Hungary: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Hungary

The Hungarian refined soybean oil market declined to $X in 2022, waning by -3.6% against the previous year. Over the period under review, consumption showed a abrupt shrinkage. Refined soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in Hungary

In value terms, refined soybean oil production fell slightly to $X in 2022 estimated in export price. Overall, production showed a abrupt decrease. The most prominent rate of growth was recorded in 2015 when the production volume increased by 26%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Hungary

In 2021, shipments abroad of refined soybean oil and its fractions decreased by 0% to X kg, falling for the second consecutive year after two years of growth. Over the period under review, exports faced a dramatic decrease. The pace of growth appeared the most rapid in 2019 with an increase of 1,362%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, refined soybean oil exports stood at $X in 2021. Overall, exports recorded a significant decline. The most prominent rate of growth was recorded in 2019 with an increase of 1,457%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X kg) was the main destination for refined soybean oil exports from Hungary, accounting for a 77% share of total exports. Moreover, refined soybean oil exports to Indonesia exceeded the volume sent to the second major destination, Switzerland (X kg), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia was relatively modest.

From 2012 to 2021, the average annual growth rate of value to Indonesia was relatively modest.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2021, remaining relatively unchanged against the previous year. Over the period under review, the export price posted significant growth. The growth pace was the most rapid in 2013 when the average export price increased by 1,412%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Switzerland amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+2.2%).

Refined Soybean Oil Imports

Imports into Hungary

In 2022, imports of refined soybean oil and its fractions into Hungary rose notably to X tons, picking up by 8.4% against the previous year's figure. In general, imports posted a significant increase. The most prominent rate of growth was recorded in 2013 when imports increased by 428%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports saw significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 452%. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Belgium (X tons) constituted the largest refined soybean oil supplier to Hungary, accounting for a 67% share of total imports. Moreover, refined soybean oil imports from Belgium exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. Serbia (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium totaled +150.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+57.3% per year) and Serbia (-58.1% per year).

In value terms, Belgium ($X) constituted the largest supplier of refined soybean oil and its fractions to Hungary, comprising 70% of total imports. The second position in the ranking was held by Germany ($X), with an 18% share of total imports. It was followed by Serbia, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium totaled +166.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+58.6% per year) and Serbia (-39.0% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, jumping by 22% against the previous year. In general, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil import price increased by +100.8% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 64% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Serbia (+45.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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