Europe: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Europe

For the seventh year in a row, the Europe crude soybean oil market recorded growth in sales value, which increased by 10% to $X in 2022. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Crude Soybean Oil Production in Europe

In value terms, crude soybean oil production rose slightly to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 11%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Crude Soybean Oil Exports

Exports in Europe

In 2022, overseas shipments of crude soybean oil decreased by -7.7% to X tons, falling for the second year in a row after three years of growth. The total export volume increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 when exports increased by 25% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, crude soybean oil exports reached $X in 2022. Over the period under review, exports, however, continue to indicate noticeable growth. The pace of growth was the most pronounced in 2021 when exports increased by 56%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

Russia (X tons) and Spain (X tons) were the key exporters of crude soybean oil in 2022, reaching near 24% and 17% of total exports, respectively. It was distantly followed by the Netherlands (X tons), Ukraine (X tons) and Italy (X tons), together comprising a 31% share of total exports. Germany (X tons), Poland (X tons), Portugal (X tons), Belarus (X tons), Serbia (X tons), Norway (X tons), France (X tons) and Slovakia (X tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Belarus (with a CAGR of +224.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest crude soybean oil supplying countries in Europe were Spain ($X), Russia ($X) and the Netherlands ($X), with a combined 47% share of total exports. Ukraine, Italy, Germany, Poland, Portugal, Belarus, Serbia, Norway, France and Slovakia lagged somewhat behind, together comprising a further 49%.

Belarus, with a CAGR of +254.3%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries 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 Europe stood at $X per ton in 2022, surging by 14% against the previous year. Export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil export price increased by +100.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 57%. Over the period under review, the export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+9.1%), while the other leaders experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports in Europe

Crude soybean oil imports rose sharply to X tons in 2022, picking up by 7% compared with 2021 figures. Total imports indicated a measured increase from 2012 to 2022: its volume 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, imports increased by +55.0% against 2017 indices. The pace of growth appeared the most rapid in 2019 with an increase of 20% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, crude soybean oil imports soared to $X in 2022. In general, imports enjoyed measured growth. The growth pace was the most rapid in 2021 with an increase of 50% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the near future.

Imports by Country

Poland (X tons) and Spain (X tons) represented the largest importers of crude soybean oil in 2022, accounting for near 20% and 15% of total imports, respectively. Germany (X tons) took an 8.9% share (based on physical terms) of total imports, which put it in second place, followed by the Netherlands (8.5%), France (8.4%), the UK (7.2%) and Russia (4.9%). Belgium (X tons), Ireland (X tons), Denmark (X tons), Italy (X tons), Sweden (X tons) and Bulgaria (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +28.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Spain ($X) and Germany ($X) constituted the countries with the highest levels of imports in 2022, with a combined 46% share of total imports.

Among the main importing countries, Spain, with a CAGR of +30.0%, recorded the highest rates of growth with regard to 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

In 2022, the import price in Europe amounted to $X per ton, picking up by 7.8% against the previous year. In general, the import price continues to indicate mild growth. The most prominent rate of growth was recorded in 2021 an increase of 60% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bulgaria ($X per ton), while France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform