Ukraine: Linseed Oil Market 2024

Linseed Oil Market Size in Ukraine

In 2022, the Ukrainian linseed oil market increased by 16% to $X, rising for the second year in a row after three years of decline. Over the period under review, consumption enjoyed a resilient expansion. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Linseed Oil Production in Ukraine

In value terms, linseed oil production declined modestly to $X in 2022 estimated in export price. In general, production recorded a slight contraction. The most prominent rate of growth was recorded in 2013 when the production volume increased by 45% against the previous year. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Linseed Oil Exports

Exports from Ukraine

For the fifth consecutive year, Ukraine recorded decline in overseas shipments of linseed oil, which decreased by -92.6% to X tons in 2022. Overall, exports faced a dramatic slump. The most prominent rate of growth was recorded in 2017 with an increase of 108%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, linseed oil exports reduced markedly to $X in 2022. Over the period under review, exports continue to indicate a sharp setback. The growth pace was the most rapid in 2017 when exports increased by 93%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Germany (X tons) was the main destination for linseed oil exports from Ukraine, with a 40% share of total exports. Moreover, linseed oil exports to Germany exceeded the volume sent to the second major destination, Israel (X tons), threefold. The third position in this ranking was taken by Romania (X tons), with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume to Germany amounted to +36.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+5.3% per year) and Romania (+332.3% per year).

In value terms, Germany ($X) remains the key foreign market for linseed oil exports from Ukraine, comprising 38% of total exports. The second position in the ranking was taken by Israel ($X), with a 14% share of total exports. It was followed by Romania, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Germany amounted to +38.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+0.9% per year) and Romania (+270.1% per year).

Export Prices by Country

The average linseed oil export price stood at $X per ton in 2022, jumping by 80% against the previous year. In general, the export price posted a buoyant increase. As a result, the export price attained 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 Romania ($X per ton), while the average price for exports to the Czech Republic ($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 Canada (+3.3%), while the prices for the other major destinations experienced mixed trend patterns.

Linseed Oil Imports

Imports into Ukraine

In 2022, after three years of growth, there was significant decline in overseas purchases of linseed oil, when their volume decreased by -67.1% to X tons. Overall, imports, however, recorded buoyant growth. The growth pace was the most rapid in 2021 with an increase of 241% against the previous year. As a result, imports attained the peak of X tons, and then declined sharply in the following year.

In value terms, linseed oil imports plummeted to $X in 2022. Over the period under review, imports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 154% against the previous year. Imports peaked at $X in 2021, and then declined significantly in the following year.

Imports by Country

Belgium (X tons), Latvia (X tons) and Italy (X kg) were the main suppliers of linseed oil imports to Ukraine, with a combined 94% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Latvia (with a CAGR of +230.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest linseed oil suppliers to Ukraine were Belgium ($X), Latvia ($X) and Italy ($X), together accounting for 89% of total imports.

Latvia, with a CAGR of +136.4%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average linseed oil import price stood at $X per ton in 2022, jumping by 45% against the previous year. Overall, the import price, however, recorded a perceptible shrinkage. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Germany ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+14.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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