Scandinavia: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in Scandinavia

The Scandinavia crude rapeseed oil market reduced to $X in 2022, which is down by -7.6% against the previous year. The total consumption indicated moderate growth from 2012 to 2022: its value 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, consumption increased by +59.5% against 2018 indices. The level of consumption peaked at $X in 2021, and then reduced in the following year.

Crude Rapeseed Oil Production in Scandinavia

In value terms, crude rapeseed oil production reduced remarkably to $X in 2022 estimated in export price. Over the period under review, production showed a mild downturn. The growth pace was the most rapid in 2019 when the production volume increased by 125% against the previous year. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Crude Rapeseed Oil Exports

Exports in Scandinavia

In 2022, after two years of growth, there was significant decline in overseas shipments of crude rape, colza or mustard oil, when their volume decreased by -22.3% to X tons. In general, exports recorded a abrupt shrinkage. The growth pace was the most rapid in 2015 when exports increased by 189% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, crude rapeseed oil exports declined rapidly to $X in 2022. Over the period under review, exports faced a abrupt descent. The pace of growth was the most pronounced in 2020 when exports increased by 228% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Sweden (X tons) represented the main exporter of crude rape, colza or mustard oil, mixing up 74% of total exports. It was distantly followed by Finland (X tons), comprising a 26% share of total exports.

Sweden was also the fastest-growing in terms of the crude rape, colza or mustard oil exports, with a CAGR of -5.8% from 2012 to 2022. Finland (-28.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Sweden increased by +58 percentage points.

In value terms, Sweden ($X) remains the largest crude rapeseed oil supplier in Scandinavia, comprising 72% of total exports. The second position in the ranking was taken by Finland ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sweden totaled -4.7%.

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per ton, rising by 2.6% against the previous year. Export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude rapeseed oil export price decreased by -15.8% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the export price increased by 46% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the export prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per ton), while Sweden totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+3.7%).

Crude Rapeseed Oil Imports

Imports in Scandinavia

In 2022, after three years of growth, there was significant decline in purchases abroad of crude rape, colza or mustard oil, when their volume decreased by -17.1% to X tons. Total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when imports increased by 25%. Over the period under review, imports hit record highs at X tons in 2021, and then shrank significantly in the following year.

In value terms, crude rapeseed oil imports amounted to $X in 2022. Overall, imports, however, saw a strong increase. The pace of growth appeared the most rapid in 2021 with an increase of 60%. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

Imports by Country

In 2022, Norway (X tons) was the major importer of crude rape, colza or mustard oil, constituting 78% of total imports. Sweden (X tons) ranks second in terms of the total imports with a 17% share, followed by Finland (4.7%).

Imports into Norway increased at an average annual rate of +3.2% from 2012 to 2022. At the same time, Finland (+54.4%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +54.4% from 2012-2022. Sweden experienced a relatively flat trend pattern. From 2012 to 2022, the share of Finland increased by +4.7 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Norway ($X) constitutes the largest market for imported crude rape, colza or mustard oil in Scandinavia, comprising 81% of total imports. The second position in the ranking was held by Sweden ($X), with a 16% share of total imports.

In Norway, crude rapeseed oil imports expanded at an average annual rate of +6.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Sweden (+2.0% per year) and Finland (+43.1% per year).

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, increasing by 23% against the previous year. Import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude rapeseed oil import price increased by +77.7% against 2017 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by 47%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Norway ($X per ton), while Finland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+2.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform