Finland: Vegetable Oils Market 2024

Vegetable Oils Market Size in Finland

In 2022, the Finnish vegetable oils market was finally on the rise to reach $X after two years of decline. In general, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Vegetable Oils Production in Finland

In value terms, vegetable oils production shrank rapidly to $X in 2022 estimated in export price. In general, production, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Vegetable Oils Exports

Exports from Finland

In 2022, vegetable oils exports from Finland surged to X tons, jumping by X% against 2021. Over the period under review, exports, however, recorded a sharp decrease. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, vegetable oils exports surged to $X in 2022. In general, exports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2016 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Russia (X tons) was the main destination for vegetable oils exports from Finland, with a X% share of total exports. Moreover, vegetable oils exports to Russia exceeded the volume sent to the second major destination, Latvia (X tons), twofold. Sweden (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Latvia (X% per year) and Sweden (X% per year).

In value terms, Russia ($X) emerged as the key foreign market for vegetable fats and oils exports from Finland, comprising X% of total exports. The second position in the ranking was taken by Latvia ($X), with a X% share of total exports. It was followed by Sweden, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Russia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Latvia (X% per year) and Sweden (X% per year).

Export Prices by Country

The average vegetable oils export price stood at $X per ton in 2022, waning by X% against the previous year. In general, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then declined dramatically in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Russia ($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 Poland (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into Finland

In 2022, supplies from abroad of vegetable fats and oils increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, vegetable oils imports skyrocketed to $X in 2022. Over the period under review, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2019 indices. The growth pace was the most rapid in 2018 when imports increased by X%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Sweden (X tons) constituted the largest supplier of vegetable oils to Finland, accounting for a X% share of total imports. Moreover, vegetable oils imports from Sweden exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was taken by Switzerland (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Sweden stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Switzerland (X% per year).

In value terms, the largest vegetable oils suppliers to Finland were Sweden ($X), Germany ($X) and the Netherlands ($X), with a combined X% share of total imports. Switzerland, Estonia, Poland, Denmark and Italy lagged somewhat behind, together accounting for a further X%.

Switzerland, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average vegetable oils import price amounted to $X per ton, increasing by X% against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable oils import price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2018 an increase of X%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Estonia ($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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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