Hungary: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Hungary

In 2022, the Hungarian chemically modified oils market increased by 27% to $X, rising for the seventh consecutive year after three years of decline. Over the period under review, consumption continues to indicate strong growth. Chemically modified oils consumption peaked in 2022 and is likely to see gradual growth in years to come.

Chemically Modified Oils Production in Hungary

In value terms, chemically modified oils production skyrocketed to $X in 2022 estimated in export price. Overall, production showed significant growth. The pace of growth was the most pronounced in 2014 with an increase of 342%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Chemically Modified Oils Exports

Exports from Hungary

In 2022, approx. X tons of animal or vegetable fats and oils chemically modified were exported from Hungary; growing by 11% against the previous year. Over the period under review, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2021 when exports increased by 165% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, chemically modified oils exports surged to $X in 2022. Overall, exports enjoyed a resilient increase. The pace of growth was the most pronounced in 2021 when exports increased by 262% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Austria (X tons) was the main destination for chemically modified oils exports from Hungary, accounting for a 89% share of total exports. Moreover, chemically modified oils exports to Austria exceeded the volume sent to the second major destination, Belgium (X tons), more than tenfold. The third position in this ranking was held by the Netherlands (X tons), with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Austria amounted to +50.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+89.9% per year) and the Netherlands (+69.5% per year).

In value terms, Austria ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from Hungary, comprising 91% of total exports. The second position in the ranking was taken by Belgium ($X), with a 3.7% share of total exports. It was followed by the Netherlands, with a 3.5% share.

From 2012 to 2022, the average annual growth rate of value to Austria totaled +55.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+88.2% per year) and the Netherlands (+72.9% per year).

Export Prices by Country

In 2022, the average chemically modified oils export price amounted to $X per ton, with an increase of 29% against the previous year. In general, the export price recorded a temperate increase. The pace of growth appeared the most rapid in 2020 when the average export price increased by 53%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Austria ($X per ton), while the average price for exports to Slovakia ($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 the Czech Republic (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Hungary

In 2022, imports of animal or vegetable fats and oils chemically modified into Hungary expanded notably to X tons, increasing by 7.4% compared with the previous year's figure. In general, imports posted a strong expansion. The growth pace was the most rapid in 2021 with an increase of 47% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, chemically modified oils imports soared to $X in 2022. Overall, imports saw buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 105%. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest chemically modified oils supplier to Hungary, with a 36% share of total imports. Moreover, chemically modified oils imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Romania (X tons), threefold. Poland (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands amounted to +40.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+22.5% per year) and Poland (+24.1% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of animal or vegetable fats and oils chemically modified to Hungary, comprising 36% of total imports. The second position in the ranking was held by Romania ($X), with a 13% share of total imports. It was followed by Poland, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled +46.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+30.0% per year) and Poland (+29.3% per year).

Import Prices by Country

In 2022, the average chemically modified oils import price amounted to $X per ton, growing by 25% against the previous year. In general, the import price recorded measured growth. The growth pace was the most rapid in 2021 when the average import price increased by 40%. The import price peaked in 2022 and is likely to see gradual 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 ($X per ton) and Austria ($X per ton), while the price for Slovakia ($X per ton) and Romania ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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