Denmark: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Denmark

The Danish crude soybean oil market contracted remarkably to $X in 2022, which is down by -55% against the previous year. Overall, consumption, however, posted a strong expansion. Crude soybean oil consumption peaked at $X in 2021, and then declined sharply in the following year.

Crude Soybean Oil Production in Denmark

In value terms, crude soybean oil production rose slightly to $X in 2022 estimated in export price. Over the period under review, production, however, posted a prominent expansion. The pace of growth was the most pronounced in 2019 with an increase of 22%. Crude soybean oil production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Soybean Oil Exports

Exports from Denmark

For the third year in a row, Denmark recorded decline in shipments abroad of crude soybean oil, which decreased by -1.5% to X tons in 2022. Over the period under review, exports showed a precipitous curtailment. The growth pace was the most rapid in 2019 with an increase of 455% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, crude soybean oil exports soared to $X in 2022. In general, exports recorded a dramatic descent. The most prominent rate of growth was recorded in 2019 with an increase of 329%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Iceland (X tons) was the main destination for crude soybean oil exports from Denmark, with a 97% share of total exports. It was followed by Sweden (X tons), with a 1.5% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Iceland totaled +1.6%.

In value terms, Iceland ($X) remains the key foreign market for crude soybean oil exports from Denmark, comprising 95% of total exports. The second position in the ranking was taken by Sweden ($X), with a 1.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Iceland stood at +7.4%.

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2022, with an increase of 21% against the previous year. Overall, the export price enjoyed moderate growth. The pace of growth appeared the most rapid in 2021 an increase of 77% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see steady growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Iceland totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iceland (+5.7%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Soybean Oil Imports

Imports into Denmark

In 2022, overseas purchases of crude soybean oil decreased by -61.4% to X tons, falling for the third consecutive year after six years of growth. Over the period under review, imports, however, recorded a strong increase. The pace of growth was the most pronounced in 2016 when imports increased by 84% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, crude soybean oil imports declined sharply to $X in 2022. Overall, imports, however, showed resilient growth. The pace of growth was the most pronounced in 2016 with an increase of 93%. Over the period under review, imports reached the peak figure at $X in 2021, and then fell notably in the following year.

Imports by Country

In 2022, Norway (X tons) constituted the largest supplier of crude soybean oil to Denmark, with a 65% share of total imports. Moreover, crude soybean oil imports from Norway exceeded the figures recorded by the second-largest supplier, Germany (X tons), sixfold. Luxembourg (X tons) ranked third in terms of total imports with an 8.5% share.

From 2012 to 2022, the average annual growth rate of volume from Norway totaled +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+20.5% per year) and Luxembourg (+240.6% per year).

In value terms, Norway ($X) constituted the largest supplier of crude soybean oil to Denmark, comprising 66% of total imports. The second position in the ranking was held by Germany ($X), with a 9.9% share of total imports. It was followed by Luxembourg, with an 8.2% share.

From 2012 to 2022, the average annual growth rate of value from Norway amounted to +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+22.1% per year) and Luxembourg (+263.2% per year).

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, with an increase of 23% against the previous year. Over the period under review, the import price showed temperate growth. The most prominent rate of growth was recorded in 2021 an increase of 59%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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