Latin America and the Caribbean: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in Latin America and the Caribbean

The Latin American crude rapeseed oil market shrank modestly to $X in 2022, declining by -4.4% against the previous year. The market value increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Crude Rapeseed Oil Production in Latin America and the Caribbean

In value terms, crude rapeseed oil production shrank to $X in 2022 estimated in export price. The total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.2% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 35%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Crude Rapeseed Oil Exports

Exports in Latin America and the Caribbean

Crude rapeseed oil exports skyrocketed to X tons in 2022, with an increase of 57% against 2021. Over the period under review, exports recorded a measured expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, crude rapeseed oil exports surged to $X in 2022. Overall, exports posted a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Paraguay (X tons) and Uruguay (X tons) dominates exports structure, together generating 91% of total exports. Brazil (X tons) and Chile (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Brazil (with a CAGR of +90.9%), while the other leaders experienced more modest paces of growth.

In value terms, Paraguay ($X), Uruguay ($X) and Chile ($X) constituted the countries with the highest levels of exports in 2022, with a combined 92% share of total exports. These countries were followed by Brazil, which accounted for a further 3.5%.

Among the main exporting countries, Brazil, with a CAGR of +92.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, growing by 33% against the previous year. Export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude rapeseed oil export price increased by +109.1% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 37%. Over the period under review, the export prices attained the maximum in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Chile ($X per ton), while Paraguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+8.0%), while the other leaders experienced more modest paces of growth.

Crude Rapeseed Oil Imports

Imports in Latin America and the Caribbean

In 2022, approx. X tons of crude rape, colza or mustard oil were imported in Latin America and the Caribbean; which is down by -16.1% against 2021 figures. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 102% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, crude rapeseed oil imports rose significantly to $X in 2022. Over the period under review, imports, however, continue to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2017 with an increase of 104%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

Imports by Country

Chile dominates imports structure, recording X tons, which was near 74% of total imports in 2022. It was distantly followed by Colombia (X tons) and Brazil (X tons), together achieving a 19% share of total imports. The following importers - Mexico (X tons) and the Dominican Republic (X tons) - each finished at a 4.5% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude rapeseed oil imports into Chile stood at +7.4%. At the same time, the Dominican Republic (+11.5%), Colombia (+6.9%) and Brazil (+4.0%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +11.5% from 2012-2022. By contrast, Mexico (-24.8%) illustrated a downward trend over the same period. Chile (+37 p.p.), Colombia (+4.7 p.p.) and Brazil (+3 p.p.) significantly strengthened its position in terms of the total imports, while Mexico saw its share reduced by -40.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) constitutes the largest market for imported crude rape, colza or mustard oil in Latin America and the Caribbean, comprising 77% of total imports. The second position in the ranking was taken by Brazil ($X), with a 9.4% share of total imports. It was followed by Colombia, with an 8.3% share.

In Chile, crude rapeseed oil imports expanded at an average annual rate of +11.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+8.4% per year) and Colombia (+8.2% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, rising by 26% against the previous year. Overall, the import price continues to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2021 when the import price increased by 75%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Dominican Republic ($X per ton), while Mexico ($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 Dominican Republic (+5.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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