Norway: Soybean Oil Market 2024

Soybean Oil Market Size in Norway

In 2022, the Norwegian soybean oil market increased by 119% to $X, rising for the second year in a row after two years of decline. Overall, consumption posted a resilient increase. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Soybean Oil Production in Norway

In value terms, soybean oil production amounted to $X in 2022 estimated in export price. Over the period under review, production showed a perceptible descent. The most prominent rate of growth was recorded in 2016 with an increase of 5.4%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from Norway

In 2022, overseas shipments of soybean oil decreased by -17.2% to X tons, falling for the second year in a row after two years of growth. In general, exports recorded a noticeable setback. The most prominent rate of growth was recorded in 2019 with an increase of 20% 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, soybean oil exports expanded rapidly to $X in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 41% against the previous year. 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 soybean oil exports from Norway, together comprising 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) appeared to be the largest markets for soybean oil exported from Norway worldwide, together comprising 100% of total exports.

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

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, surging by 30% against the previous year. Overall, the export price enjoyed a perceptible expansion. The most prominent rate of growth was recorded in 2021 an increase of 59%. The export price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major export 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.

Soybean Oil Imports

Imports into Norway

In 2022, overseas purchases of soybean oil were finally on the rise to reach X tons after two years of decline. Overall, imports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2013 with an increase of 163% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, soybean oil imports skyrocketed to $X in 2022. In general, imports, however, faced a abrupt curtailment. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Russia (X tons) constituted the largest soybean oil supplier to Norway, with a 68% share of total imports. Moreover, soybean oil imports from Russia exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. The third position in this ranking was taken by Lithuania (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Russia amounted to -5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+13.3% per year) and Lithuania (+166.6% per year).

In value terms, Russia ($X) constituted the largest supplier of soybean oil to Norway, comprising 61% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 18% share of total imports. It was followed by Lithuania, with a 9.1% share.

From 2012 to 2022, the average annual growth rate of value from Russia stood at -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+13.8% per year) and Lithuania (+176.2% per year).

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, which is down by -3% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 69%. As a result, import price reached the peak level of $X per ton, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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