Poland: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Poland

In 2022, the Polish refined soybean oil market decreased by -89.7% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption continues to indicate a deep reduction. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Refined Soybean Oil Production in Poland

In value terms, refined soybean oil production soared to $X in 2022 estimated in export price. Over the period under review, production faced a drastic downturn. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Soybean Oil Exports

Exports from Poland

In 2022, approx. X tons of refined soybean oil and its fractions were exported from Poland; jumping by 847% compared with the previous year's figure. In general, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2016 when exports increased by 1,564%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, refined soybean oil exports surged to $X in 2022. Over the period under review, exports continue to indicate a significant increase. The growth pace was the most rapid in 2016 with an increase of 1,360% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

The Netherlands (X tons) was the main destination for refined soybean oil exports from Poland, accounting for a 70% share of total exports. Moreover, refined soybean oil exports to the Netherlands exceeded the volume sent to the second major destination, Slovakia (X tons), sixfold. The third position in this ranking was taken by Belgium (X tons), with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands totaled +143.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+229.8% per year) and Belgium (0.0% per year).

In value terms, the Netherlands ($X) emerged as the key foreign market for refined soybean oil and its fractions exports from Poland, comprising 67% of total exports. The second position in the ranking was held by Slovakia ($X), with a 15% share of total exports. It was followed by Belgium, with an 8.4% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands totaled +159.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+248.8% per year) and Belgium (0.0% per year).

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, shrinking by -5.8% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 109%. As a result, the export price attained the peak level of $X per ton, and then declined in the following year.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Slovakia ($X per ton) and the Czech Republic ($X per ton), while the average price for exports to Germany ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Austria (+26.1%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Poland

After two years of growth, overseas purchases of refined soybean oil and its fractions decreased by -30.5% to X tons in 2022. Overall, imports, however, enjoyed a moderate increase. The pace of growth was the most pronounced in 2014 with an increase of 210% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined soybean oil imports shrank slightly to $X in 2022. In general, imports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 147%. Imports peaked at $X in 2021, and then contracted modestly in the following year.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of refined soybean oil to Poland, with a 50% share of total imports. Moreover, refined soybean oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. Italy (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands amounted to +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.1% per year) and Italy (+41.6% per year).

In value terms, the Netherlands ($X), Germany ($X) and Italy ($X) were the largest refined soybean oil suppliers to Poland, with a combined 85% share of total imports.

Among the main suppliers, Italy, with a CAGR of +42.6%, 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 refined soybean oil import price amounted to $X per ton, increasing by 38% against the previous year. Overall, the import price enjoyed a noticeable expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 France ($X per ton), while the price for the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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