Spain: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Spain

In 2022, the Spanish rapeseed oil market increased by 25% to $X, rising for the third consecutive year after two years of decline. Over the period under review, consumption showed a strong increase. Rapeseed oil consumption peaked in 2022 and is expected to retain growth in the immediate term.

Rapeseed Oil Production in Spain

In value terms, rapeseed oil production fell significantly to $X in 2022 estimated in export price. Over the period under review, production posted modest growth. The most prominent rate of growth was recorded in 2021 when the production volume increased by 361%. As a result, production attained the peak level of $X, and then contracted rapidly in the following year.

Rapeseed Oil Exports

Exports from Spain

For the third consecutive year, Spain recorded growth in overseas shipments of rapeseed oil, which increased by 160% to X tons in 2022. In general, exports saw strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, rapeseed oil exports surged to $X in 2022. Overall, exports saw a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Portugal (X tons), the UK (X tons) and the United States (X tons) were the main destinations of rapeseed oil exports from Spain, with a combined 56% share of total exports. Germany, France, Israel, Chile, Canada and South Africa lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Chile (with a CAGR of +112.5%), while the other leaders experienced more modest paces of growth.

In value terms, Portugal ($X), the UK ($X) and the United States ($X) constituted the largest markets for rapeseed oil exported from Spain worldwide, with a combined 60% share of total exports. France, Germany, Israel, Chile, Canada and South Africa lagged somewhat behind, together accounting for a further 30%.

Among the main countries of destination, Chile, with a CAGR of +107.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average rapeseed oil export price amounted to $X per ton, surging by 14% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil export price increased by +69.7% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 49% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Germany ($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 France (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Rapeseed Oil Imports

Imports into Spain

In 2022, purchases abroad of rapeseed oil increased by 28% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, imports saw a strong increase. The pace of growth was the most pronounced in 2021 with an increase of 302%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, rapeseed oil imports soared to $X in 2022. In general, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2021 with an increase of 393% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, France (X tons) constituted the largest rapeseed oil supplier to Spain, with a 53% share of total imports. Moreover, rapeseed oil imports from France exceeded the figures recorded by the second-largest supplier, Belgium (X tons), threefold. Germany (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from France amounted to +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+55.0% per year) and Germany (+30.5% per year).

In value terms, France ($X) constituted the largest supplier of rapeseed oil to Spain, comprising 57% of total imports. The second position in the ranking was taken by Belgium ($X), with a 13% share of total imports. It was followed by the United Arab Emirates, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from France totaled +16.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+48.9% per year) and the United Arab Emirates (0.0% per year).

Import Prices by Country

The average rapeseed oil import price stood at $X per ton in 2022, increasing by 34% against the previous year. Overall, the import price continues to indicate a pronounced expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 the Netherlands ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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