Finland: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in Finland

The Finnish crude rapeseed oil market skyrocketed to $X in 2022, increasing by 27% against the previous year. In general, consumption, however, saw a perceptible slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Rapeseed Oil Production in Finland

In value terms, crude rapeseed oil production shrank dramatically to $X in 2022 estimated in export price. In general, production saw a sharp decline. The pace of growth was the most pronounced in 2021 when the production volume increased by 110% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Rapeseed Oil Exports

Exports from Finland

Crude rapeseed oil exports from Finland skyrocketed to X tons in 2022, increasing by 40% on the previous year's figure. Over the period under review, exports, however, saw a dramatic downturn. The most prominent rate of growth was recorded in 2015 with an increase of 563%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, crude rapeseed oil exports skyrocketed to $X in 2022. In general, exports, however, saw a precipitous decrease. The most prominent rate of growth was recorded in 2015 when exports increased by 460% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Estonia (X tons) was the main destination for crude rapeseed oil exports from Finland, with a 91% share of total exports. Moreover, crude rapeseed oil exports to Estonia exceeded the volume sent to the second major destination, the United States (X tons), more than tenfold. Russia (X tons) ranked third in terms of total exports with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia amounted to +293.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+285.0% per year) and Russia (-26.6% per year).

In value terms, Estonia ($X) emerged as the key foreign market for crude rape, colza or mustard oil exports from Finland, comprising 89% of total exports. The second position in the ranking was held by the United States ($X), with a 6.8% share of total exports. It was followed by Russia, with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Estonia amounted to +369.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+318.2% per year) and Russia (-24.5% per year).

Export Prices by Country

The average crude rapeseed oil export price stood at $X per ton in 2022, surging by 24% against the previous year. Over the period under review, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude rapeseed oil export price increased by +107.3% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 31% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Norway ($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 Estonia (+19.2%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Rapeseed Oil Imports

Imports into Finland

In 2022, approx. X tons of crude rape, colza or mustard oil were imported into Finland; growing by 512% compared with the year before. Over the period under review, imports showed significant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 3,276% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, crude rapeseed oil imports surged to $X in 2022. In general, imports saw significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 1,363% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Germany (X tons) constituted the largest crude rapeseed oil supplier to Finland, with a 80% share of total imports. Moreover, crude rapeseed oil imports from Germany exceeded the figures recorded by the second-largest supplier, Estonia (X tons), sixfold. The third position in this ranking was taken by the Netherlands (X tons), with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +130.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Estonia (+121.0% per year) and the Netherlands (+27.2% per year).

In value terms, Germany ($X), Belarus ($X) and Estonia ($X) constituted the largest crude rapeseed oil suppliers to Finland, with a combined 92% share of total imports.

In terms of the main suppliers, Belarus, with a CAGR of +333.2%, saw 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

The average crude rapeseed oil import price stood at $X per ton in 2022, declining by -21.3% against the previous year. Overall, the import price recorded a deep slump. The most prominent rate of growth was recorded in 2016 when the average import price increased by 25%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belarus ($X per ton), while the price for Germany ($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 (+106.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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