Spain: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Spain

In 2022, the Spanish crude soybean oil market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption posted prominent growth. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Crude Soybean Oil Production in Spain

In value terms, crude soybean oil production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a noticeable contraction. The pace of growth appeared the most rapid in 2018 when the production volume increased by 1.3%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports from Spain

In 2022, after two years of growth, there was significant decline in shipments abroad of crude soybean oil, when their volume decreased by -24.5% to X tons. Overall, exports continue to indicate a pronounced setback. The most prominent rate of growth was recorded in 2021 with an increase of 33%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude soybean oil exports shrank to $X in 2022. In general, exports saw a mild slump. The growth pace was the most rapid in 2021 when exports increased by 119% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Morocco (X tons) was the main destination for crude soybean oil exports from Spain, accounting for a 68% share of total exports. Moreover, crude soybean oil exports to Morocco exceeded the volume sent to the second major destination, Algeria (X tons), fourfold. Italy (X tons) ranked third in terms of total exports with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume to Morocco totaled +16.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Algeria (-4.9% per year) and Italy (+78.4% per year).

In value terms, Morocco ($X) remains the key foreign market for crude soybean oil exports from Spain, comprising 69% of total exports. The second position in the ranking was held by Algeria ($X), with a 15% share of total exports. It was followed by Italy, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Morocco stood at +18.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Algeria (-3.9% per year) and Italy (+85.0% per year).

Export Prices by Country

The average crude soybean oil export price stood at $X per ton in 2022, surging by 21% against the previous year. In general, the export price recorded a temperate increase. The pace of growth was the most pronounced in 2021 when the average export price increased by 65%. The export price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Tunisia ($X per ton) and Portugal ($X per ton), while the average price for exports to Algeria ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Tunisia (+4.6%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports into Spain

Crude soybean oil imports into Spain dropped to X tons in 2022, reducing by -6.8% compared with 2021. Overall, imports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2013 when imports increased by 126%. Over the period under review, imports reached the peak figure at X tons in 2021, and then contracted in the following year.

In value terms, crude soybean oil imports contracted to $X in 2022. In general, imports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2021 when imports increased by 286% against the previous year. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

Argentina (X tons), Portugal (X tons) and the United States (X tons) were the main suppliers of crude soybean oil imports to Spain, together accounting for 65% of total imports. Italy, Russia, France, the Netherlands, Egypt, Ukraine, Brazil and Romania lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of +1,342.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Portugal ($X) and the United States ($X) constituted the largest crude soybean oil suppliers to Spain, with a combined 61% share of total imports. Russia, Italy, France, the Netherlands, Egypt, Ukraine, Brazil and Romania lagged somewhat behind, together accounting for a further 34%.

In terms of the main suppliers, Egypt, with a CAGR of +1,497.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crude soybean oil import price stood at $X per ton in 2022, rising by 2% against the previous year. In general, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil import price increased by +87.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 78%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Russia ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+20.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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