Serbia: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Serbia

The Serbian refined rapeseed oil market fell modestly to $X in 2022, with a decrease of -3.7% against the previous year. Overall, consumption showed a deep setback. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Rapeseed Oil Production in Serbia

In value terms, refined rapeseed oil production reduced modestly to $X in 2022 estimated in export price. In general, production showed a abrupt downturn. The pace of growth appeared the most rapid in 2016 when the production volume increased by 30%. Refined rapeseed oil production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Rapeseed Oil Exports

Exports from Serbia

In 2022, shipments abroad of refined rape, colza or mustard oil was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports recorded a significant increase. The growth pace was the most rapid in 2014 with an increase of 115,862%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined rapeseed oil exports soared to $X in 2022. In general, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 65,175% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Greece (X tons) was the main destination for refined rapeseed oil exports from Serbia, with a 99% share of total exports. It was followed by Slovenia (X tons), with a 0.4% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Greece amounted to +346.9%.

In value terms, Greece ($X) remains the key foreign market for refined rape, colza or mustard oil exports from Serbia, comprising 99% of total exports. The second position in the ranking was taken by Slovenia ($X), with a 0.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Greece amounted to +515.9%.

Export Prices by Country

In 2022, the average refined rapeseed oil export price amounted to $X per ton, rising by 36% against the previous year. Overall, the export price, however, saw a pronounced slump. The growth pace was the most rapid in 2021 when the average export price increased by 71%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Greece ($X per ton), while the average price for exports to Slovenia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Greece (+37.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Rapeseed Oil Imports

Imports into Serbia

Refined rapeseed oil imports into Serbia surged to X tons in 2022, growing by 79% compared with 2021 figures. Overall, imports recorded a pronounced expansion. The most prominent rate of growth was recorded in 2019 with an increase of 153% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, refined rapeseed oil imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2019 when imports increased by 108% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Croatia (X tons), Slovenia (X tons) and Sweden (X tons) were the main suppliers of refined rapeseed oil imports to Serbia, together comprising 80% of total imports. The Netherlands and Greece 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, Slovenia ($X), Croatia ($X) and Sweden ($X) appeared to be the largest refined rapeseed oil suppliers to Serbia, together accounting for 78% of total imports. The Netherlands and Greece lagged somewhat behind, together accounting for a further 21%.

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

Import Prices by Country

In 2022, the average refined rapeseed oil import price amounted to $X per ton, growing by 16% against the previous year. Overall, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined rapeseed oil import price increased by +103.9% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 43% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Greece ($X per ton) and Sweden ($X per ton), while the price for Croatia ($X per ton) and Slovenia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform