Portugal: Refined Soybean Oil Market 2025

Refined Soybean Oil Market Size in Portugal

The Portuguese refined soybean oil market declined to $X in 2022, dropping by -15% against the previous year. In general, consumption recorded a pronounced downturn. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Portugal

In value terms, refined soybean oil production fell to $X in 2022 estimated in export price. Over the period under review, production saw a deep setback. The growth pace was the most rapid in 2021 with an increase of 21% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from Portugal

After four years of decline, shipments abroad of refined soybean oil and its fractions increased by 2.9% to X tons in 2022. In general, exports, however, showed a noticeable downturn. The pace of growth appeared the most rapid in 2017 with an increase of 64%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined soybean oil exports surged to $X in 2022. Over the period under review, exports, however, saw a mild slump. The pace of growth was the most pronounced in 2017 when exports increased by 80%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Angola (X tons) was the main destination for refined soybean oil exports from Portugal, with a 74% share of total exports. Moreover, refined soybean oil exports to Angola exceeded the volume sent to the second major destination, Cabo Verde (X tons), fivefold. The third position in this ranking was taken by Guinea-Bissau (X tons), with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Angola was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Cabo Verde (-1.4% per year) and Guinea-Bissau (+16.7% per year).

In value terms, Angola ($X) remains the key foreign market for refined soybean oil and its fractions exports from Portugal, comprising 74% of total exports. The second position in the ranking was held by Cabo Verde ($X), with a 15% share of total exports. It was followed by Guinea-Bissau, with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Angola totaled +1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cabo Verde (+0.9% per year) and Guinea-Bissau (+19.1% per year).

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, increasing by 18% against the previous year. Over the period under review, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by +76.0% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 34%. The export price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Cabo Verde ($X per ton) and Sao Tome and Principe ($X per ton), while the average price for exports to Israel ($X per ton) and Guinea-Bissau ($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 Spain (+4.0%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Portugal

In 2022, the amount of refined soybean oil and its fractions imported into Portugal expanded slightly to X tons, picking up by 3% compared with the year before. Overall, imports, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2013 with an increase of 66%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, refined soybean oil imports soared to $X in 2022. Over the period under review, imports, however, showed a deep slump. The pace of growth was the most pronounced in 2013 when imports increased by 50% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Spain (X tons) was the main refined soybean oil supplier to Portugal, accounting for a 90% share of total imports. Moreover, refined soybean oil imports from Spain 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 Spain totaled -14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+5.6% per year) and Brazil (0.0% per year).

In value terms, Spain ($X) constituted the largest supplier of refined soybean oil and its fractions to Portugal, comprising 92% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 4.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Spain totaled -11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+3.2% per year) and Brazil (0.0% per year).

Import Prices by Country

In 2022, the average refined soybean oil import price amounted to $X per ton, with an increase of 36% against the previous year. Over the period under review, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil import price increased by +72.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 37% against the previous year. The import price peaked in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.8%).

Source: IndexBox Platform

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