Russian Federation: Soybean Oil Market 2024

Soybean Oil Market Size in the Russian Federation

The Russian soybean oil market contracted notably to $X in 2022, waning by -17.9% against the previous year. In general, consumption saw a perceptible curtailment. Soybean oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Soybean Oil Production in the Russian Federation

In value terms, soybean oil production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 32% against the previous year. Soybean oil production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Soybean Oil Exports

Exports from the Russian Federation

In 2022, the amount of soybean oil exported from Russia expanded sharply to X tons, rising by 15% on 2021 figures. Over the period under review, exports showed a buoyant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 102% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, soybean oil exports dropped to $X in 2022. Overall, exports showed a resilient expansion. The pace of growth was the most pronounced in 2014 with an increase of 66%. Over the period under review, the exports attained the maximum at $X in 2021, and then dropped in the following year.

Exports by Country

Egypt (X tons), Algeria (X tons) and China (X tons) were the main destinations of soybean oil exports from Russia, together comprising 91% of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +45.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Egypt ($X), Algeria ($X) and China ($X) constituted the largest markets for soybean oil exported from Russia worldwide, with a combined 90% share of total exports.

China, with a CAGR of +43.6%, recorded the highest growth rate of the value of exports, in terms of 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, waning by -20.2% against the previous year. Over the period under review, the export price recorded a perceptible decrease. The growth pace was the most rapid in 2021 an increase of 57%. As a result, the export price attained the peak level of $X per ton, and then reduced rapidly in the following year.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were China ($X per ton) and Finland ($X per ton), while the average price for exports to Egypt ($X per ton) and Algeria ($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 Tunisia (-0.5%), while the prices for the other major destinations experienced a decline.

Soybean Oil Imports

Imports into the Russian Federation

In 2022, the amount of soybean oil imported into Russia reached X tons, increasing by 14% on 2021. Overall, imports recorded a tangible increase. The most prominent rate of growth was recorded in 2018 when imports increased by 140%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, soybean oil imports reduced to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 53%. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Belarus (X tons) was the main supplier of soybean oil to Russia, accounting for a 98% share of total imports. It was followed by South Korea (X tons), with a 1.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belarus totaled +611.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-11.0% per year) and the Netherlands (-19.7% per year).

In value terms, Belarus ($X) constituted the largest supplier of soybean oil to Russia, comprising 97% of total imports. The second position in the ranking was taken by South Korea ($X), with a 1.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Belarus totaled +494.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-9.0% per year) and the Netherlands (-19.3% per year).

Import Prices by Country

The average soybean oil import price stood at $X per ton in 2022, falling by -19.1% against the previous year. Over the period under review, the import price recorded a mild curtailment. The most prominent rate of growth was recorded in 2017 an increase of 140%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+79.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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