Spain: Refined Cotton-Seed Oil Market 2024

Refined Cotton-Seed Oil Market Size in Spain

The Spanish refined cotton-seed oil market fell slightly to $X in 2022, therefore, remained relatively stable against the previous year. Overall, the total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +4.2% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Refined Cotton-Seed Oil Production in Spain

In value terms, refined cotton-seed oil production contracted slightly to $X in 2022 estimated in export price. Overall, production, however, recorded modest growth. The pace of growth appeared the most rapid in 2016 when the production volume increased by 50% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Refined Cotton-Seed Oil Exports

Exports from Spain

After two years of growth, overseas shipments of refined cotton-seed oil decreased by -50.6% to X tons in 2022. Over the period under review, exports showed a noticeable setback. The most prominent rate of growth was recorded in 2018 with an increase of 582%. The exports peaked at X tons in 2021, and then dropped markedly in the following year.

In value terms, refined cotton-seed oil exports dropped significantly to $X in 2022. In general, exports, however, saw a resilient increase. The pace of growth appeared the most rapid in 2015 when exports increased by 450% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Peru (X tons), Chile (X tons) and Israel (X tons) were the main destinations of refined cotton-seed oil exports from Spain, with a combined 80% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +353.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined cotton-seed oil exported from Spain were the United States ($X), Peru ($X) and Chile ($X), with a combined 68% share of total exports.

In terms of the main countries of destination, Peru, with a CAGR of +326.2%, recorded 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

The average refined cotton-seed oil export price stood at $X per ton in 2022, with an increase of 2% against the previous year. In general, the export price saw a resilient increase. The most prominent rate of growth was recorded in 2015 an increase of 226% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Peru ($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 (+70.1%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Cotton-Seed Oil Imports

Imports into Spain

In 2022, overseas purchases of refined cotton-seed oil decreased by -22.7% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 3,697% against the previous year. As a result, imports attained the peak of X tons, and then fell notably in the following year.

In value terms, refined cotton-seed oil imports surged to $X in 2022. Over the period under review, imports, however, posted significant growth. The growth pace was the most rapid in 2020 when imports increased by 2,178% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of refined cotton-seed oil to Spain, with a 75% share of total imports. Moreover, refined cotton-seed oil imports from the United States exceeded the figures recorded by the second-largest supplier, Egypt (X tons), sixfold. The third position in this ranking was held by Greece (X tons), with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +316.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (+2,316.9% per year) and Greece (+1,242.3% per year).

In value terms, the United States ($X) constituted the largest supplier of refined cotton-seed oil to Spain, comprising 96% of total imports. The second position in the ranking was taken by Egypt ($X), with a 1.6% share of total imports. It was followed by Turkey, with a 0.7% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +269.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (+1,323.6% per year) and Turkey (+174.9% per year).

Import Prices by Country

The average refined cotton-seed oil import price stood at $X per ton in 2022, picking up by 315% against the previous year. In general, the import price saw a strong 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 United States ($X per ton), while the price for Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+68.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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