Eastern Europe: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Eastern Europe

The East European chemically modified oils market expanded rapidly to $X in 2022, rising by 11% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +88.3% against 2016 indices. Over the period under review, the market reached the peak level in 2022 and is likely to continue growth in years to come.

Chemically Modified Oils Production in Eastern Europe

In value terms, chemically modified oils production stood at $X in 2022 estimated in export price. The total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 21%. Over the period under review, production reached the maximum level in 2022 and is likely to continue growth in the near future.

Chemically Modified Oils Exports

Exports in Eastern Europe

In 2022, chemically modified oils exports in Eastern Europe was estimated at X tons, almost unchanged from the previous year's figure. Overall, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 43%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, chemically modified oils exports surged to $X in 2022. Over the period under review, exports posted significant growth. The pace of growth was the most pronounced in 2021 when exports increased by 85%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

In 2022, Poland (X tons) was the largest exporter of animal or vegetable fats and oils chemically modified, committing 47% of total exports. It was distantly followed by Russia (X tons), Lithuania (X tons), Belarus (X tons) and the Czech Republic (X tons), together generating a 41% share of total exports. The following exporters - Slovakia (X tons) and Bulgaria (X tons) - each recorded a 5.9% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to chemically modified oils exports from Poland stood at +20.4%. At the same time, Russia (+45.0%), Bulgaria (+42.0%), Lithuania (+30.3%), Belarus (+8.6%) and the Czech Republic (+6.2%) displayed positive paces of growth. Moreover, Russia emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +45.0% from 2012-2022. By contrast, Slovakia (-3.3%) illustrated a downward trend over the same period. Russia (+18 p.p.), Poland (+11 p.p.), Lithuania (+7.2 p.p.) and Bulgaria (+2.4 p.p.) significantly strengthened its position in terms of the total exports, while Belarus, the Czech Republic and Slovakia saw its share reduced by -6%, -8.2% and -18.1% from 2012 to 2022, respectively.

In value terms, Poland ($X) remains the largest chemically modified oils supplier in Eastern Europe, comprising 51% of total exports. The second position in the ranking was taken by Russia ($X), with a 13% share of total exports. It was followed by Lithuania, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Poland amounted to +27.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Russia (+43.5% per year) and Lithuania (+37.5% per year).

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2022, surging by 19% against the previous year. Export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils export price increased by +103.7% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 48%. Over the period under review, the export prices attained the maximum in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+7.0%), while the other leaders experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports in Eastern Europe

For the ninth year in a row, Eastern Europe recorded growth in overseas purchases of animal or vegetable fats and oils chemically modified, which increased by 17% to X tons in 2022. In general, imports enjoyed a strong increase. The pace of growth was the most pronounced in 2020 when imports increased by 39% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, chemically modified oils imports soared to $X in 2022. Overall, imports showed a prominent expansion. The growth pace was the most rapid in 2021 with an increase of 85%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

In 2022, Bulgaria (X tons) and the Czech Republic (X tons) were the largest importers of animal or vegetable fats and oils chemically modified in Eastern Europe, together reaching approx. 54% of total imports. Hungary (X tons) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by Poland (14%), Lithuania (8.3%) and Slovakia (5%). Latvia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Bulgaria (with a CAGR of +47.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Bulgaria ($X), the Czech Republic ($X) and Hungary ($X) constituted the countries with the highest levels of imports in 2022, together comprising 71% of total imports.

Among the main importing countries, Bulgaria, with a CAGR of +47.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Europe amounted to $X per ton, picking up by 25% against the previous year. Over the period under review, the import price enjoyed a tangible increase. The pace of growth was the most pronounced in 2021 when the import price increased by 43%. Over the period under review, import prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Slovakia ($X per ton), while Latvia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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