Eastern Europe: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Eastern Europe

After four years of growth, the East European crude soybean oil market decreased by -7.1% to $X in 2022. The total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 +110.7% against 2015 indices. Over the period under review, the market hit record highs at $X in 2021, and then declined in the following year.

Crude Soybean Oil Production in Eastern Europe

In value terms, crude soybean oil production rose to $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 +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.9% against 2020 indices. The growth pace was the most rapid in 2016 when the production volume increased by 29%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports in Eastern Europe

In 2022, approx. X tons of crude soybean oil were exported in Eastern Europe; picking up by 9% against the previous year. In general, exports enjoyed buoyant growth. The pace of growth was the most pronounced in 2014 when exports increased by 79%. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, crude soybean oil exports expanded rapidly to $X in 2022. Overall, exports continue to indicate strong growth. The pace of growth was the most pronounced in 2014 when exports increased by 51% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Russia was the key exporter of crude soybean oil in Eastern Europe, with the volume of exports amounting to X tons, which was near 53% of total exports in 2022. Ukraine (X tons) held the second position in the ranking, distantly followed by Poland (X tons) and Belarus (X tons). All these countries together held approx. 40% share of total exports. Slovakia (X tons) and Hungary (X tons) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude soybean oil exports from Russia stood at +16.1%. At the same time, Belarus (+224.8%), Slovakia (+69.9%), Hungary (+65.5%), Poland (+39.3%) and Ukraine (+14.8%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +224.8% from 2012-2022. From 2012 to 2022, the share of Belarus, Poland, Slovakia and Hungary increased by +7.1, +7, +3.4 and +1.9 percentage points, respectively.

In value terms, the largest crude soybean oil supplying countries in Eastern Europe were Russia ($X), Ukraine ($X) and Poland ($X), with a combined 80% share of total exports. Belarus, Slovakia and Hungary lagged somewhat behind, together accounting for a further 18%.

Belarus, with a CAGR of +254.3%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Eastern Europe amounted to $X per ton, reducing by -3.5% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 57%. As a result, the export price reached the peak level of $X per ton, and then reduced modestly in the following year.

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 (+9.1%), while the other leaders experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports in Eastern Europe

In 2022, overseas purchases of crude soybean oil decreased by -2.4% to X tons, falling for the second consecutive year after three years of growth. Overall, imports, however, recorded a buoyant expansion. The pace of growth appeared the most rapid in 2019 when imports increased by 54%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, crude soybean oil imports expanded slightly to $X in 2022. Over the period under review, imports, however, saw a strong expansion. The pace of growth appeared the most rapid in 2021 with an increase of 47% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Poland represented the major importing country with an import of around X tons, which reached 64% of total imports. It was distantly followed by Russia (X tons), Bulgaria (X tons) and Belarus (X tons), together generating a 26% share of total imports. The Czech Republic (X tons), Lithuania (X tons) and Romania (X tons) took a relatively small share of total imports.

Imports into Poland increased at an average annual rate of +13.7% from 2012 to 2022. At the same time, Lithuania (+18.5%), Romania (+10.3%), the Czech Republic (+10.0%), Belarus (+9.6%), Russia (+2.9%) and Bulgaria (+2.6%) displayed positive paces of growth. Moreover, Lithuania emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +18.5% from 2012-2022. While the share of Poland (+20 p.p.) and Lithuania (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Bulgaria (-5.3 p.p.) and Russia (-13.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($X) constitutes the largest market for imported crude soybean oil in Eastern Europe, comprising 66% of total imports. The second position in the ranking was taken by Russia ($X), with an 11% share of total imports. It was followed by Bulgaria, with a 7.3% share.

In Poland, crude soybean oil imports increased at an average annual rate of +15.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Russia (+1.3% per year) and Bulgaria (+5.4% per year).

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2022, increasing by 6.2% against the previous year. Import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.2% 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 +94.0% against 2019 indices. The growth pace was the most rapid in 2021 when the import price increased by 58% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :