Sweden: Soybean Oil Market 2024

Soybean Oil Market Size in Sweden

The Swedish soybean oil market skyrocketed to $X in 2022, picking up by 43% against the previous year. In general, the total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 +126.6% against 2018 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Soybean Oil Production in Sweden

In value terms, soybean oil production reduced slightly to $X in 2022 estimated in export price. Overall, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.2% against 2019 indices. The growth pace was the most rapid in 2013 when the production volume increased by 42% against the previous year. Soybean oil production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from Sweden

In 2022, overseas shipments of soybean oil decreased by -14.5% to X tons, falling for the fifth year in a row after three years of growth. Over the period under review, exports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by 35% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, soybean oil exports reached $X in 2022. In general, exports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2016 with an increase of 31%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons), Denmark (X tons) and Austria (X tons) were the main destinations of soybean oil exports from Sweden, together accounting for 74% of total exports. Germany, Vietnam, China, Italy and Norway lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +9.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for soybean oil exported from Sweden were the Netherlands ($X), Austria ($X) and Denmark ($X), together comprising 69% of total exports.

Austria, with a CAGR of +9.0%, saw the highest growth rate of the value of exports, among the main countries of destination 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 soybean oil export price amounted to $X per ton, increasing by 18% against the previous year. Over the period under review, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil export price increased by +109.3% against 2015 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to the Netherlands ($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 Germany (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Sweden

In 2022, after two years of decline, there was significant growth in overseas purchases of soybean oil, when their volume increased by 16% to X tons. Overall, imports, however, showed a noticeable slump. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports soared to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 59% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Norway (X tons) was the main supplier of soybean oil to Sweden, with a 91% share of total imports. Moreover, soybean oil imports from Norway exceeded the figures recorded by the second-largest supplier, Germany (X tons), more than tenfold. Denmark (X tons) ranked third in terms of total imports with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Norway was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.6% per year) and Denmark (-26.4% per year).

In value terms, Norway ($X) constituted the largest supplier of soybean oil to Sweden, comprising 90% of total imports. The second position in the ranking was taken by Germany ($X), with a 4.1% share of total imports. It was followed by the UK, with a 2.7% share.

From 2012 to 2022, the average annual growth rate of value from Norway stood at +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+2.0% per year) and the UK (+21.0% per year).

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, increasing by 26% against the previous year. Over the period under review, the import price posted a pronounced expansion. The pace of growth was the most pronounced in 2021 when the average import price increased by 65%. The import price peaked in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the UK ($X per ton) and Denmark ($X per ton), while the price for Germany ($X per ton) and Norway ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+3.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :