Portugal: Soybean Oil Market 2024

Soybean Oil Market Size in Portugal

The Portuguese soybean oil market surged to $X in 2022, with an increase of 27% against the previous year. Overall, consumption, however, continues to indicate a abrupt shrinkage. Soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Soybean Oil Production in Portugal

In value terms, soybean oil production contracted to $X in 2022 estimated in export price. In general, production, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2021 when the production volume increased by 21%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports from Portugal

After seven years of growth, overseas shipments of soybean oil decreased by -13.4% to X tons in 2022. Over the period under review, exports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 26% against the previous year. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, soybean oil exports stood at $X in 2022. In general, exports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 59% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

Exports by Country

Spain (X tons), Angola (X tons) and Morocco (X tons) were the main destinations of soybean oil exports from Portugal, together accounting for 86% 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 Morocco (with a CAGR of +131.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from Portugal were Spain ($X), Angola ($X) and Morocco ($X), with a combined 85% share of total exports.

Morocco, with a CAGR of +140.3%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average soybean oil export price stood at $X per ton in 2022, picking up by 26% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 35%. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Cabo Verde ($X per ton) and Angola ($X per ton), while the average price for exports to Morocco ($X per ton) and Spain ($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 Morocco (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Portugal

In 2022, approx. X tons of soybean oil were imported into Portugal; reducing by -12.5% compared with the previous year's figure. Overall, imports continue to indicate a precipitous decline. The growth pace was the most rapid in 2019 when imports increased by 215% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports totaled $X in 2022. In general, imports continue to indicate a significant curtailment. The pace of growth was the most pronounced in 2019 when imports increased by 129%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Spain (X tons) was the main supplier of soybean oil to Portugal, accounting for a 94% share of total imports. Moreover, soybean oil imports from Spain exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold. The third position in this ranking was taken by Belgium (X tons), with a 1.7% share.

From 2012 to 2022, the average annual growth rate of volume from Spain amounted to -28.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+4.5% per year) and Belgium (+46.8% per year).

In value terms, Spain ($X) constituted the largest supplier of soybean oil to Portugal, comprising 93% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 2.8% share of total imports. It was followed by Belgium, with a 2.4% share.

From 2012 to 2022, the average annual growth rate of value from Spain amounted to -25.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+2.0% per year) and Belgium (+50.5% per year).

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, jumping by 24% against the previous year. Overall, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil import price increased by +89.4% against 2020 indices. The growth pace was the most rapid in 2017 when the average import price increased by 55%. The import price peaked in 2022 and is expected to retain growth in years to come.

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 ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+27.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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