Switzerland: Soybean Oil Market 2024

Soybean Oil Market Size in Switzerland

The Swiss soybean oil market surged to $X in 2022, picking up by 30% against the previous year. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +94.8% against 2019 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Soybean Oil Production in Switzerland

In value terms, soybean oil production expanded markedly to $X in 2022 estimated in export price. In general, production showed a mild downturn. The pace of growth was the most pronounced in 2020 when the production volume increased by 46%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from Switzerland

For the fourth consecutive year, Switzerland recorded growth in shipments abroad of soybean oil, which increased by 13% to X tons in 2022. Over the period under review, exports, however, faced a deep reduction. The pace of growth was the most pronounced in 2019 when exports increased by 147% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, soybean oil exports soared to $X in 2022. Overall, exports, however, saw a deep reduction. The pace of growth appeared the most rapid in 2020 when exports increased by 162%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Spain (X tons) was the main destination for soybean oil exports from Switzerland, with a 56% share of total exports. Moreover, soybean oil exports to Spain exceeded the volume sent to the second major destination, France (X tons), threefold. Italy (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to Spain stood at +65.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+26.9% per year) and Italy (-27.6% per year).

In value terms, Spain ($X) remains the key foreign market for soybean oil exports from Switzerland, comprising 60% of total exports. The second position in the ranking was held by France ($X), with a 25% share of total exports. It was followed by Italy, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Spain amounted to +64.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+15.0% per year) and Italy (-23.9% per year).

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, increasing by 28% against the previous year. In general, the export price showed a prominent expansion. The most prominent rate of growth was recorded in 2013 an increase of 59% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

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 France ($X per ton), while the average price for exports to Austria ($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 Austria (+32.2%), while the prices for the other major destinations experienced mixed trend patterns.

Soybean Oil Imports

Imports into Switzerland

In 2022, approx. X tons of soybean oil were imported into Switzerland; growing by 11% compared with 2021. Overall, total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +73.4% against 2014 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 30%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, soybean oil imports soared to $X in 2022. In general, imports saw a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Serbia (X tons), Italy (X tons) and Germany (X tons) were the main suppliers of soybean oil imports to Switzerland, together accounting for 84% of total imports. Uganda, Hungary, Austria, France and the Netherlands lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Uganda (with a CAGR of +96.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Serbia ($X), Germany ($X) and Italy ($X) appeared to be the largest soybean oil suppliers to Switzerland, with a combined 80% share of total imports. Uganda, Hungary, Austria, the Netherlands and France lagged somewhat behind, together accounting for a further 16%.

Among the main suppliers, Uganda, with a CAGR of +144.4%, recorded the highest rates of growth with regard to 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

In 2022, the average soybean oil import price amounted to $X per ton, jumping by 30% against the previous year. Over the period under review, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil import price increased by +111.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 47% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual 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 the Netherlands ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uganda (+24.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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