Greece: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Greece

The Greek refined soybean oil market expanded significantly to $X in 2022, with an increase of 12% against the previous year. Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +56.9% against 2017 indices. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the near future.

Refined Soybean Oil Production in Greece

In value terms, refined soybean oil production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a temperate increase. The growth pace was the most rapid in 2021 with an increase of 49% against the previous year. Refined soybean oil production peaked in 2022 and is likely to see gradual growth in years to come.

Refined Soybean Oil Exports

Exports from Greece

In 2022, shipments abroad of refined soybean oil and its fractions decreased by -31% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports showed a slight downturn. The most prominent rate of growth was recorded in 2015 with an increase of 187% against the previous year. The exports peaked at X tons in 2021, and then contracted dramatically in the following year.

In value terms, refined soybean oil exports contracted to $X in 2022. Over the period under review, exports, however, posted a measured expansion. The most prominent rate of growth was recorded in 2021 with an increase of 125%. As a result, the exports attained the peak of $X, leveling off in the following year.

Exports by Country

Bulgaria (X tons) was the main destination for refined soybean oil exports from Greece, with a 60% share of total exports. Moreover, refined soybean oil exports to Bulgaria exceeded the volume sent to the second major destination, Italy (X tons), fourfold. The third position in this ranking was taken by Cyprus (X tons), with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Bulgaria stood at +14.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+66.2% per year) and Cyprus (+34.5% per year).

In value terms, Bulgaria ($X) remains the key foreign market for refined soybean oil and its fractions exports from Greece, comprising 54% of total exports. The second position in the ranking was held by Italy ($X), with a 20% share of total exports. It was followed by Cyprus, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Bulgaria amounted to +17.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+91.9% per year) and Cyprus (+35.6% per year).

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, growing by 44% against the previous year. Overall, the export price continues to indicate a notable increase. The most prominent rate of growth was recorded in 2021 an increase of 61%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Bulgaria ($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 Germany (+45.6%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Greece

In 2022, imports of refined soybean oil and its fractions into Greece soared to X tons, with an increase of 15% on 2021. Over the period under review, imports showed a buoyant increase. The most prominent rate of growth was recorded in 2013 when imports increased by 214%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. Overall, imports recorded a prominent expansion. The growth pace was the most rapid in 2021 with an increase of 204% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Italy (X tons) constituted the largest supplier of refined soybean oil to Greece, with a 60% share of total imports. Moreover, refined soybean oil imports from Italy exceeded the figures recorded by the second-largest supplier, Serbia (X tons), twofold. Bulgaria (X tons) ranked third in terms of total imports with a 7.5% share.

From 2012 to 2022, the average annual growth rate of volume from Italy stood at +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Serbia (+18.6% per year) and Bulgaria (+5.6% per year).

In value terms, Italy ($X) constituted the largest supplier of refined soybean oil and its fractions to Greece, comprising 63% of total imports. The second position in the ranking was taken by Serbia ($X), with a 24% share of total imports. It was followed by Bulgaria, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value from Italy totaled +18.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Serbia (+33.6% per year) and Bulgaria (+5.2% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, increasing by 21% against the previous year. Overall, the import price continues to indicate pronounced growth. The pace of growth appeared the most rapid in 2021 when the average import price increased by 59% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Italy ($X per ton) and Serbia ($X per ton), while the price for Bulgaria ($X per ton) and Romania ($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 (+12.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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