Greece: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Greece

The Greek rapeseed oil market soared to $X in 2022, increasing by 126% against the previous year. Overall, consumption posted notable growth. Rapeseed oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Rapeseed Oil Production in Greece

In value terms, rapeseed oil production stood at $X in 2022 estimated in export price. In general, production faced a deep contraction. The pace of growth appeared the most rapid in 2017 with an increase of 78% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Rapeseed Oil Exports

Exports from Greece

In 2022, overseas shipments of rapeseed oil decreased by -24.3% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, saw a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 3,783% against the previous year. The exports peaked at X tons in 2021, and then fell rapidly in the following year.

In value terms, rapeseed oil exports shrank notably to $X in 2022. In general, exports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 1,480%. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped significantly in the following year.

Exports by Country

Israel (X tons) was the main destination for rapeseed oil exports from Greece, with a 56% share of total exports. Moreover, rapeseed oil exports to Israel exceeded the volume sent to the second major destination, Bulgaria (X tons), twofold. The third position in this ranking was held by Spain (X tons), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume to Israel totaled +135.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+86.1% per year) and Spain (+6,394.6% per year).

In value terms, Israel ($X) remains the key foreign market for rapeseed oil exports from Greece, comprising 56% of total exports. The second position in the ranking was held by Bulgaria ($X), with a 22% share of total exports. It was followed by Spain, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Israel amounted to +187.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+75.6% per year) and Spain (+5,359.0% per year).

Export Prices by Country

In 2022, the average rapeseed oil export price amounted to $X per ton, with an increase of 8.3% against the previous year. In general, the export price, however, saw a pronounced contraction. The growth pace was the most rapid in 2016 when the average export price increased by 65%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Serbia ($X per ton), while the average price for exports to Italy ($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 Israel (+22.1%), while the prices for the other major destinations experienced mixed trend patterns.

Rapeseed Oil Imports

Imports into Greece

In 2022, imports of rapeseed oil into Greece surged to X tons, jumping by 131% against the previous year. Over the period under review, imports saw a pronounced increase. The pace of growth appeared the most rapid in 2015 with an increase of 133% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, rapeseed oil imports skyrocketed to $X in 2022. In general, imports posted a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Bulgaria (X tons), Hungary (X tons) and Romania (X tons) were the main suppliers of rapeseed oil imports to Greece, with a combined 59% 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 +35.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest rapeseed oil suppliers to Greece were Bulgaria ($X), Hungary ($X) and Romania ($X), together accounting for 60% of total imports.

In terms of the main suppliers, Hungary, with a CAGR of +39.3%, recorded the highest growth rate of 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 rapeseed oil import price stood at $X per ton in 2022, rising by 26% against the previous year. Over the period under review, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil import price increased by +113.4% against 2015 indices. The most prominent rate of growth was recorded in 2017 an increase of 28% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Bulgaria ($X per ton) and Serbia ($X per ton), while the price for Germany ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Serbia (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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