Norway: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Norway

In 2022, after three years of growth, there was significant decline in the Norwegian rapeseed oil market, when its value decreased by -10.3% to $X. Over the period under review, consumption, however, enjoyed a strong increase. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Rapeseed Oil Production in Norway

In value terms, rapeseed oil production reduced modestly to $X in 2022 estimated in export price. Overall, production recorded a abrupt downturn. The most prominent rate of growth was recorded in 2021 when the production volume increased by 11% 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.

Rapeseed Oil Exports

Exports from Norway

In 2022, shipments abroad of rapeseed oil decreased by -2.6% to X tons, falling for the second year in a row after four years of growth. In general, exports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 2,669% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, rapeseed oil exports expanded slightly to $X in 2022. Over the period under review, exports, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 2,684%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Lithuania (X tons) was the main destination for rapeseed oil exports from Norway, with a 91% share of total exports. Moreover, rapeseed oil exports to Lithuania exceeded the volume sent to the second major destination, Denmark (X tons), more than tenfold. Sweden (X tons) ranked third in terms of total exports with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Lithuania stood at +71.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+18.9% per year) and Sweden (+0.2% per year).

In value terms, Lithuania ($X) remains the key foreign market for rapeseed oil exports from Norway, comprising 66% of total exports. The second position in the ranking was held by Sweden ($X), with a 17% share of total exports. It was followed by Denmark, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value to Lithuania amounted to +87.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+12.2% per year) and Denmark (+20.0% per year).

Export Prices by Country

In 2022, the average rapeseed oil export price amounted to $X per ton, rising by 5.5% against the previous year. Over the period under review, the export price recorded a resilient increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by 193%. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Lithuania ($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 Germany (+26.4%), while the prices for the other major destinations experienced more modest paces of growth.

Rapeseed Oil Imports

Imports into Norway

After six years of growth, purchases abroad of rapeseed oil decreased by -28% to X tons in 2022. Overall, total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 21%. Over the period under review, imports hit record highs at X tons in 2021, and then fell notably in the following year.

In value terms, rapeseed oil imports declined to $X in 2022. Over the period under review, imports, however, continue to indicate strong growth. The pace of growth was the most pronounced in 2021 when imports increased by 57%. As a result, imports attained the peak of $X, and then dropped slightly in the following year.

Imports by Country

Russia (X tons), Belarus (X tons) and Denmark (X tons) were the main suppliers of rapeseed oil imports to Norway, with a combined 65% share of total imports. Germany, Belgium, France, Lithuania, Sweden, the UK, the Netherlands and Finland lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +21.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Belarus ($X) and Germany ($X) were the largest rapeseed oil suppliers to Norway, with a combined 63% share of total imports.

In terms of the main suppliers, Germany, with a CAGR of +25.0%, recorded the highest rates of growth with regard to 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 rapeseed oil import price amounted to $X per ton, growing by 33% against the previous year. Over the period under review, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil import price increased by +97.2% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 39%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the near future.

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 Finland ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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