Scandinavia: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Scandinavia

In 2022, the Scandinavia rapeseed oil market decreased by -9.4% to $X for the first time since 2018, thus ending a three-year rising trend. The total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 +45.8% against 2018 indices. As a result, consumption reached the peak level of $X, and then shrank in the following year.

Rapeseed Oil Production in Scandinavia

In value terms, rapeseed oil production shrank markedly to $X in 2022 estimated in export price. In general, production saw a abrupt descent. The most prominent rate of growth was recorded in 2017 when the production volume increased by 19% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Rapeseed Oil Exports

Exports in Scandinavia

In 2022, shipments abroad of rapeseed oil increased by 3.3% to X tons, rising for the fourth consecutive year after six years of decline. Overall, exports, however, showed a noticeable slump. The pace of growth was the most pronounced in 2020 when exports increased by 39%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, rapeseed oil exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a pronounced descent. The most prominent rate of growth was recorded in 2020 with an increase of 44%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Sweden prevails in exports structure, amounting to X tons, which was near 94% of total exports in 2022. It was distantly followed by Finland (X tons), creating a 5% share of total exports.

Sweden was also the fastest-growing in terms of the rapeseed oil exports, with a CAGR of +4.5% from 2012 to 2022. Finland (-26.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Sweden increased by +57 percentage points.

In value terms, Sweden ($X) remains the largest rapeseed oil supplier in Scandinavia, comprising 94% of total exports. The second position in the ranking was taken by Finland ($X), with a 5.5% share of total exports.

In Sweden, rapeseed oil exports expanded at an average annual rate of +5.1% over the period from 2012-2022.

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2022, rising by 13% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2017 an increase of 20% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+4.2%).

Rapeseed Oil Imports

Imports in Scandinavia

In 2022, after three years of growth, there was significant decline in purchases abroad of rapeseed oil, when their volume decreased by -24.2% to X tons. Total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 24%. Over the period under review, imports hit record highs at X tons in 2021, and then declined remarkably in the following year.

In value terms, rapeseed oil imports declined to $X in 2022. Over the period under review, imports, however, continue to indicate a tangible increase. The pace of growth appeared the most rapid in 2021 when imports increased by 53%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, Norway (X tons) represented the major importer of rapeseed oil, making up 69% of total imports. It was distantly followed by Sweden (X tons) and Finland (X tons), together achieving a 31% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to rapeseed oil imports into Norway stood at +3.5%. At the same time, Finland (+22.3%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +22.3% from 2012-2022. Sweden experienced a relatively flat trend pattern. From 2012 to 2022, the share of Norway and Finland increased by +5.9 and +4.7 percentage points, respectively.

In value terms, Norway ($X) constitutes the largest market for imported rapeseed oil in Scandinavia, comprising 72% of total imports. The second position in the ranking was taken by Sweden ($X), with a 24% share of total imports.

In Norway, rapeseed oil imports expanded at an average annual rate of +6.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Sweden (-0.0% per year) and Finland (+19.0% per year).

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, jumping by 25% against the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil import price increased by +84.0% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 38% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat 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 (+2.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform