Greece: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Greece

In 2022, the Greek refined rapeseed oil market increased by 6.8% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, continues to indicate a pronounced decline. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Refined Rapeseed Oil Production in Greece

In value terms, refined rapeseed oil production fell slightly to $X in 2022 estimated in export price. Overall, production saw a deep reduction. The most prominent rate of growth was recorded in 2013 when the production volume increased by 35% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Refined Rapeseed Oil Exports

Exports from Greece

In 2022, overseas shipments of refined rape, colza or mustard oil decreased by -19.9% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 593%. The exports peaked at X tons in 2021, and then declined significantly in the following year.

In value terms, refined rapeseed oil exports shrank to $X in 2022. In general, exports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 879% against the previous year. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

Israel (X tons) was the main destination for refined rapeseed oil exports from Greece, with a 59% share of total exports. Moreover, refined 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 5.2% 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 (+95.7% per year) and Spain (0.0% per year).

In value terms, Israel ($X) remains the key foreign market for refined rape, colza or mustard oil exports from Greece, comprising 59% of total exports. The second position in the ranking was held by Bulgaria ($X), with a 23% share of total exports. It was followed by Spain, with a 6% share.

From 2012 to 2022, the average annual growth rate of value to Israel amounted to +188.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+88.9% per year) and Spain (0.0% per year).

Export Prices by Country

In 2022, the average refined rapeseed oil export price amounted to $X per ton, rising by 7.7% against the previous year. Overall, the export price, however, recorded a perceptible shrinkage. The pace of growth appeared the most rapid in 2021 when the average export price increased by 42%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Serbia ($X per ton), while the average price for exports to Poland ($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 Israel (+22.3%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Rapeseed Oil Imports

Imports into Greece

In 2022, supplies from abroad of refined rape, colza or mustard oil increased by 226% to X tons, rising for the third year in a row after three years of decline. Over the period under review, imports enjoyed buoyant growth. The growth pace was the most rapid in 2015 when imports increased by 257%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, refined rapeseed oil imports soared to $X in 2022. In general, imports recorded a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Bulgaria (X tons) constituted the largest refined rapeseed oil supplier to Greece, accounting for a 39% share of total imports. Moreover, refined rapeseed oil imports from Bulgaria exceeded the figures recorded by the second-largest supplier, Austria (X tons), twofold. The third position in this ranking was held by Romania (X tons), with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bulgaria stood at +11.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+33.1% per year) and Romania (+64.9% per year).

In value terms, Bulgaria ($X), Austria ($X) and Romania ($X) were the largest refined rapeseed oil suppliers to Greece, together accounting for 61% of total imports. Hungary, Germany, Sweden and the Netherlands lagged somewhat behind, together comprising a further 34%.

Sweden, with a CAGR of +530.0%, saw 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 refined rapeseed oil import price amounted to $X per ton, shrinking by -5.1% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 56% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+18.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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