Eastern Europe: Soybean Oil Market 2024

Soybean Oil Market Size in Eastern Europe

In 2022, the East European soybean oil market decreased by -7.4% to $X for the first time since 2019, thus ending a two-year rising trend. The total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 +98.0% against 2015 indices. As a result, consumption attained the peak level of $X, and then declined in the following year.

Soybean Oil Production in Eastern Europe

In value terms, soybean oil production reached $X in 2022 estimated in export price. The total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.7% 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 -3.0% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 30%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Soybean Oil Exports

Exports in Eastern Europe

In 2022, exports of soybean oil in Eastern Europe rose markedly to X tons, growing by 11% compared with 2021. Overall, exports continue to indicate a resilient increase. The growth pace was the most rapid in 2014 when exports increased by 74% against the previous year. 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, soybean oil exports expanded markedly to $X in 2022. In general, exports continue to indicate strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 45%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

In 2022, Russia (X tons) was the largest exporter of soybean oil, constituting 53% of total exports. Ukraine (X tons) held a 23% share (based on physical terms) of total exports, which put it in second place, followed by Poland (9.2%) and Belarus (6.9%). The following exporters - Slovakia (X tons) and Hungary (X tons) - together made up 5.9% of total exports.

From 2012 to 2022, average annual rates of growth with regard to soybean oil exports from Russia stood at +16.4%. At the same time, Belarus (+226.5%), Slovakia (+73.6%), Hungary (+52.4%), Poland (+41.0%) and Ukraine (+15.2%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +226.5% from 2012-2022. While the share of Poland (+7.7 p.p.), Belarus (+6.9 p.p.), Slovakia (+3.9 p.p.) and Hungary (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ukraine (-6 p.p.) and Russia (-7.5 p.p.) displayed negative dynamics.

In value terms, the largest soybean oil supplying countries in Eastern Europe were Russia ($X), Ukraine ($X) and Poland ($X), with a combined 79% share of total exports. Belarus, Slovakia and Hungary lagged somewhat behind, together comprising a further 18%.

Among the main exporting countries, Belarus, with a CAGR of +256.4%, recorded 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, with a decrease of -2.8% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by 53% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced slightly 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 (+9.2%), while the other leaders experienced more modest paces of growth.

Soybean Oil Imports

Imports in Eastern Europe

In 2022, overseas purchases of soybean oil decreased by -3.2% to X tons, falling for the second consecutive year after three years of growth. Overall, imports, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2019 with an increase of 48% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, soybean oil imports expanded modestly to $X in 2022. Over the period under review, imports, however, posted prominent growth. The growth pace was the most rapid in 2021 with an increase of 49%. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

Poland was the main importer of soybean oil in Eastern Europe, with the volume of imports recording X tons, which was approx. 62% of total imports in 2022. Russia (X tons) ranks second in terms of the total imports with a 15% share, followed by Bulgaria (5.8%) and Belarus (4.8%). The following importers - the Czech Republic (X tons), Lithuania (X tons) and Romania (X tons) - together made up 10% of total imports.

Poland was also the fastest-growing in terms of the soybean oil imports, with a CAGR of +12.6% from 2012 to 2022. At the same time, Lithuania (+11.6%), Belarus (+9.1%), Romania (+8.2%), the Czech Republic (+5.1%), Bulgaria (+3.3%) and Russia (+2.2%) displayed positive paces of growth. From 2012 to 2022, the share of Poland increased by +20 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($X) constitutes the largest market for imported soybean oil in Eastern Europe, comprising 64% of total imports. The second position in the ranking was held by Russia ($X), with an 11% share of total imports. It was followed by Bulgaria, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Poland stood at +14.4%. In the other countries, the average annual rates were as follows: Russia (+0.8% per year) and Bulgaria (+6.4% per year).

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2022, surging by 7.5% against the previous year. Import price indicated a mild expansion 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, soybean oil import price increased by +94.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 56% against the previous year. The level of import peaked 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 ($X per ton), while Russia ($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 (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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