Scandinavia: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Scandinavia

The Scandinavia refined soybean oil market amounted to $X in 2022, remaining stable against the previous year. Over the period under review, consumption showed a noticeable contraction. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Refined Soybean Oil Production in Scandinavia

In value terms, refined soybean oil production shrank slightly to $X in 2022 estimated in export price. Overall, production showed a perceptible decline. The pace of growth was the most pronounced in 2016 with an increase of 14% against the previous year. The level of production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Refined Soybean Oil Exports

Exports in Scandinavia

In 2022, shipments abroad of refined soybean oil and its fractions decreased by -6.8% to X tons, falling for the fifth year in a row after three years of growth. Over the period under review, exports continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2015 with an increase of 33%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined soybean oil exports rose rapidly to $X in 2022. In general, exports showed a abrupt setback. The growth pace was the most rapid in 2016 when exports increased by 37% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The shipments of the one major exporters of refined soybean oil and its fractions, namely Sweden, represented more than two-thirds of total export.

Sweden was also the fastest-growing in terms of the refined soybean oil and its fractions exports, with a CAGR of -13.0% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) also remains the largest refined soybean oil supplier in Scandinavia.

In Sweden, refined soybean oil exports decreased by an average annual rate of -9.8% over the period from 2012-2022.

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2022, with an increase of 15% against the previous year. Export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 +112.2% against 2015 indices. The growth pace was the most rapid in 2021 when the export price increased by 27% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Sweden.

From 2012 to 2022, the rate of growth in terms of prices for Sweden amounted to +3.7% per year.

Refined Soybean Oil Imports

Imports in Scandinavia

In 2022, purchases abroad of refined soybean oil and its fractions increased by 17% to X tons, rising for the second year in a row after four years of decline. Overall, imports, however, faced a abrupt slump. The most prominent rate of growth was recorded in 2013 with an increase of 153% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined soybean oil imports soared to $X in 2022. Over the period under review, imports, however, saw a deep slump. The pace of growth appeared the most rapid in 2013 when imports increased by 78%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Sweden represented the key importer of refined soybean oil and its fractions in Scandinavia, with the volume of imports resulting at X tons, which was near 69% of total imports in 2022. It was distantly followed by Norway (X tons), making up a 27% share of total imports. Finland (X tons) followed a long way behind the leaders.

Sweden was also the fastest-growing in terms of the refined soybean oil and its fractions imports, with a CAGR of +10.9% from 2012 to 2022. Finland (-1.4%) and Norway (-25.5%) illustrated a downward trend over the same period. While the share of Sweden (+64 p.p.) and Finland (+3.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Norway (-67.9 p.p.) displayed negative dynamics.

In value terms, Sweden ($X) constitutes the largest market for imported refined soybean oil and its fractions in Scandinavia, comprising 65% of total imports. The second position in the ranking was held by Norway ($X), with a 31% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Sweden stood at +4.1%. The remaining importing countries recorded the following average annual rates of imports growth: Norway (-22.9% per year) and Finland (-3.1% per year).

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2022, with an increase of 26% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.5% 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 +65.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by 31%. The level of import peaked in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Norway ($X per ton), while Sweden ($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 (+3.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform