Italy: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Italy

The Italian refined soybean oil market shrank to $X in 2022, which is down by -13.6% against the previous year. Over the period under review, consumption, however, showed a notable increase. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Refined Soybean Oil Production in Italy

In value terms, refined soybean oil production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a notable increase. The pace of growth was the most pronounced in 2018 with an increase of 122%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Refined Soybean Oil Exports

Exports from Italy

In 2022, overseas shipments of refined soybean oil and its fractions increased by 34% to X tons, rising for the fifth consecutive year after four years of decline. Overall, exports recorded buoyant growth. The pace of growth was the most pronounced in 2013 with an increase of 156% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. In general, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 105% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

The UK (X tons), the Netherlands (X tons) and Spain (X tons) were the main destinations of refined soybean oil exports from Italy, with a combined 51% share of total exports. Greece, Poland, Belgium, Slovenia, France, Cyprus, Romania and Germany lagged somewhat behind, together comprising a further 43%.

From 2012 to 2022, the biggest increases were recorded for Cyprus (with a CAGR of +145.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined soybean oil exported from Italy were the UK ($X), Spain ($X) and the Netherlands ($X), together accounting for 49% of total exports. Greece, Poland, Belgium, France, Germany, Cyprus, Slovenia and Romania lagged somewhat behind, together accounting for a further 44%.

Cyprus, with a CAGR of +150.9%, 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 refined soybean oil export price amounted to $X per ton, jumping by 29% against the previous year. Overall, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.1% 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 export price increased by +104.5% against 2019 indices. The growth pace was the most rapid in 2021 when the average export price increased by 50%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Slovenia ($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 Germany (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Italy

Refined soybean oil imports into Italy skyrocketed to X tons in 2022, with an increase of 33% against the previous year. In general, imports recorded significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 767%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, refined soybean oil imports soared to $X in 2022. Overall, imports recorded significant growth. The growth pace was the most rapid in 2020 when imports increased by 705% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Argentina (X tons) constituted the largest refined soybean oil supplier to Italy, with a 71% share of total imports. Moreover, refined soybean oil imports from Argentina exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The Netherlands (X tons) ranked third in terms of total imports with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Argentina was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+41.0% per year) and the Netherlands (+21.1% per year).

In value terms, Argentina ($X) constituted the largest supplier of refined soybean oil and its fractions to Italy, comprising 69% of total imports. The second position in the ranking was held by Germany ($X), with a 21% share of total imports. It was followed by the Netherlands, with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Argentina was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+39.1% per year) and the Netherlands (+21.7% per year).

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, jumping by 36% against the previous year. Over the period under review, the import price, however, saw a perceptible descent. The pace of growth appeared the most rapid in 2013 an increase of 36% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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