Greece: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in Greece

In 2022, the Greek crude rapeseed oil market increased by 24% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, recorded a abrupt setback. Crude rapeseed oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Crude Rapeseed Oil Production in Greece

In value terms, crude rapeseed oil production shrank modestly to $X in 2022 estimated in export price. In general, production faced a drastic downturn. The most prominent rate of growth was recorded in 2016 when the production volume increased by 132% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Rapeseed Oil Exports

Exports from Greece

In 2022, overseas shipments of crude rape, colza or mustard oil decreased by -58.5% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 15,726%. Over the period under review, the exports reached the maximum at X tons in 2021, and then dropped dramatically in the following year.

In value terms, crude rapeseed oil exports declined sharply to $X in 2022. Overall, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 4,228%. Over the period under review, the exports reached the peak figure at $X in 2021, and then declined markedly in the following year.

Exports by Country

Romania (X tons), Italy (X tons) and Cyprus (X tons) were the main destinations of crude rapeseed oil exports from Greece, together accounting for 99% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Romania (with a CAGR of +202.2%), while the other leaders experienced mixed trend patterns.

In value terms, Romania ($X) emerged as the key foreign market for crude rape, colza or mustard oil exports from Greece, comprising 65% of total exports. The second position in the ranking was taken by Italy ($X), with a 31% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Romania totaled +191.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (0.0% per year) and Cyprus (-25.2% per year).

Export Prices by Country

The average crude rapeseed oil export price stood at $X per ton in 2022, picking up by 7.3% against the previous year. Over the period under review, the export price, however, recorded a deep setback. The most prominent rate of growth was recorded in 2017 an increase of 57% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Cyprus ($X per ton), while the average price for exports to Italy ($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 Cyprus (+16.9%).

Crude Rapeseed Oil Imports

Imports into Greece

For the third consecutive year, Greece recorded growth in purchases abroad of crude rape, colza or mustard oil, which increased by 87% to X tons in 2022. In general, imports, however, showed a noticeable reduction. The pace of growth was the most pronounced in 2021 with an increase of 181% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, crude rapeseed oil imports skyrocketed to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Bulgaria (X tons), Serbia (X tons) and Hungary (X tons) were the main suppliers of crude rapeseed oil imports to Greece, with a combined 78% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +265.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest crude rapeseed oil suppliers to Greece were Bulgaria ($X), Serbia ($X) and Hungary ($X), together comprising 81% of total imports.

Hungary, with a CAGR of +343.1%, saw the highest growth rate of the value of imports, in terms of 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 crude rapeseed oil import price amounted to $X per ton, increasing by 38% against the previous year. Over the period under review, the import price posted tangible growth. The pace of growth appeared the most rapid in 2020 an increase of 69% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2013; afterwards, it flattened through to 2022.

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 Bulgaria ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+21.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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