Portugal: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Portugal

The Portuguese chemically modified oils market skyrocketed to $X in 2022, with an increase of 45% against the previous year. In general, consumption posted a significant expansion. Chemically modified oils consumption peaked in 2022 and is likely to continue growth in years to come.

Chemically Modified Oils Production in Portugal

In value terms, chemically modified oils production shrank to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a significant increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 521%. Chemically modified oils production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Chemically Modified Oils Exports

Exports from Portugal

In 2022, the amount of animal or vegetable fats and oils chemically modified exported from Portugal plummeted to X tons, which is down by -24.9% on the year before. In general, total exports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +50.1% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of 62% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, chemically modified oils exports shrank rapidly to $X in 2022. Overall, exports, however, enjoyed pronounced growth. The most prominent rate of growth was recorded in 2021 when exports increased by 112% against the previous year. As a result, the exports attained the peak of $X, and then shrank sharply in the following year.

Exports by Country

Spain (X tons) was the main destination for chemically modified oils exports from Portugal, with a 91% share of total exports. Moreover, chemically modified oils exports to Spain exceeded the volume sent to the second major destination, the Netherlands (X tons), more than tenfold. France (X tons) ranked third in terms of total exports with less than 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain stood at +10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-4.5% per year) and France (-51.6% per year).

In value terms, Spain ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from Portugal, comprising 90% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 7.6% share of total exports. It was followed by France, with less than 0.1% share.

From 2012 to 2022, the average annual growth rate of value to Spain amounted to +11.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-0.7% per year) and France (-47.3% per year).

Export Prices by Country

In 2022, the average chemically modified oils export price amounted to $X per ton, surging by 8.3% against the previous year. Overall, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils export price increased by +59.7% against 2017 indices. The most prominent rate of growth was recorded in 2021 an increase of 31%. The export price peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Spain ($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 Belgium (+32.0%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Portugal

In 2022, overseas purchases of animal or vegetable fats and oils chemically modified were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports posted a significant increase. The growth pace was the most rapid in 2014 with an increase of 379% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, chemically modified oils imports soared to $X in 2022. Overall, imports posted a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of 203%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of chemically modified oils to Portugal, with a 78% share of total imports. Moreover, chemically modified oils imports from Spain exceeded the figures recorded by the second-largest supplier, Belgium (X tons), more than tenfold. The Netherlands (X tons) ranked third in terms of total imports with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain stood at +58.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+101.2% per year) and the Netherlands (+73.7% per year).

In value terms, Spain ($X) constituted the largest supplier of animal or vegetable fats and oils chemically modified to Portugal, comprising 79% of total imports. The second position in the ranking was held by Belgium ($X), with a 6.8% share of total imports. It was followed by the Netherlands, with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain totaled +62.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+96.3% per year) and the Netherlands (+83.0% per year).

Import Prices by Country

In 2022, the average chemically modified oils import price amounted to $X per ton, rising by 28% against the previous year. In general, the import price saw pronounced growth. The growth pace was the most rapid in 2021 an increase of 44% against the previous year. The import price peaked in 2022 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 the Netherlands ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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