Luxembourg: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Luxembourg

The Luxembourg refined soybean oil market fell remarkably to $X in 2022, dropping by -16.5% against the previous year. Over the period under review, consumption recorded a noticeable decline. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in Luxembourg

In value terms, refined soybean oil production rose to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 38% against the previous year. Refined soybean oil production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Refined Soybean Oil Exports

Exports from Luxembourg

In 2022, shipments abroad of refined soybean oil and its fractions decreased by -40.5% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 120% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021, and then contracted markedly in the following year.

In value terms, refined soybean oil exports fell dramatically to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when exports increased by 141% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then contracted sharply in the following year.

Exports by Country

Belgium (X tons) was the main destination for refined soybean oil exports from Luxembourg, with a 75% share of total exports. Moreover, refined soybean oil exports to Belgium exceeded the volume sent to the second major destination, Germany (X tons), fourfold. Switzerland (X tons) ranked third in terms of total exports with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Belgium stood at -2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+49.8% per year) and Switzerland (0.0% per year).

In value terms, Belgium ($X) emerged as the key foreign market for refined soybean oil and its fractions exports from Luxembourg, comprising 75% of total exports. The second position in the ranking was taken by Germany ($X), with a 21% share of total exports. It was followed by Switzerland, with a 3.2% share.

From 2012 to 2022, the average annual growth rate of value to Belgium totaled -1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+66.4% per year) and Switzerland (0.0% per year).

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, rising by 23% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Germany ($X per ton) and Belgium ($X per ton), while the average price for exports to France ($X per ton) and Switzerland ($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 Germany (+11.1%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Soybean Oil Imports

Imports into Luxembourg

In 2022, refined soybean oil imports into Luxembourg dropped markedly to X tons, which is down by -58.3% against 2021 figures. Over the period under review, imports recorded a abrupt curtailment. The growth pace was the most rapid in 2021 with an increase of 74% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports fell to $X in 2022. Overall, imports continue to indicate a slight contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 94%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Germany (X tons), Spain (X tons) and Belgium (X tons) were the main suppliers of refined soybean oil imports to Luxembourg, with a combined 93% share of total imports. The Netherlands, France and China lagged somewhat behind, together comprising a further 6.6%.

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 +58.1%), while imports for the other leaders experienced a decline.

In value terms, Germany ($X), Spain ($X) and the Netherlands ($X) appeared to be the largest refined soybean oil suppliers to Luxembourg, with a combined 65% share of total imports.

Among the main suppliers, the Netherlands, with a CAGR of +83.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, surging by 107% against the previous year. Overall, the import price continues to indicate a resilient increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Germany ($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 (+16.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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