Lithuania: Soybean Oil Market 2024

Soybean Oil Market Size in Lithuania

The Lithuanian soybean oil market soared to $X in 2022, with an increase of 53% against the previous year. Overall, consumption saw strong growth. Soybean oil consumption peaked in 2022 and is expected to retain growth in the near future.

Soybean Oil Production in Lithuania

In value terms, soybean oil production stood at $X in 2022 estimated in export price. In general, production continues to indicate a deep slump. The pace of growth appeared the most rapid in 2018 when the production volume increased by 89%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from Lithuania

In 2022, overseas shipments of soybean oil decreased by -75.6% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 330% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, soybean oil exports contracted rapidly to $X in 2022. Overall, exports, however, showed a tangible increase. The pace of growth appeared the most rapid in 2016 with an increase of 351% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Latvia (X tons) was the main destination for soybean oil exports from Lithuania, accounting for a 56% share of total exports. Moreover, soybean oil exports to Latvia exceeded the volume sent to the second major destination, Estonia (X tons), twofold. Poland (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Latvia totaled -4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+50.2% per year) and Poland (+4.1% per year).

In value terms, Latvia ($X) emerged as the key foreign market for soybean oil exports from Lithuania, comprising 58% of total exports. The second position in the ranking was taken by Estonia ($X), with a 24% share of total exports. It was followed by Poland, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Latvia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+50.0% per year) and Poland (+6.7% per year).

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, increasing by 36% against the previous year. Overall, the export price enjoyed a measured increase. The pace of growth was the most pronounced in 2021 when the average export price increased by 54% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Sweden ($X per ton) and Latvia ($X per ton), while the average price for exports to Poland ($X per ton) and Estonia ($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 Sweden (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Lithuania

In 2022, soybean oil imports into Lithuania was estimated at X tons, picking up by 4.5% compared with 2021. Overall, imports continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2015 when imports increased by 438%. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports posted a strong expansion. The pace of growth was the most pronounced in 2015 with an increase of 307% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Belarus (X tons), Russia (X tons) and the Netherlands (X tons) were the main suppliers of soybean oil imports to Lithuania, together comprising 93% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +59.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Belarus ($X), Russia ($X) and the Netherlands ($X) were the largest soybean oil suppliers to Lithuania, with a combined 92% share of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +61.1%, saw 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

In 2022, the average soybean oil import price amounted to $X per ton, growing by 14% against the previous year. Over the period under review, the import price saw mild growth. The growth pace was the most rapid in 2021 an increase of 66% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the Netherlands ($X per ton) and Ukraine ($X per ton), while the price for Russia ($X per ton) and Belarus ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform