Poland: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Poland

The Polish crude soybean oil market surged to $X in 2022, jumping by 17% against the previous year. Overall, consumption showed a prominent increase. Crude soybean oil consumption peaked in 2022 and is expected to retain growth in years to come.

Crude Soybean Oil Production in Poland

In value terms, crude soybean oil production rose notably to $X in 2022 estimated in export price. Overall, production showed a pronounced increase. The pace of growth was the most pronounced in 2015 with an increase of 136% against the previous year. Crude soybean oil production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Crude Soybean Oil Exports

Exports from Poland

In 2022, after six years of growth, there was significant decline in shipments abroad of crude soybean oil, when their volume decreased by -6.9% to X tons. Over the period under review, exports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2018 when exports increased by 334% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then declined in the following year.

In value terms, crude soybean oil exports stood at $X in 2022. Overall, exports, however, recorded significant growth. The pace of growth was the most pronounced in 2018 when exports increased by 321% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Germany (X tons), Estonia (X tons) and the Netherlands (X tons) were the main destinations of crude soybean oil exports from Poland, with a combined 85% share 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 the Netherlands (with a CAGR of +341.9%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Estonia ($X) and the Netherlands ($X) appeared to be the largest markets for crude soybean oil exported from Poland worldwide, with a combined 86% share of total exports.

In terms of the main countries of destination, the Netherlands, with a CAGR of +486.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average crude soybean oil export price amounted to $X per ton, picking up by 8.7% against the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil export price increased by +96.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 55%. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while the average price for exports to Bulgaria ($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 the Netherlands (+32.7%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into Poland

Crude soybean oil imports into Poland reached X tons in 2022, growing by 3.2% on the previous year's figure. In general, imports saw resilient growth. The growth pace was the most rapid in 2019 when imports increased by 55%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, crude soybean oil imports rose notably to $X in 2022. Over the period under review, imports enjoyed strong growth. The pace of growth was the most pronounced in 2021 with an increase of 52%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Ukraine (X tons) was the main supplier of crude soybean oil to Poland, accounting for a 91% share of total imports. Moreover, crude soybean oil imports from Ukraine exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ukraine stood at +17.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+3.7% per year) and Germany (-11.5% per year).

In value terms, Ukraine ($X) constituted the largest supplier of crude soybean oil to Poland, comprising 89% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 4.5% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Ukraine amounted to +19.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+8.1% per year) and Germany (-9.0% per year).

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, rising by 8.6% against the previous year. Over the period under review, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil import price increased by +99.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 59% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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