Spain: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Spain

In 2022, after three years of growth, there was significant decline in the Spanish refined rapeseed oil market, when its value decreased by -13.3% to $X. In general, consumption, however, recorded buoyant growth. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Refined Rapeseed Oil Production in Spain

In value terms, refined rapeseed oil production shrank remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, saw a noticeable increase. The growth pace was the most rapid in 2021 with an increase of 252%. As a result, production attained the peak level of $X, and then shrank notably in the following year.

Refined Rapeseed Oil Exports

Exports from Spain

In 2022, overseas shipments of refined rape, colza or mustard oil increased by 91% to X tons, rising for the second year in a row after three years of decline. In general, exports showed prominent growth. The pace of growth appeared the most rapid in 2021 with an increase of 132% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, refined rapeseed oil exports soared to $X in 2022. Over the period under review, exports recorded a strong increase. The growth pace was the most rapid in 2021 with an increase of 187% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

The United States (X tons) was the main destination for refined rapeseed oil exports from Spain, with a 32% share of total exports. Moreover, refined rapeseed oil exports to the United States exceeded the volume sent to the second major destination, Israel (X tons), threefold. The third position in this ranking was taken by France (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +59.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+19.5% per year) and France (+13.8% per year).

In value terms, the United States ($X) remains the key foreign market for refined rape, colza or mustard oil exports from Spain, comprising 29% of total exports. The second position in the ranking was taken by France ($X), with a 12% share of total exports. It was followed by Germany, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +57.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+18.3% per year) and Germany (+61.4% per year).

Export Prices by Country

The average refined rapeseed oil export price stood at $X per ton in 2022, jumping by 32% against the previous year. In general, export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.3% 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 export price increased by +78.6% against 2018 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Israel ($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 (+3.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Rapeseed Oil Imports

Imports into Spain

In 2022, supplies from abroad of refined rape, colza or mustard oil increased by 2.3% to X tons, rising for the fourth consecutive year after two years of decline. Over the period under review, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of 212% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, refined rapeseed oil imports surged to $X in 2022. In general, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 281%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Belgium (X tons) constituted the largest refined rapeseed oil supplier to Spain, with a 54% share of total imports. Moreover, refined rapeseed oil imports from Belgium exceeded the figures recorded by the second-largest supplier, France (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume from Belgium stood at +55.4%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+11.6% per year) and Germany (+56.3% per year).

In value terms, the largest refined rapeseed oil suppliers to Spain were Belgium ($X), France ($X) and Germany ($X), together comprising 76% of total imports.

In terms of the main suppliers, Germany, with a CAGR of +58.4%, recorded 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 refined rapeseed oil import price stood at $X per ton in 2022, with an increase of 45% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached 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 Portugal ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Portugal (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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