Europe: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Europe

In 2022, the Europe chemically modified oils market increased by 49% to $X, rising for the seventh consecutive year after two years of decline. Over the period under review, consumption continues to indicate a prominent expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Chemically Modified Oils Production in Europe

In value terms, chemically modified oils production surged to $X in 2022 estimated in export price. The total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +16.9% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 25%. Over the period under review, production attained the peak level in 2022 and is expected to retain growth in the immediate term.

Chemically Modified Oils Exports

Exports in Europe

Chemically modified oils exports rose markedly to X tons in 2022, picking up by 11% on 2021. Overall, exports continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2016 when exports increased by 26%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, chemically modified oils exports soared to $X in 2022. Over the period under review, exports posted a resilient increase. The pace of growth appeared the most rapid in 2021 when exports increased by 57% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Exports by Country

In 2022, the Netherlands (X tons) was the largest exporter of animal or vegetable fats and oils chemically modified, achieving 41% of total exports. Spain (X tons) ranks second in terms of the total exports with an 11% share, followed by the UK (7.4%), Germany (6.9%), Poland (6.6%), Italy (6.5%) and Belgium (5.6%).

Exports from the Netherlands increased at an average annual rate of +10.1% from 2012 to 2022. At the same time, Spain (+42.6%), Poland (+20.4%), Italy (+13.4%), the UK (+11.9%), Belgium (+9.3%) and Germany (+1.3%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in Europe, with a CAGR of +42.6% from 2012-2022. From 2012 to 2022, the share of Spain, Poland and Italy increased by +10, +3.9 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest chemically modified oils supplier in Europe, comprising 40% of total exports. The second position in the ranking was held by Spain ($X), with a 12% share of total exports. It was followed by the UK, with a 7.4% share.

In the Netherlands, chemically modified oils exports expanded at an average annual rate of +13.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Spain (+51.1% per year) and the UK (+12.9% per year).

Export Prices by Country

The export price in Europe stood at $X per ton in 2022, with an increase of 23% against the previous year. Export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils export price increased by +88.4% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 39%. The level of export peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+6.0%), while the other leaders experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports in Europe

For the seventh year in a row, Europe recorded growth in overseas purchases of animal or vegetable fats and oils chemically modified, which increased by 26% to X tons in 2022. Over the period under review, imports showed a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 33% against the previous year. The volume of import peaked in 2022 and is likely to see steady growth in years to come.

In value terms, chemically modified oils imports surged to $X in 2022. In general, imports enjoyed a prominent increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The Netherlands was the major importer of animal or vegetable fats and oils chemically modified in Europe, with the volume of imports recording X tons, which was approx. 37% of total imports in 2022. Spain (X tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Germany (9.4%), Finland (6.9%) and the UK (5.6%). Sweden (X tons), Belgium (X tons), Portugal (X tons), France (X tons), Austria (X tons), Bulgaria (X tons), Italy (X tons) and the Czech Republic (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to chemically modified oils imports into the Netherlands stood at +15.9%. At the same time, Finland (+59.7%), Bulgaria (+47.5%), Portugal (+47.0%), Sweden (+38.8%), France (+30.0%), Spain (+28.7%), the Czech Republic (+22.1%), Belgium (+14.9%), Austria (+9.0%), Italy (+8.4%), Germany (+6.1%) and the UK (+6.0%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing importer imported in Europe, with a CAGR of +59.7% from 2012-2022. Spain (+9.5 p.p.), Finland (+6.6 p.p.), Sweden (+2.9 p.p.), Portugal (+2.7 p.p.), the Netherlands (+2.4 p.p.), Bulgaria (+2 p.p.) and France (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Italy, Austria, the UK and Germany saw its share reduced by -1.7%, -1.8%, -7.1% and -11.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) constitutes the largest market for imported animal or vegetable fats and oils chemically modified in Europe, comprising 32% of total imports. The second position in the ranking was held by Spain ($X), with a 15% share of total imports. It was followed by Germany, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in the Netherlands totaled +19.0%. In the other countries, the average annual rates were as follows: Spain (+35.0% per year) and Germany (+10.8% per year).

Import Prices by Country

The import price in Europe stood at $X per ton in 2022, growing by 22% against the previous year. Import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils import price increased by +97.5% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by 40% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform