Estonia: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in Estonia

The Estonian crude rapeseed oil market rose significantly to $X in 2022, growing by 13% against the previous year. Over the period under review, consumption posted significant growth. Crude rapeseed oil consumption peaked in 2022 and is likely to continue growth in years to come.

Crude Rapeseed Oil Production in Estonia

In value terms, crude rapeseed oil production reduced rapidly to $X in 2022 estimated in export price. In general, production recorded a strong expansion. The most prominent rate of growth was recorded in 2015 with an increase of 1,451% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Rapeseed Oil Exports

Exports from Estonia

In 2022, the amount of crude rape, colza or mustard oil exported from Estonia contracted significantly to X tons, declining by -56.1% on 2021. Over the period under review, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 when exports increased by 198%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, crude rapeseed oil exports reduced rapidly to $X in 2022. In general, exports faced a deep reduction. The pace of growth was the most pronounced in 2014 when exports increased by 156%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Latvia (X tons) was the main destination for crude rapeseed oil exports from Estonia, accounting for a 84% share of total exports. Moreover, crude rapeseed oil exports to Latvia exceeded the volume sent to the second major destination, Germany (X tons), fivefold. The third position in this ranking was held by Lithuania (X tons), with a 0.5% share.

From 2012 to 2022, the average annual growth rate of volume to Latvia stood at +12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-10.5% per year) and Lithuania (-51.3% per year).

In value terms, Latvia ($X) emerged as the key foreign market for crude rape, colza or mustard oil exports from Estonia, comprising 84% of total exports. The second position in the ranking was held by Germany ($X), with a 15% share of total exports. It was followed by Lithuania, with a 0.6% share.

From 2012 to 2022, the average annual growth rate of value to Latvia totaled +16.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-10.0% per year) and Lithuania (-48.5% per year).

Export Prices by Country

The average crude rapeseed oil export price stood at $X per ton in 2022, picking up by 31% against the previous year. Over the period under review, the export price enjoyed a perceptible expansion. The pace of growth appeared the most rapid in 2021 when the average export price increased by 60% against the previous year. The export price peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Denmark (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Rapeseed Oil Imports

Imports into Estonia

In 2022, imports of crude rape, colza or mustard oil into Estonia soared to X tons, picking up by 63% on the previous year. In general, imports recorded buoyant growth. The pace of growth appeared the most rapid in 2017 with an increase of 131% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, crude rapeseed oil imports surged to $X in 2022. Over the period under review, imports posted significant growth. The growth pace was the most rapid in 2017 with an increase of 141%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Russia (X tons), the Netherlands (X tons) and Finland (X tons) were the main suppliers of crude rapeseed oil imports to Estonia, together accounting for 58% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +2,219.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), the Netherlands ($X) and Finland ($X) appeared to be the largest crude rapeseed oil suppliers to Estonia, with a combined 59% share of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +2,596.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crude rapeseed oil import price stood at $X per ton in 2022, picking up by 32% against the previous year. Overall, the import price enjoyed a temperate increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 50%. Over the period under review, average import prices attained the maximum in 2022 and is likely to see steady growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the Netherlands ($X per ton) and Denmark ($X per ton), while the price for Russia ($X per ton) and Lithuania ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+21.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform