Hungary: Linseed Oil Market 2024

Linseed Oil Market Size in Hungary

In 2022, the Hungarian linseed oil market decreased by -1.8% to $X, falling for the fourth consecutive year after two years of growth. In general, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -15.6% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Linseed Oil Production in Hungary

In value terms, linseed oil production rose to $X in 2022 estimated in export price. Overall, production saw a resilient increase. The pace of growth appeared the most rapid in 2013 with an increase of 343%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Linseed Oil Exports

Exports from Hungary

In 2022, the amount of linseed oil exported from Hungary stood at X tons, therefore, remained relatively stable against the previous year's figure. In general, exports showed a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of 1,574% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, linseed oil exports expanded notably to $X in 2022. Over the period under review, exports posted a significant increase. The most prominent rate of growth was recorded in 2016 when exports increased by 898%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Croatia (X tons), the Czech Republic (X tons) and Slovakia (X tons) were the main destinations of linseed oil exports from Hungary, with a combined 67% share of total exports. Slovenia, Bosnia and Herzegovina, Romania and Serbia lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Serbia (with a CAGR of +113.7%), while the other leaders experienced more modest paces of growth.

In value terms, Croatia ($X), the Czech Republic ($X) and Slovakia ($X) appeared to be the largest markets for linseed oil exported from Hungary worldwide, together comprising 61% of total exports. Slovenia, Bosnia and Herzegovina, Romania and Serbia lagged somewhat behind, together comprising a further 21%.

Serbia, with a CAGR of +103.4%, saw 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 linseed oil export price amounted to $X per ton, growing by 9.3% against the previous year. Overall, the export price saw a pronounced expansion. The pace of growth appeared the most rapid in 2013 an increase of 126%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Romania ($X per ton) and the Czech Republic ($X per ton), while the average price for exports to Serbia ($X per ton) and Bosnia and Herzegovina ($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 Slovenia (+5.8%), while the prices for the other major destinations experienced more modest paces of growth.

Linseed Oil Imports

Imports into Hungary

In 2022, approx. X tons of linseed oil were imported into Hungary; waning by -16.3% compared with 2021 figures. Overall, imports showed a deep slump. The pace of growth appeared the most rapid in 2018 with an increase of 74% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, linseed oil imports declined to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 40%. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

Belgium (X tons), Germany (X tons) and Italy (X tons) were the main suppliers of linseed oil imports to Hungary, together accounting for 99% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +7.8%), while imports for the other leaders experienced a decline.

In value terms, the largest linseed oil suppliers to Hungary were Germany ($X), Belgium ($X) and Italy ($X), with a combined 97% share of total imports.

In terms of the main suppliers, Belgium, with a CAGR of +10.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, picking up by 4.7% against the previous year. Over the period under review, the import price enjoyed resilient growth. The growth pace was the most rapid in 2017 an increase of 55% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see gradual growth in years to come.

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 Italy ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+12.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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