Norway: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Norway

In 2022, the Norwegian refined soybean oil market decreased by -11.3% to $X, falling for the third consecutive year after four years of growth. Overall, consumption recorded a abrupt decrease. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Soybean Oil Production in Norway

In value terms, refined soybean oil production dropped to $X in 2022 estimated in export price. Overall, production, however, showed a significant increase. The growth pace was the most rapid in 2018 when the production volume increased by 217%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from Norway

In 2022, exports of refined soybean oil and its fractions from Norway declined notably to X kg, waning by -45% against 2021. In general, exports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2021 with an increase of 905%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, refined soybean oil exports reduced dramatically to $X in 2022. Overall, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2021 with an increase of 636% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Sweden (X kg) was the main destination for refined soybean oil exports from Norway, with a 77% share of total exports. Moreover, refined soybean oil exports to Sweden exceeded the volume sent to the second major destination, Ghana (X kg), tenfold. The Netherlands (X kg) ranked third in terms of total exports with a 5.9% share.

From 2012 to 2022, the average annual growth rate of volume to Sweden was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (-1.6% per year) and the Netherlands (-26.1% per year).

In value terms, Sweden ($X) remains the key foreign market for refined soybean oil and its fractions exports from Norway, comprising 75% of total exports. The second position in the ranking was taken by Ghana ($X), with a 10% share of total exports. It was followed by the Netherlands, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value to Sweden was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (+24.4% per year) and the Netherlands (-24.4% per year).

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, with an increase of 3.3% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 43%. Over the period under review, the average export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while the average price for exports to Russia ($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 Ghana (+26.4%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Soybean Oil Imports

Imports into Norway

Refined soybean oil imports into Norway fell remarkably to X tons in 2022, shrinking by -33.8% against 2021. In general, imports continue to indicate a sharp contraction. The most prominent rate of growth was recorded in 2013 with an increase of 163%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, refined soybean oil imports dropped to $X in 2022. Overall, imports faced a sharp decrease. The pace of growth was the most pronounced in 2013 when imports increased by 95%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of refined soybean oil to Norway, accounting for a 62% share of total imports. Moreover, refined soybean oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Sweden (X tons), fourfold. Denmark (X tons) ranked third in terms of total imports with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands totaled +13.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-34.8% per year) and Denmark (-20.7% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of refined soybean oil and its fractions to Norway, comprising 59% of total imports. The second position in the ranking was taken by Sweden ($X), with an 18% share of total imports. It was followed by Denmark, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands totaled +13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-32.9% per year) and Denmark (-18.3% per year).

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, with an increase of 37% against the previous year. In general, the import price showed measured growth. As a result, import price attained 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 Italy ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :