Greece: Soybean Oil Market 2024

Soybean Oil Market Size in Greece

In 2022, the Greek soybean oil market increased by 34% to $X, rising for the fourth year in a row after two years of decline. In general, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +103.2% against 2018 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Soybean Oil Production in Greece

In value terms, soybean oil production surged to $X in 2022 estimated in export price. In general, production posted a slight increase. The pace of growth appeared the most rapid in 2021 when the production volume increased by 49% against the previous year. Soybean oil production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Soybean Oil Exports

Exports from Greece

In 2022, exports of soybean oil from Greece fell dramatically to X tons, waning by -29.1% against the previous year's figure. Overall, exports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 191% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, soybean oil exports contracted to $X in 2022. Over the period under review, exports, however, posted prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 127% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then reduced in the following year.

Exports by Country

Israel (X tons), Cyprus (X tons) and Bulgaria (X tons) were the main destinations of soybean oil exports from Greece, together accounting for 90% of total exports. These countries were followed by Italy, which accounted for a further 7.2%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +426.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from Greece were Israel ($X), Cyprus ($X) and Bulgaria ($X), together accounting for 86% of total exports. These countries were followed by Italy, which accounted for a further 10%.

Italy, with a CAGR of +473.5%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, jumping by 31% against the previous year. Over the period under review, the export price continues to indicate a tangible expansion. The pace of growth was the most pronounced in 2021 when the average export price increased by 74% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the near future.

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 Italy ($X per ton), while the average price for exports to Cyprus ($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 (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Greece

In 2022, the amount of soybean oil imported into Greece surged to X tons, picking up by 54% against 2021 figures. Overall, imports recorded a significant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 126% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, soybean oil imports surged to $X in 2022. Over the period under review, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2021 when imports increased by 140%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Serbia (X tons) constituted the largest supplier of soybean oil to Greece, with a 59% share of total imports. Moreover, soybean oil imports from Serbia exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. The third position in this ranking was held by Cyprus (X tons), with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Serbia stood at +22.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+16.2% per year) and Cyprus (+60.3% per year).

In value terms, Serbia ($X) constituted the largest supplier of soybean oil to Greece, comprising 59% of total imports. The second position in the ranking was taken by Italy ($X), with a 23% share of total imports. It was followed by Cyprus, with a 6% share.

From 2012 to 2022, the average annual growth rate of value from Serbia totaled +26.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+20.3% per year) and Cyprus (+71.1% per year).

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, jumping by 22% against the previous year. In general, the import price showed tangible growth. The pace of growth appeared the most rapid in 2021 an increase of 61% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were 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 Cyprus (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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