Serbia: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Serbia

The Serbian rapeseed oil market skyrocketed to $X in 2022, rising by 924% against the previous year. In general, consumption, however, continues to indicate a deep downturn. Rapeseed oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Rapeseed Oil Production in Serbia

In value terms, rapeseed oil production rose to $X in 2022 estimated in export price. Overall, production recorded a abrupt decline. The pace of growth appeared the most rapid in 2018 with an increase of 286% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Rapeseed Oil Exports

Exports from Serbia

In 2022, exports of rapeseed oil from Serbia dropped markedly to X tons, reducing by -48.8% compared with 2021. In general, exports, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 1,699%. The exports peaked at X tons in 2021, and then dropped sharply in the following year.

In value terms, rapeseed oil exports shrank dramatically to $X in 2022. Overall, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2014 when exports increased by 1,110%. The exports peaked at $X in 2021, and then contracted sharply in the following year.

Exports by Country

Austria (X tons) was the main destination for rapeseed oil exports from Serbia, accounting for a 72% share of total exports. Moreover, rapeseed oil exports to Austria exceeded the volume sent to the second major destination, Greece (X tons), sevenfold. The third position in this ranking was taken by Bosnia and Herzegovina (X tons), with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Austria totaled +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (+12.5% per year) and Bosnia and Herzegovina (+50.2% per year).

In value terms, Austria ($X) remains the key foreign market for rapeseed oil exports from Serbia, comprising 72% of total exports. The second position in the ranking was taken by Greece ($X), with a 10% share of total exports. It was followed by Bosnia and Herzegovina, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Austria amounted to +16.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (+22.4% per year) and Bosnia and Herzegovina (+41.9% per year).

Export Prices by Country

The average rapeseed oil export price stood at $X per ton in 2022, increasing by 16% against the previous year. Overall, the export price enjoyed a pronounced increase. The growth pace was the most rapid in 2021 an increase of 53% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Cyprus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Rapeseed Oil Imports

Imports into Serbia

In 2022, the amount of rapeseed oil imported into Serbia soared to X tons, increasing by 88% on the previous year's figure. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 182% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, rapeseed oil imports skyrocketed to $X in 2022. In general, imports posted tangible growth. The pace of growth appeared the most rapid in 2019 when imports increased by 129% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

Croatia (X tons), Slovenia (X tons) and Sweden (X tons) were the main suppliers of rapeseed oil imports to Serbia, together accounting for 78% of total imports. The Netherlands, Greece and Belgium lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +30.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Croatia ($X), Slovenia ($X) and Sweden ($X) were the largest rapeseed oil suppliers to Serbia, together accounting for 76% of total imports. The Netherlands, Greece and Belgium lagged somewhat behind, together accounting for a further 22%.

The Netherlands, with a CAGR of +32.1%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average rapeseed oil import price stood at $X per ton in 2022, increasing by 16% against the previous year. In general, import price indicated a measured expansion 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, rapeseed oil import price increased by +106.9% against 2019 indices. The pace of growth was the most pronounced in 2020 when the average import price increased by 45%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Croatia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+22.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform