Benelux: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Benelux

In 2022, the Benelux refined soybean oil market increased by 109% to $X, rising for the second year in a row after five years of decline. Overall, consumption enjoyed a tangible expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Refined Soybean Oil Production in Benelux

In value terms, refined soybean oil production dropped modestly to $X in 2022 estimated in export price. In general, production saw a perceptible decrease. The growth pace was the most rapid in 2018 when the production volume increased by 33%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports in Benelux

In 2022, after four years of growth, there was significant decline in overseas shipments of refined soybean oil and its fractions, when their volume decreased by -20.1% to X tons. Total exports indicated a modest expansion from 2012 to 2022: its volume increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 27%. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank notably in the following year.

In value terms, refined soybean oil exports rose modestly to $X in 2022. Overall, exports, however, recorded a slight increase. The most prominent rate of growth was recorded in 2021 when exports increased by 45% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

The Netherlands dominates exports structure, finishing at X tons, which was near 95% of total exports in 2022. It was distantly followed by Belgium (X tons), committing a 4.9% share of total exports.

The Netherlands was also the fastest-growing in terms of the refined soybean oil and its fractions exports, with a CAGR of +1.4% from 2012 to 2022. Belgium (-3.6%) illustrated a downward trend over the same period. The Netherlands (+2.9 p.p.) significantly strengthened its position in terms of the total exports, while Belgium saw its share reduced by -2.9% from 2012 to 2022, respectively.

In value terms, the Netherlands ($X) remains the largest refined soybean oil supplier in Benelux, comprising 94% of total exports. The second position in the ranking was taken by Belgium ($X), with a 6.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the Netherlands amounted to +2.2%.

Export Prices by Country

The export price in Benelux stood at $X per ton in 2022, increasing by 28% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 41% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, 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 (+1.7%).

Refined Soybean Oil Imports

Imports in Benelux

In 2022, approx. X tons of refined soybean oil and its fractions were imported in Benelux; declining by -14.8% against 2021. In general, imports saw a perceptible setback. The pace of growth appeared the most rapid in 2020 when imports increased by 43% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, refined soybean oil imports expanded sharply to $X in 2022. Overall, imports continue to indicate a slight downturn. The pace of growth was the most pronounced in 2020 with an increase of 48% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Belgium (X tons) was the key importer of refined soybean oil and its fractions, generating 74% of total imports. It was distantly followed by the Netherlands (X tons), mixing up a 26% share of total imports.

Belgium was also the fastest-growing in terms of the refined soybean oil and its fractions imports, with a CAGR of -2.1% from 2012 to 2022. The Netherlands (-3.0%) illustrated a downward trend over the same period. While the share of Belgium (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Netherlands (-1.8 p.p.) displayed negative dynamics.

In value terms, Belgium ($X) constitutes the largest market for imported refined soybean oil and its fractions in Benelux, comprising 76% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 24% share of total imports.

In Belgium, refined soybean oil imports remained relatively stable over the period from 2012-2022.

Import Prices by Country

The import price in Benelux stood at $X per ton in 2022, growing by 31% against the previous year. Import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.0% 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 +81.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 33%. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

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 (+1.7%).

Source: IndexBox Platform