Hungary: Vegetable Oils Market 2024

Vegetable Oils Market Size in Hungary

The Hungarian vegetable oils market reduced to $X in 2022, waning by X% against the previous year. In general, consumption recorded a noticeable decrease. The pace of growth appeared the most rapid in 2021 with an increase of X%. Vegetable oils consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Vegetable Oils Production in Hungary

In value terms, vegetable oils production fell modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a perceptible descent. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Vegetable Oils Exports

Exports from Hungary

In 2022, exports of vegetable fats and oils from Hungary declined to X tons, waning by X% against the year before. Overall, exports continue to indicate a sharp curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, vegetable oils exports rose remarkably to $X in 2022. In general, exports faced a deep contraction. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Romania (X tons), France (X tons) and Germany (X tons) were the main destinations of vegetable oils exports from Hungary, with a combined X% share of total exports. The Netherlands, Croatia, Indonesia, Austria, Slovakia and the Czech Republic lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for vegetable oils exported from Hungary were France ($X), Germany ($X) and the Netherlands ($X), together comprising X% of total exports. Romania, Croatia, Indonesia, Austria, Slovakia and the Czech Republic lagged somewhat behind, together accounting for a further X%.

Indonesia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 vegetable oils export price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the export price enjoyed a strong expansion. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. 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 Croatia ($X per ton), while the average price for exports to Romania ($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 (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into Hungary

In 2022, purchases abroad of vegetable fats and oils decreased by X% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports continue to indicate a abrupt descent. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, vegetable oils imports expanded sharply to $X in 2022. Over the period under review, imports recorded a mild shrinkage. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The Netherlands (X tons), Sweden (X tons) and Germany (X tons) were the main suppliers of vegetable oils imports to Hungary, together accounting for X% of total imports. Belgium, Italy, Slovenia and Austria lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Slovenia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vegetable oils suppliers to Hungary were the Netherlands ($X), Sweden ($X) and Germany ($X), together accounting for X% of total imports. Belgium, Italy, Slovenia and Austria lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Slovenia, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average vegetable oils import price stood at $X per ton in 2022, growing by X% against the previous year. Overall, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable oils import price increased by X% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Germany ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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