Hungary: Crude Soybean Oil Market 2025

Crude Soybean Oil Market Size in Hungary

The Hungarian crude soybean oil market stood at $X in 2022, picking up by 10% against the previous year. Over the period under review, consumption, however, showed strong growth. Crude soybean oil consumption peaked in 2022 and is expected to retain growth in years to come.

Crude Soybean Oil Production in Hungary

In value terms, crude soybean oil production expanded slightly to $X in 2022 estimated in export price. In general, production, however, recorded significant growth. The growth pace was the most rapid in 2014 when the production volume increased by 552% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports from Hungary

Crude soybean oil exports from Hungary dropped remarkably to X tons in 2022, falling by -15.3% on the previous year. Over the period under review, exports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 504% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, crude soybean oil exports soared to $X in 2022. In general, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 485%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

Exports by Country

Belgium (X tons), the Czech Republic (X tons) and Slovenia (X tons) were the main destinations of crude soybean oil exports from Hungary, with a combined 63% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +103.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crude soybean oil exported from Hungary were Belgium ($X), the Czech Republic ($X) and Slovenia ($X), together accounting for 63% of total exports.

The Czech Republic, with a CAGR of +118.8%, recorded the highest growth rate of 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

The average crude soybean oil export price stood at $X per ton in 2022, surging by 41% against the previous year. Overall, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil export price increased by +102.0% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Croatia ($X per ton) and Malaysia ($X per ton), while the average price for exports to the Czech Republic ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Croatia (+15.8%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into Hungary

In 2022, overseas purchases of crude soybean oil decreased by -69.5% to X tons, falling for the second consecutive year after three years of growth. In general, imports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2015 with an increase of 590%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, crude soybean oil imports shrank rapidly to $X in 2022. Overall, imports saw a noticeable decline. The pace of growth appeared the most rapid in 2015 when imports increased by 487% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then shrank sharply in the following year.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of crude soybean oil to Hungary, accounting for a 51% share of total imports. Moreover, crude soybean oil imports from Germany exceeded the figures recorded by the second-largest supplier, Serbia (X tons), threefold. Ukraine (X tons) ranked third in terms of total imports with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Serbia (-15.5% per year) and Ukraine (0.0% per year).

In value terms, Germany ($X) constituted the largest supplier of crude soybean oil to Hungary, comprising 54% of total imports. The second position in the ranking was held by Serbia ($X), with a 19% share of total imports. It was followed by Ukraine, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Serbia (-12.9% per year) and Ukraine (0.0% per year).

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, jumping by 48% against the previous year. In general, the import price saw a notable increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Germany ($X per ton) and Serbia ($X per ton), while the price for the Netherlands ($X per ton) and Ukraine ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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