Eastern Europe: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in Eastern Europe

In 2021, the East European soybean oilcake market increased by 13% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Soybean Oilcake Production in Eastern Europe

In value terms, soybean oilcake production expanded to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 13%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Soybean Oilcake Exports

Exports in Eastern Europe

In 2021, exports of soybean oilcake in Eastern Europe was estimated at X tons, approximately reflecting the year before. Overall, exports enjoyed significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 96%. The volume of export peaked at X tons in 2019; afterwards, it flattened through to 2021.

In value terms, soybean oilcake exports surged to $X in 2021. Over the period under review, exports showed significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 83%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Russia (X tons) and Ukraine (X tons) represented roughly 62% of total exports in 2021. Belarus (X tons) held a 14% share (based on physical terms) of total exports, which put it in second place, followed by Romania (9.2%), Hungary (5.4%) and Poland (5%). Latvia (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Ukraine (with a CAGR of +47.7%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Ukraine ($X) and Belarus ($X) constituted the countries with the highest levels of exports in 2021, with a combined 78% share of total exports.

Among the main exporting countries, Ukraine, with a CAGR of +47.5%, recorded the highest rates of growth with regard to 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

The export price in Eastern Europe stood at $X per ton in 2021, rising by 40% against the previous year. Export price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, soybean oilcake export price increased by +53.4% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Russia ($X per ton) and Poland ($X per ton), while Latvia ($X per ton) and Ukraine ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+2.2%), while the other leaders experienced more modest paces of growth.

Soybean Oilcake Imports

Imports in Eastern Europe

For the fifth consecutive year, Eastern Europe recorded growth in purchases abroad of soybean oilcake, which increased by 8.8% to X tons in 2021. The total import volume increased at an average annual rate of +1.9% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, soybean oilcake imports skyrocketed to $X in 2021. Total imports indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +65.1% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Poland was the main importer of soybean oilcake in Eastern Europe, with the volume of imports accounting for X tons, which was approx. 47% of total imports in 2021. It was distantly followed by Russia (X tons), Romania (X tons), Hungary (X tons), Belarus (X tons) and the Czech Republic (X tons), together mixing up a 43% share of total imports. The following importers - Lithuania (X tons) and Slovakia (X tons) - each finished at a 4.3% share of total imports.

Poland was also the fastest-growing in terms of the soybean oilcake imports, with a CAGR of +4.0% from 2012 to 2021. At the same time, Russia (+2.7%), Slovakia (+2.0%), Romania (+1.8%) and Belarus (+1.4%) displayed positive paces of growth. Lithuania experienced a relatively flat trend pattern. By contrast, the Czech Republic (-1.9%) and Hungary (-3.1%) illustrated a downward trend over the same period. While the share of Poland (+7.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the Czech Republic (-2.6 p.p.) and Hungary (-4.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($X) constitutes the largest market for imported soybean oilcake in Eastern Europe, comprising 47% of total imports. The second position in the ranking was taken by Russia ($X), with a 13% share of total imports. It was followed by Romania, with a 9.6% share.

In Poland, soybean oilcake imports expanded at an average annual rate of +3.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Russia (+2.7% per year) and Romania (+1.5% per year).

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2021, rising by 27% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Russia ($X per ton) and Belarus ($X per ton), while Slovakia ($X per ton) and the Czech Republic ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Czech Republic (+0.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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