Luxembourg: Soybean Oil Market 2024

Soybean Oil Market Size in Luxembourg

The Luxembourg soybean oil market shrank significantly to $X in 2022, which is down by -25.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a abrupt shrinkage. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Soybean Oil Exports

Exports from Luxembourg

After three years of growth, shipments abroad of soybean oil decreased by -40.5% to X tons in 2022. In general, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2020 with an increase of 65% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, soybean oil exports contracted rapidly to $X in 2022. Over the period under review, exports faced a abrupt downturn. The most prominent rate of growth was recorded in 2020 with an increase of 105% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

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

From 2012 to 2022, the average annual growth rate of volume to Belgium totaled -3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-18.0% per year) and Switzerland (0.0% per year).

In value terms, Belgium ($X) emerged as the key foreign market for soybean oil exports from Luxembourg, comprising 75% of total exports. The second position in the ranking was held by Germany ($X), with a 21% share of total exports. It was followed by Switzerland, with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value to Belgium amounted to -4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-20.9% per year) and Switzerland (0.0% per year).

Export Prices by Country

The average soybean oil export price stood at $X per ton in 2022, rising by 23% against the previous year. In general, the export price, however, continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2020 when the average export price increased by 24%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Belgium (-0.9%), while the prices for the other major destinations experienced a decline.

Soybean Oil Imports

Imports into Luxembourg

In 2022, imports of soybean oil into Luxembourg shrank significantly to X tons, waning by -44.9% against the previous year. Overall, imports faced a abrupt descent. The most prominent rate of growth was recorded in 2013 when imports increased by 20% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, soybean oil imports reduced to $X in 2022. Over the period under review, imports showed a deep downturn. The growth pace was the most rapid in 2021 when imports increased by 31% against the previous year. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Belgium (X tons), Germany (X tons) and the Netherlands (X tons) were the main suppliers of soybean oil imports to Luxembourg, with a combined 83% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +2.5%), while purchases for the other leaders experienced a decline.

In value terms, Belgium ($X), the Netherlands ($X) and Germany ($X) were the largest soybean oil suppliers to Luxembourg, with a combined 75% share of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +11.1%, 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 a decline.

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, surging by 60% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil import price increased by +136.3% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for the United States ($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 (+8.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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