Norway: Crude Soybean Oil Market 2025

Crude Soybean Oil Market Size in Norway

In 2022, the Norwegian crude soybean oil market increased by 148% to $X, rising for the second consecutive year after two years of decline. Overall, consumption saw a prominent expansion. Crude soybean oil consumption peaked in 2022 and is expected to retain growth in the immediate term.

Crude Soybean Oil Production in Norway

In value terms, crude soybean oil production amounted to $X in 2022 estimated in export price. In general, production continues to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2016 with an increase of 5.4% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Soybean Oil Exports

Exports from Norway

In 2022, shipments abroad of crude soybean oil decreased by -17.2% to X tons, falling for the second year in a row after two years of growth. Overall, exports continue to indicate a perceptible decline. The most prominent rate of growth was recorded in 2019 when exports increased by 20% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, crude soybean oil exports rose rapidly to $X in 2022. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 41%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Sweden (X tons), Denmark (X tons) and the Netherlands (X tons) were the main destinations of crude soybean oil exports from Norway, together accounting for 100% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Denmark (with a CAGR of +5.3%), while the other leaders experienced mixed trend patterns.

In value terms, Sweden ($X), Denmark ($X) and the Netherlands ($X) constituted the largest markets for crude soybean oil exported from Norway worldwide, with a combined 100% share of total exports.

Among the main countries of destination, Denmark, with a CAGR of +7.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2022, jumping by 30% against the previous year. In general, the export price recorded temperate growth. The most prominent rate of growth was recorded in 2021 an increase of 59% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (+2.8%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into Norway

In 2022, after two years of decline, there was significant growth in supplies from abroad of crude soybean oil, when their volume increased by 518% to X tons. Overall, imports saw significant growth. The pace of growth was the most pronounced in 2019 when imports increased by 36,259%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude soybean oil imports soared to $X in 2022. Over the period under review, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 16,619%. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Russia (X tons) constituted the largest supplier of crude soybean oil to Norway, with a 86% share of total imports. Moreover, crude soybean oil imports from Russia exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Russia stood at -21.2%.

In value terms, Russia ($X) constituted the largest supplier of crude soybean oil to Norway, comprising 87% of total imports. The second position in the ranking was taken by Lithuania ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia amounted to -4.7%.

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, falling by -9% against the previous year. In general, the import price showed a pronounced setback. The growth pace was the most rapid in 2016 an increase of 531% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Russia ($X per ton), while the price for Lithuania amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+21.0%).

Source: IndexBox Platform

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