was the main importing country with an import of about X tons, which reached 69% of total imports. It was distantly followed by Belgium (X tons), mixing up a 31% share of total imports.

The Netherlands experienced a relatively flat trend pattern with regard to volume of imports of crude soybean oil. At the same time, Belgium (+1.4%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing importer imported in Benelux, with a CAGR of +1.4% from 2012-2022. Belgium (+2.6 p.p.) significantly strengthened its position in terms of the total imports, while the Netherlands saw its share reduced by -2.3% from 2012 to 2022, respectively.

In value terms, the Netherlands ($X) and Belgium ($X) were the countries with the highest levels of imports in 2022.

Belgium, with a CAGR of +3.8%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review.

Import Prices by Country

The import price in Benelux stood at $X per ton in 2022, increasing by 18% against the previous year. Import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% 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 +98.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 56%. The level of import peaked in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the Netherlands amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+2.3%).

Source: IndexBox Platform