Ukraine: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Ukraine

The Ukrainian rapeseed oil market soared to $X in 2022, jumping by 757% against the previous year. Overall, consumption continues to indicate a tangible increase. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in years to come.

Rapeseed Oil Production in Ukraine

In value terms, rapeseed oil production reduced slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 502% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Rapeseed Oil Exports

Exports from Ukraine

Rapeseed oil exports from Ukraine dropped significantly to X tons in 2022, waning by -51.4% on 2021. Over the period under review, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 725% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, rapeseed oil exports contracted rapidly to $X in 2022. Overall, exports, however, saw significant growth. The pace of growth was the most pronounced in 2013 with an increase of 490%. The exports peaked at $X in 2021, and then dropped sharply in the following year.

Exports by Country

Poland (X tons), Lithuania (X tons) and China (X tons) were the main destinations of rapeseed oil exports from Ukraine, together accounting for 83% of total exports. Bulgaria, the Netherlands, Latvia and Romania lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bulgaria (with a CAGR of +328.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for rapeseed oil exported from Ukraine were Poland ($X), Lithuania ($X) and China ($X), together comprising 84% of total exports. Bulgaria, the Netherlands, Latvia and Romania lagged somewhat behind, together comprising a further 13%.

In terms of the main countries of destination, Latvia, with a CAGR of +336.6%, recorded the highest growth rate of the value of exports, 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 rapeseed oil export price amounted to $X per ton, increasing by 1.7% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 49%. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Latvia ($X per ton) and the Netherlands ($X per ton), while the average price for exports to China ($X per ton) and Romania ($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 Romania (+9.9%), while the prices for the other major destinations experienced more modest paces of growth.

Rapeseed Oil Imports

Imports into Ukraine

In 2022, supplies from abroad of rapeseed oil decreased by -41.3% to X tons for the first time since 2014, thus ending a seven-year rising trend. Overall, imports, however, continue to indicate strong growth. The growth pace was the most rapid in 2013 when imports increased by 75%. Imports peaked at X tons in 2021, and then contracted significantly in the following year.

In value terms, rapeseed oil imports shrank notably to $X in 2022. Over the period under review, imports, however, recorded prominent growth. The pace of growth was the most pronounced in 2013 when imports increased by 58%. Imports peaked at $X in 2021, and then shrank notably in the following year.

Imports by Country

In 2022, Belarus (X tons) constituted the largest supplier of rapeseed oil to Ukraine, accounting for a 74% share of total imports. Moreover, rapeseed oil imports from Belarus exceeded the figures recorded by the second-largest supplier, Poland (X tons), fivefold. The third position in this ranking was held by the Czech Republic (X tons), with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belarus amounted to +32.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+2.4% per year) and the Czech Republic (+49.6% per year).

In value terms, Belarus ($X) constituted the largest supplier of rapeseed oil to Ukraine, comprising 68% of total imports. The second position in the ranking was taken by Poland ($X), with a 15% share of total imports. It was followed by the Czech Republic, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value from Belarus totaled +31.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+2.7% per year) and the Czech Republic (+50.5% per year).

Import Prices by Country

The average rapeseed oil import price stood at $X per ton in 2022, with an increase of 13% against the previous year. Overall, the import price, however, recorded a perceptible shrinkage. The growth pace was the most rapid in 2021 when the average import price increased by 30% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Belarus ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+17.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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