Greece: Linseed Oil Market 2024

Linseed Oil Market Size in Greece

In 2022, the Greek linseed oil market decreased by -18.2% to $X, falling for the fourth year in a row after three years of growth. Over the period under review, consumption continues to indicate a deep contraction. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Linseed Oil Production in Greece

In value terms, linseed oil production rose significantly to $X in 2022 estimated in export price. Overall, production saw a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of 168% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Linseed Oil Exports

Exports from Greece

Linseed oil exports from Greece skyrocketed to X tons in 2022, growing by 154% against 2021. Overall, exports recorded a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 2,755%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, linseed oil exports surged to $X in 2022. Over the period under review, exports saw a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 1,414%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Italy (X tons) was the main destination for linseed oil exports from Greece, with a 73% share of total exports. Moreover, linseed oil exports to Italy exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The third position in this ranking was held by Poland (X tons), with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Italy stood at +20.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+61.9% per year) and Poland (+327.5% per year).

In value terms, Italy ($X) emerged as the key foreign market for linseed oil exports from Greece, comprising 78% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 20% share of total exports. It was followed by Poland, with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy totaled +32.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+54.2% per year) and Poland (+114.6% per year).

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2022, waning by -11.5% against the previous year. In general, the export price, however, showed notable growth. The most prominent rate of growth was recorded in 2019 an increase of 113% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

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 Bulgaria ($X per ton), while the average price for exports to Poland ($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 Italy (+10.1%), while the prices for the other major destinations experienced mixed trend patterns.

Linseed Oil Imports

Imports into Greece

In 2022, approx. X tons of linseed oil were imported into Greece; with a decrease of -53.5% on 2021 figures. In general, imports continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2013 with an increase of 65%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, linseed oil imports fell dramatically to $X in 2022. Over the period under review, imports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2013 when imports increased by 78% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of linseed oil to Greece, with a 83% share of total imports. Moreover, linseed oil imports from Belgium exceeded the figures recorded by the second-largest supplier, Italy (X tons), sevenfold. The third position in this ranking was held by the Netherlands (X tons), with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium totaled -3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-10.2% per year) and the Netherlands (+88.2% per year).

In value terms, Belgium ($X) constituted the largest supplier of linseed oil to Greece, comprising 58% of total imports. The second position in the ranking was held by Italy ($X), with a 24% share of total imports. It was followed by the Netherlands, with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium amounted to -5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-2.5% per year) and the Netherlands (+109.1% per year).

Import Prices by Country

In 2022, the average linseed oil import price amounted to $X per ton, shrinking by -14.5% against the previous year. In general, the import price, however, enjoyed a tangible increase. The most prominent rate of growth was recorded in 2021 an increase of 92%. As a result, import price attained the peak level of $X per ton, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Belgium ($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 (+38.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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