Italy: Soybean Oil Market 2024

Soybean Oil Market Size in Italy

The Italian soybean oil market rose sharply to $X in 2022, surging by 14% against the previous year. Over the period under review, consumption, however, saw a perceptible reduction. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Soybean Oil Production in Italy

In value terms, soybean oil production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 122%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Soybean Oil Exports

Exports from Italy

In 2022, approx. X tons of soybean oil were exported from Italy; with an increase of 1.7% compared with the previous year. Over the period under review, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2021 when exports increased by 123% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, soybean oil exports soared to $X in 2022. Overall, exports posted a strong expansion. The pace of growth appeared the most rapid in 2021 with an increase of 252%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Algeria (X tons), Spain (X tons) and Morocco (X tons) were the main destinations of soybean oil exports from Italy, together comprising 71% of total exports. Egypt, Tunisia, Greece, Nepal and the Netherlands lagged somewhat behind, together comprising a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Tunisia (with a CAGR of +86.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from Italy were Algeria ($X), Spain ($X) and Morocco ($X), with a combined 71% share of total exports. Egypt, Tunisia, Greece, Nepal and the Netherlands lagged somewhat behind, together accounting for a further 20%.

Tunisia, with a CAGR of +94.3%, 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 soybean oil export price stood at $X per ton in 2022, rising by 30% against the previous year. Overall, the export price saw moderate growth. The growth pace was the most rapid in 2021 when the average export price increased by 58%. The export price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Greece ($X per ton) and Morocco ($X per ton), while the average price for exports to Tunisia ($X per ton) and Egypt ($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 Egypt (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Italy

In 2022, imports of soybean oil into Italy skyrocketed to X tons, rising by 177% compared with the previous year. In general, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by 3,049% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, soybean oil imports surged to $X in 2022. Overall, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 983%. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

Spain (X tons), Argentina (X tons) and Germany (X tons) were the main suppliers of soybean oil imports to Italy, with a combined 86% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +73.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Argentina ($X) and Germany ($X) constituted the largest soybean oil suppliers to Italy, with a combined 84% share of total imports.

Among the main suppliers, Spain, with a CAGR of +72.9%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, surging by 35% against the previous year. Overall, the import price showed pronounced growth. The pace of growth appeared the most rapid in 2013 when the average import price increased by 146%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovenia (+3.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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