EU: Refined Soybean Oil Market 2025

Refined Soybean Oil Market Size in the EU

In 2022, the EU refined soybean oil market increased by 13% to $X, rising for the second year in a row after five years of decline. Over the period under review, consumption showed a relatively flat trend pattern. The level of consumption peaked in 2022 and is likely to continue growth in the immediate term.

Refined Soybean Oil Production in the EU

In value terms, refined soybean oil production contracted to $X in 2022 estimated in export price. Overall, production continues to indicate a perceptible setback. The growth pace was the most rapid in 2021 with an increase of 11% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Soybean Oil Exports

Exports in the EU

Refined soybean oil exports contracted modestly to X tons in 2022, shrinking by -4.5% on the year before. Overall, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when exports increased by 21% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a mild expansion. The growth pace was the most rapid in 2020 with an increase of 32%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in the near future.

Exports by Country

In 2022, the Netherlands (X tons) was the largest exporter of refined soybean oil and its fractions, creating 52% of total exports. Germany (X tons) ranks second in terms of the total exports with an 11% share, followed by Portugal (7.6%), Spain (7.2%) and France (6.7%). The following exporters - Italy (X tons) and Belgium (X tons) - together made up 6.3% of total exports.

Exports from the Netherlands increased at an average annual rate of +1.4% from 2012 to 2022. At the same time, France (+28.5%) and Italy (+11.7%) displayed positive paces of growth. Moreover, France emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +28.5% from 2012-2022. By contrast, Germany (-2.8%), Portugal (-3.3%), Belgium (-3.6%) and Spain (-8.9%) illustrated a downward trend over the same period. The Netherlands (+7.6 p.p.), France (+6.2 p.p.) and Italy (+2.5 p.p.) significantly strengthened its position in terms of the total exports, while Portugal, Germany and Spain saw its share reduced by -2.8%, -3.3% and -10.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest refined soybean oil supplier in the European Union, comprising 48% of total exports. The second position in the ranking was taken by Germany ($X), with a 12% share of total exports. It was followed by Portugal, with a 9% share.

From 2012 to 2022, the average annual growth rate of value in the Netherlands amounted to +2.2%. In the other countries, the average annual rates were as follows: Germany (-0.7% per year) and Portugal (-1.1% per year).

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, picking up by 28% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.3% 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 export price increased by +91.2% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 36% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Belgium ($X per ton) and Portugal ($X per ton), while the Netherlands ($X per ton) and France ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+2.3%), while the other leaders experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports in the EU

Refined soybean oil imports soared to X tons in 2022, surging by 28% on 2021 figures. The total import volume increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 31%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. Overall, imports posted a notable expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Belgium (X tons), Germany (X tons) and Ireland (X tons) represented roughly 51% of total imports in 2022. Italy (X tons) took an 8.5% share (based on physical terms) of total imports, which put it in second place, followed by Spain (8.1%), the Netherlands (7%), France (5.4%) and Poland (5.2%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Italy (with a CAGR of +44.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil importing markets in the European Union were Belgium ($X), Spain ($X) and Germany ($X), together accounting for 49% of total imports. Ireland, Italy, France, the Netherlands and Poland lagged somewhat behind, together comprising a further 37%.

Italy, with a CAGR of +38.9%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the European Union stood at $X per ton in 2022, surging by 41% against the previous year. Import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.6% 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 +101.9% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per ton), while the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+10.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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