Spain: Cotton-Seed Oil Market 2024

Cotton-Seed Oil Market Size in Spain

In 2021, the Spanish cotton-seed oil market increased by 18% to $X, rising for the third year in a row after two years of decline. In general, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Cotton-Seed Oil Production in Spain

In value terms, cotton-seed oil production rose slightly to $X in 2021 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by 98% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Cotton-Seed Oil Exports

Exports from Spain

In 2021, overseas shipments of cotton-seed oil decreased by -18.4% to X tons for the first time since 2017, thus ending a three-year rising trend. Over the period under review, exports, however, saw prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 573% against the previous year. The exports peaked at X tons in 2020, and then dropped markedly in the following year.

In value terms, cotton-seed oil exports declined to $X in 2021. Overall, exports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 460% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020, and then reduced in the following year.

Exports by Country

Poland (X tons), Brazil (X tons) and the United States (X tons) were the main destinations of cotton-seed oil exports from Spain, together comprising 5.6% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Brazil (with a CAGR of +136.2%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for cotton-seed oil exports from Spain, comprising 19% of total exports. The second position in the ranking was held by Poland ($X), with a 5.9% share of total exports. It was followed by Brazil, with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +69.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+29.3% per year) and Brazil (+98.0% per year).

Export Prices by Country

In 2021, the average cotton-seed oil export price amounted to $X per ton, jumping by 18% against the previous year. Over the period under review, the export price posted a pronounced increase. The pace of growth appeared the most rapid in 2015 when the average export price increased by 223%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+59.5%), while the prices for the other major destinations experienced more modest paces of growth.

Cotton-Seed Oil Imports

Imports into Spain

In 2021, overseas purchases of cotton-seed oil increased by 787% to X tons, rising for the second year in a row after two years of decline. In general, imports recorded significant growth. The pace of growth was the most pronounced in 2020 with an increase of 3,636%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, cotton-seed oil imports soared to $X in 2021. Over the period under review, imports recorded a significant increase. The growth pace was the most rapid in 2020 when imports increased by 4,593%. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, Turkey (X tons) constituted the largest cotton-seed oil supplier to Spain, accounting for a 68% share of total imports. Moreover, cotton-seed oil imports from Turkey exceeded the figures recorded by the second-largest supplier, Egypt (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Turkey stood at +9,640.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (+17,729.5% per year) and the United States (+277.1% per year).

In value terms, the United States ($X) constituted the largest supplier of cotton-seed oil to Spain, comprising 78% of total imports. The second position in the ranking was held by Turkey ($X), with a 16% share of total imports. It was followed by Egypt, with a 3.8% share.

From 2012 to 2021, the average annual growth rate of value from the United States totaled +265.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+5,308.6% per year) and Egypt (+4,519.0% per year).

Import Prices by Country

In 2021, the average cotton-seed oil import price amounted to $X per ton, dropping by -19.8% against the previous year. Over the period under review, the import price continues to indicate a mild decline. The pace of growth was the most pronounced in 2014 when the average import price increased by 66% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Portugal (+12.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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