Norway: Soybean Oilcake Market 2025

Soybean Oilcake Market Size in Norway

For the fourth year in a row, the Norwegian soybean oilcake market recorded decline in sales value, which decreased by -15.3% to $X in 2021. In general, consumption saw a noticeable downturn. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Soybean Oilcake Production in Norway

In value terms, soybean oilcake production dropped modestly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 23% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Soybean Oilcake Exports

Exports from Norway

In 2021, exports of soybean oilcake from Norway fell to X tons, declining by -6.9% compared with 2020. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2020 when exports increased by 28% against the previous year. As a result, the exports reached the peak of X tons, and then dropped in the following year.

In value terms, soybean oilcake exports rose significantly to $X in 2021. The total export value increased at an average annual rate of +1.3% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 27% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

Exports by Country

Sweden (X tons) was the main destination for soybean oilcake exports from Norway, with a 70% share of total exports. Moreover, soybean oilcake exports to Sweden exceeded the volume sent to the second major destination, Denmark (X tons), fourfold. The UK (X tons) ranked third in terms of total exports with an 8% share.

From 2012 to 2021, 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: Denmark (+114.8% per year) and the UK (+23.8% per year).

In value terms, Sweden ($X) remains the key foreign market for soybean oilcake exports from Norway, comprising 72% of total exports. The second position in the ranking was held by Denmark ($X), with a 12% share of total exports. It was followed by the UK, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Sweden was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+106.4% per year) and the UK (+26.1% per year).

Export Prices by Country

The average soybean oilcake export price stood at $X per ton in 2021, growing by 21% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Finland ($X per ton) and the UK ($X per ton), while the average price for exports to Denmark ($X per ton) and Sweden ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+1.9%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oilcake Imports

Imports into Norway

In 2021, purchases abroad of soybean oilcake decreased by -69.9% to X tons, falling for the sixth consecutive year after two years of growth. Over the period under review, imports saw a deep contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 13%. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, soybean oilcake imports shrank markedly to $X in 2021. Overall, imports recorded a abrupt slump. The most prominent rate of growth was recorded in 2014 when imports increased by 19% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Brazil (X tons), India (X tons) and China (X tons) were the main suppliers of soybean oilcake imports to Norway, together comprising 86% of total imports. These countries were followed by the Netherlands, Denmark and Belgium, which together accounted for a further 13%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +290.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), India ($X) and China ($X) were the largest soybean oilcake suppliers to Norway, together comprising 78% of total imports. These countries were followed by the Netherlands, Denmark and Belgium, which together accounted for a further 20%.

The Netherlands, with a CAGR of +399.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average soybean oilcake import price amounted to $X per ton, jumping by 43% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.6%. 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 the Netherlands ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+28.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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