Germany: Soybean Oil Market 2024

Soybean Oil Market Size in Germany

The German soybean oil market surged to $X in 2022, jumping by 24% against the previous year. Overall, consumption posted a resilient increase. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the near future.

Soybean Oil Production in Germany

In value terms, soybean oil production soared to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible slump. Soybean oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from Germany

In 2022, after two years of growth, there was significant decline in overseas shipments of soybean oil, when their volume decreased by -30.4% to X tons. Overall, exports showed a deep slump. The pace of growth appeared the most rapid in 2015 with an increase of 22% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, soybean oil exports shrank to $X in 2022. In general, exports saw a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 60%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons), the Netherlands (X tons) and Saudi Arabia (X tons) were the main destinations of soybean oil exports from Germany, together comprising 41% of total exports.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +250.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from Germany were India ($X), the Netherlands ($X) and Saudi Arabia ($X), together accounting for 40% of total exports.

Among the main countries of destination, Saudi Arabia, with a CAGR of +257.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, growing by 32% against the previous year. In general, the export price continues to indicate a measured increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 50% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were France ($X per ton) and Austria ($X per ton), while the average price for exports to South Korea ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+13.7%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Germany

In 2022, purchases abroad of soybean oil increased by 23% to X tons, rising for the fourth consecutive year after five years of decline. Over the period under review, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +6.8% 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 +125.6% against 2018 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 83% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, soybean oil imports skyrocketed to $X in 2022. In general, imports continue to indicate a buoyant expansion. The growth pace was the most rapid in 2013 when imports increased by 61% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of soybean oil to Germany, accounting for a 77% share of total imports. Moreover, soybean oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Poland (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands totaled +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+42.8% per year) and Serbia (+7.0% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of soybean oil to Germany, comprising 77% of total imports. The second position in the ranking was taken by Poland ($X), with an 11% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the Netherlands stood at +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+44.1% per year) and Serbia (+9.1% per year).

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, picking up by 25% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil import price increased by +94.7% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 46%. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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