Colombia: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Colombia

The Colombian rapeseed oil market contracted remarkably to $X in 2022, waning by -17% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +55.8% against 2017 indices. As a result, consumption reached the peak level of $X, and then fell remarkably in the following year.

Rapeseed Oil Exports

Exports from Colombia

In 2022, rapeseed oil exports from Colombia rose remarkably to X tons, growing by 11% compared with the previous year's figure. In general, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 609%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, rapeseed oil exports amounted to $X in 2022. Overall, exports saw a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 506%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Panama (X tons) was the main destination for rapeseed oil exports from Colombia, accounting for a 98% share of total exports. It was followed by Chile (X tons), with a 2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Panama stood at +82.0%.

In value terms, Panama ($X) remains the key foreign market for rapeseed oil exports from Colombia, comprising 89% of total exports. The second position in the ranking was held by Chile ($X), with a 9.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Panama stood at +73.3%.

Export Prices by Country

In 2022, the average rapeseed oil export price amounted to $X per ton, approximately mirroring the previous year. Overall, the export price saw a pronounced decrease. The most prominent rate of growth was recorded in 2013 an increase of 62%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Panama totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+7.8%).

Rapeseed Oil Imports

Imports into Colombia

In 2022, imports of rapeseed oil into Colombia contracted to X tons, with a decrease of -6.5% against the year before. Over the period under review, imports, however, enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2016 with an increase of 38%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, rapeseed oil imports fell dramatically to $X in 2022. Overall, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +68.1% against 2017 indices. The pace of growth was the most pronounced in 2021 with an increase of 68% against the previous year. As a result, imports attained the peak of $X, and then declined dramatically in the following year.

Imports by Country

In 2022, Canada (X tons) constituted the largest supplier of rapeseed oil to Colombia, with a 55% share of total imports. Moreover, rapeseed oil imports from Canada exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was held by Uruguay (X tons), with a 16% share.

From 2012 to 2022, the average annual growth rate of volume from Canada amounted to +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.9% per year) and Uruguay (+15,313.3% per year).

In value terms, Canada ($X), the United States ($X) and Uruguay ($X) constituted the largest rapeseed oil suppliers to Colombia, together accounting for 98% of total imports.

Uruguay, with a CAGR of +15,004.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average rapeseed oil import price stood at $X per ton in 2022, reducing by -14.7% against the previous year. Overall, the import price showed a pronounced setback. The pace of growth appeared the most rapid in 2021 an increase of 46% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :