Eastern Europe: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Eastern Europe

The East European refined soybean oil market fell markedly to $X in 2022, dropping by -19.6% against the previous year. In general, consumption recorded a deep slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in Eastern Europe

In value terms, refined soybean oil production contracted modestly to $X in 2022 estimated in export price. Overall, production recorded a perceptible shrinkage. The pace of growth was the most pronounced in 2015 with an increase of 5.3% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports in Eastern Europe

In 2022, approx. X tons of refined soybean oil and its fractions were exported in Eastern Europe; increasing by 37% against the previous year's figure. In general, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2020 with an increase of 1,478% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined soybean oil exports soared to $X in 2022. Overall, exports showed strong growth. The most prominent rate of growth was recorded in 2020 when exports increased by 1,504% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Russia (X tons) was the major exporter of refined soybean oil and its fractions, achieving 49% of total exports. It was distantly followed by Poland (X tons), Ukraine (X tons) and Slovakia (X tons), together comprising a 40% share of total exports. Romania (X tons), Belarus (X tons) and Estonia (X tons) took a minor share of total exports.

Exports from Russia increased at an average annual rate of +21.0% from 2012 to 2022. At the same time, Belarus (+361.1%), Slovakia (+219.3%), Poland (+91.1%), Ukraine (+76.7%) and Romania (+10.7%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +361.1% from 2012-2022. By contrast, Estonia (-11.6%) illustrated a downward trend over the same period. Poland (+16 p.p.), Ukraine (+13 p.p.), Slovakia (+11 p.p.), Russia (+8.3 p.p.) and Belarus (+3.6 p.p.) significantly strengthened its position in terms of the total exports, while Romania and Estonia saw its share reduced by -4.1% and -34% from 2012 to 2022, respectively.

In value terms, the largest refined soybean oil supplying countries in Eastern Europe were Russia ($X), Poland ($X) and Slovakia ($X), with a combined 72% share of total exports. Ukraine, Belarus, Romania and Estonia lagged somewhat behind, together comprising a further 26%.

Among the main exporting countries, Belarus, with a CAGR of +318.0%, saw the highest growth rate of the value of exports, 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, surging by 4.1% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 30% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is likely to continue growth in the immediate term.

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 Estonia ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (+3.2%), while the other leaders experienced a decline in the export price figures.

Refined Soybean Oil Imports

Imports in Eastern Europe

In 2022, purchases abroad of refined soybean oil and its fractions decreased by -10.8% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by 57%. Over the period under review, imports reached the maximum at X tons in 2021, and then reduced in the following year.

In value terms, refined soybean oil imports expanded significantly to $X in 2022. Overall, imports, however, enjoyed a perceptible expansion. The pace of growth appeared the most rapid in 2020 with an increase of 72% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Imports by Country

In 2022, Poland (X tons) represented the major importer of refined soybean oil and its fractions, generating 40% of total imports. Russia (X tons) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by the Czech Republic (12%), Lithuania (9.1%), Bulgaria (6.6%), Estonia (5.3%) and Belarus (4.6%).

Imports into Poland increased at an average annual rate of +2.4% from 2012 to 2022. At the same time, Bulgaria (+16.7%), Belarus (+4.9%), Estonia (+3.5%) and Lithuania (+1.1%) displayed positive paces of growth. Moreover, Bulgaria emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +16.7% from 2012-2022. By contrast, the Czech Republic (-2.6%) and Russia (-2.7%) illustrated a downward trend over the same period. Poland (+8.1 p.p.), Bulgaria (+5.2 p.p.), Belarus (+1.7 p.p.) and Estonia (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while the Czech Republic and Russia saw its share reduced by -3.8% and -5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($X) constitutes the largest market for imported refined soybean oil and its fractions in Eastern Europe, comprising 43% of total imports. The second position in the ranking was taken by the Czech Republic ($X), with a 13% share of total imports. It was followed by Russia, with an 11% share.

In Poland, refined soybean oil imports expanded at an average annual rate of +5.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Czech Republic (-0.5% per year) and Russia (-2.8% per year).

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2022, increasing by 21% against the previous year. Import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.0% 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 +79.8% against 2019 indices. The pace of growth was the most pronounced in 2021 when the import price increased by 36% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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