U.S.: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in the U.S.

The U.S. refined rapeseed oil market surged to $X in 2022, increasing by 22% against the previous year. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.2% 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 +74.6% against 2020 indices. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Refined Rapeseed Oil Production in the U.S.

In value terms, refined rapeseed oil production contracted slightly to $X in 2022. Overall, production saw a noticeable decrease. The most prominent rate of growth was recorded in 2018 with an increase of 24%. 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.

Refined Rapeseed Oil Exports

Exports from the U.S.

In 2022, after three years of growth, there was significant decline in shipments abroad of refined rape, colza or mustard oil, when their volume decreased by -27.9% to X tons. Overall, exports showed a pronounced curtailment. The pace of growth appeared the most rapid in 2020 when exports increased by 40%. Over the period under review, the exports hit record highs at X tons in 2021, and then fell dramatically in the following year.

In value terms, refined rapeseed oil exports reached $X in 2022. In general, total exports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +53.6% against 2017 indices. The most prominent rate of growth was recorded in 2020 with an increase of 33% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Mexico (X tons), Canada (X tons) and Panama (X tons) were the main destinations of refined rapeseed oil exports from the United States, with a combined 71% share of total exports. Israel, Guyana, Guatemala, Costa Rica, the Philippines, Honduras and El Salvador lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Costa Rica (with a CAGR of +27.9%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Canada ($X) and Panama ($X) were the largest markets for refined rapeseed oil exported from the United States worldwide, together comprising 73% of total exports. Israel, Honduras, Guyana, Guatemala, the Philippines, Costa Rica and El Salvador lagged somewhat behind, together comprising a further 17%.

Costa Rica, with a CAGR of +29.2%, saw the highest growth rate of the value of exports, in terms of 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 refined rapeseed oil export price amounted to $X per ton, rising by 40% against the previous year. Over the last decade, it increased at an average annual rate of +4.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Honduras ($X per ton) and Panama ($X per ton), while the average price for exports to Israel ($X per ton) and Guyana ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Honduras (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Rapeseed Oil Imports

Imports into the U.S.

In 2022, the amount of refined rape, colza or mustard oil imported into the United States reached X tons, remaining relatively unchanged against the previous year. Over the period under review, total imports indicated notable growth from 2012 to 2022: its volume 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, imports increased by +69.0% against 2013 indices. The growth pace was the most rapid in 2016 with an increase of 18% 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 soared to $X in 2022. Overall, imports posted a resilient increase. The most prominent rate of growth was recorded in 2021 when imports increased by 67% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Canada (X tons) was the main refined rapeseed oil supplier to the United States, with a 96% share of total imports. It was followed by Australia (X tons), with a 2.2% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Canada amounted to +4.2%.

In value terms, Canada ($X) constituted the largest supplier of refined rape, colza or mustard oil to the United States, comprising 96% of total imports. The second position in the ranking was taken by Australia ($X), with a 2.2% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Canada stood at +8.6%.

Import Prices by Country

In 2022, the average refined rapeseed oil import price amounted to $X per ton, picking up by 32% against the previous year. Over the period under review, the import price enjoyed a measured expansion. The most prominent rate of growth was recorded in 2021 an increase of 62% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Australia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+4.2%).

Source: IndexBox Platform

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