Lithuania: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in Lithuania

In 2022, the Lithuanian crude rapeseed oil market increased by 26% to $X, rising for the seventh consecutive year after two years of decline. Overall, consumption showed a strong increase. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in years to come.

Crude Rapeseed Oil Production in Lithuania

In value terms, crude rapeseed oil production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production continues to indicate strong growth. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Crude Rapeseed Oil Exports

Exports from Lithuania

In 2022, approx. X tons of crude rape, colza or mustard oil were exported from Lithuania; rising by 194% against the previous year's figure. In general, exports recorded a significant increase. The growth pace was the most rapid in 2013 with an increase of 379%. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, crude rapeseed oil exports soared to $X in 2022. Overall, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 306%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Poland (X tons) was the main destination for crude rapeseed oil exports from Lithuania, accounting for a 51% share of total exports. Moreover, crude rapeseed oil exports to Poland exceeded the volume sent to the second major destination, Estonia (X tons), threefold. Latvia (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Poland totaled +23.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+91.9% per year) and Latvia (+19.1% per year).

In value terms, Poland ($X) emerged as the key foreign market for crude rape, colza or mustard oil exports from Lithuania, comprising 51% of total exports. The second position in the ranking was taken by Estonia ($X), with a 16% share of total exports. It was followed by Latvia, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Poland amounted to +26.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+98.2% per year) and Latvia (+21.5% per year).

Export Prices by Country

The average crude rapeseed oil export price stood at $X per ton in 2022, surging by 17% against the previous year. Overall, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% 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 +90.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 35% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Latvia ($X per ton) and Poland ($X per ton), while the average price for exports to the Netherlands ($X per ton) and the Czech Republic ($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 Bulgaria (+22.7%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Rapeseed Oil Imports

Imports into Lithuania

In 2022, purchases abroad of crude rape, colza or mustard oil increased by 69% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports recorded a prominent increase. The growth pace was the most rapid in 2013 when imports increased by 76% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, crude rapeseed oil imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Belarus (X tons), Russia (X tons) and Ukraine (X tons) were the main suppliers of crude rapeseed oil imports to Lithuania, together comprising 96% of total imports.

From 2012 to 2022, the biggest increases were recorded for Ukraine (with a CAGR of +68.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belarus ($X), Russia ($X) and Ukraine ($X) were the largest crude rapeseed oil suppliers to Lithuania, together accounting for 96% of total imports.

Among the main suppliers, Ukraine, with a CAGR of +72.0%, 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 crude rapeseed oil import price stood at $X per ton in 2022, with an increase of 11% against the previous year. Over the period under review, import price indicated a temperate 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, crude rapeseed oil import price increased by +94.6% against 2018 indices. The most prominent rate of growth was recorded in 2021 an increase of 55% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Russia ($X per ton) and Latvia ($X per ton), while the price for Ukraine ($X per ton) and Belarus ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform