Europe: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Europe

In 2022, the Europe refined soybean oil market increased by 6.3% to $X, rising for the second year in a row after five years of decline. In general, consumption saw a mild contraction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Europe

In value terms, refined soybean oil production fell to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced slump. The most prominent rate of growth was recorded in 2021 when the production volume increased by 10%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Soybean Oil Exports

Exports in Europe

In 2022, refined soybean oil exports in Europe declined modestly to X tons, reducing by -4% on the year before. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 30%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined soybean oil exports soared to $X in 2022. Overall, exports, however, continue to indicate mild growth. The pace of growth was the most pronounced in 2020 when exports increased by 41%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

The Netherlands was the main exporter of refined soybean oil and its fractions in Europe, with the volume of exports amounting to X tons, which was near 47% of total exports in 2022. It was distantly followed by Germany (X tons), Portugal (X tons), Spain (X tons), Russia (X tons) and France (X tons), together constituting a 35% share of total exports. Italy (X tons) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to refined soybean oil exports from the Netherlands stood at +1.4%. At the same time, France (+28.5%), Russia (+21.0%) and Italy (+11.7%) displayed positive paces of growth. Moreover, France emerged as the fastest-growing exporter exported in Europe, with a CAGR of +28.5% from 2012-2022. By contrast, Germany (-2.8%), Portugal (-3.3%) and Spain (-8.9%) illustrated a downward trend over the same period. France (+5.5 p.p.), Russia (+5.3 p.p.), the Netherlands (+3.5 p.p.) and Italy (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while Portugal, Germany and Spain saw its share reduced by -3.3%, -4% and -11% from 2012 to 2022, respectively.

In value terms, the Netherlands ($X) remains the largest refined soybean oil supplier in Europe, comprising 44% of total exports. The second position in the ranking was held by Germany ($X), with an 11% share of total exports. It was followed by Portugal, with an 8.2% share.

In the Netherlands, refined soybean oil exports increased at an average annual rate of +2.2% over the period from 2012-2022. 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 Europe amounted to $X per ton, surging by 25% against the previous year. Export price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.1% 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 +86.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 37%. The level of export peaked in 2022 and is expected to retain growth in the near future.

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

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

Refined Soybean Oil Imports

Imports in Europe

In 2022, refined soybean oil imports in Europe soared to X tons, increasing by 26% against the year before. In general, imports continue to indicate a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports recorded pronounced growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The UK represented the major importer of refined soybean oil and its fractions in Europe, with the volume of imports accounting for X tons, which was near 33% of total imports in 2022. It was distantly followed by Belgium (X tons), Germany (X tons), Ireland (X tons), Italy (X tons), Spain (X tons) and the Netherlands (X tons), together mixing up a 50% share of total imports. France (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined soybean oil imports into the UK stood at +3.1%. At the same time, Italy (+44.8%), Spain (+13.8%), Ireland (+11.2%) and Germany (+9.9%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing importer imported in Europe, with a CAGR of +44.8% from 2012-2022. By contrast, Belgium (-2.1%), the Netherlands (-3.0%) and France (-12.7%) illustrated a downward trend over the same period. While the share of the UK (+6.4 p.p.), Germany (+6.3 p.p.), Ireland (+6 p.p.), Italy (+5.5 p.p.) and Spain (+3.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Netherlands (-2.2 p.p.), Belgium (-4.6 p.p.) and France (-11.7 p.p.) displayed negative dynamics.

In value terms, the UK ($X) constitutes the largest market for imported refined soybean oil and its fractions in Europe, comprising 31% of total imports. The second position in the ranking was held by Belgium ($X), with a 12% share of total imports. It was followed by Spain, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the UK stood at +5.6%. In the other countries, the average annual rates were as follows: Belgium (-0.3% per year) and Spain (+25.7% per year).

Import Prices by Country

In 2022, the import price in Europe amounted to $X per ton, picking up by 39% against the previous year. Import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +2.5% 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 +101.8% 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