Eastern Europe: Tall Oil Market 2024

Tall Oil Market Size in Eastern Europe

In 2021, the East European tall oil market decreased by -0.4% to $X, falling for the second year in a row after two years of growth. Overall, consumption, however, continues to indicate a drastic downturn. The growth pace was the most rapid in 2019 with an increase of 7.9%. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Tall Oil Production in Eastern Europe

In value terms, tall oil production dropped modestly to $X in 2021 estimated in export price. In general, production, however, showed a pronounced reduction. The pace of growth was the most pronounced in 2020 with an increase of 7.1% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Tall Oil Exports

Exports in Eastern Europe

In 2021, shipments abroad of tall oil decreased by -12.9% to X tons for the first time since 2016, thus ending a four-year rising trend. Overall, exports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 81% against the previous year. As a result, the exports reached the peak of X tons, and then dropped in the following year.

In value terms, tall oil exports surged to $X in 2021. In general, exports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 57%. The level of export peaked in 2021 and is likely to see steady growth in the immediate term.

Exports by Country

Russia was the key exporting country with an export of around X tons, which resulted at 68% of total exports. It was distantly followed by Belarus (X tons), constituting a 27% share of total exports. Estonia (X tons) and Poland (X tons) followed a long way behind the leaders.

Exports from Russia increased at an average annual rate of +6.1% from 2012 to 2021. At the same time, Belarus (+125.4%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +125.4% from 2012-2021. Poland and Estonia experienced a relatively flat trend pattern. While the share of Belarus (+27 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Poland (-1.9 p.p.), Estonia (-4.2 p.p.) and Russia (-20.8 p.p.) displayed negative dynamics.

In value terms, Russia ($X) remains the largest tall oil supplier in Eastern Europe, comprising 52% of total exports. The second position in the ranking was taken by Poland ($X), with a 24% share of total exports. It was followed by Belarus, with a 21% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Russia amounted to +7.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Poland (+5.8% per year) and Belarus (+133.4% per year).

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2021, rising by 38% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+5.2%), while the other leaders experienced more modest paces of growth.

Tall Oil Imports

Imports in Eastern Europe

For the third year in a row, Eastern Europe recorded growth in supplies from abroad of tall oil, which increased by 9.9% to X tons in 2021. Over the period under review, imports saw a strong increase. The pace of growth appeared the most rapid in 2019 with an increase of 190% against the previous year. The volume of import peaked in 2021 and is likely to continue growth in the immediate term.

In value terms, tall oil imports skyrocketed to $X in 2021. In general, imports recorded a prominent increase. The pace of growth appeared the most rapid in 2017 when imports increased by 91%. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

Russia dominates imports structure, recording X tons, which was near 88% of total imports in 2021. It was distantly followed by Belarus (X tons), generating an 8.9% share of total imports.

Russia was also the fastest-growing in terms of the tall oil imports, with a CAGR of +35.9% from 2012 to 2021. Belarus (-8.5%) illustrated a downward trend over the same period. While the share of Russia (+69 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Belarus (-58.8 p.p.) displayed negative dynamics.

In value terms, Russia ($X) constitutes the largest market for imported tall oil in Eastern Europe, comprising 85% of total imports. The second position in the ranking was taken by Belarus ($X), with a 4.8% share of total imports.

In Russia, tall oil imports expanded at an average annual rate of +15.8% over the period from 2012-2021.

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2021, surging by 42% against the previous year. Overall, the import price, however, saw a abrupt slump. Over the period under review, import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Russia ($X per ton), while Belarus stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belarus (-4.1%).

Source: IndexBox Platform

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