Ukraine: Refined Soybean Oil Market 2025

Refined Soybean Oil Market Size in Ukraine

The Ukrainian refined soybean oil market plummeted to $X in 2022, shrinking by -16.6% against the previous year. Overall, consumption continues to indicate a abrupt contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Ukraine

In value terms, refined soybean oil production reached $X in 2022 estimated in export price. In general, production, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2015 with an increase of 6.8% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Ukraine

In 2022, the amount of refined soybean oil and its fractions exported from Ukraine surged to X tons, picking up by 78% on 2021. Over the period under review, exports enjoyed a significant expansion. The pace of growth was the most pronounced in 2019 when exports increased by 43,550% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. In general, exports enjoyed significant growth. The pace of growth was the most pronounced in 2019 when exports increased by 21,420%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Jordan (X tons) was the main destination for refined soybean oil exports from Ukraine, accounting for a 36% share of total exports. Moreover, refined soybean oil exports to Jordan exceeded the volume sent to the second major destination, Lebanon (X tons), twofold. The UK (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Jordan stood at +22.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lebanon (-7.9% per year) and the UK (0.0% per year).

In value terms, Jordan ($X), Lebanon ($X) and the UK ($X) were the largest markets for refined soybean oil exported from Ukraine worldwide, with a combined 66% share of total exports. Malaysia, Israel, the United Arab Emirates and Ghana lagged somewhat behind, together accounting for a further 27%.

Among the main countries of destination, Malaysia, with a CAGR of +65.4%, 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

The average refined soybean oil export price stood at $X per ton in 2022, growing by 3% against the previous year. Overall, the export price, however, recorded a noticeable decrease. The most prominent rate of growth was recorded in 2021 an increase of 58%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Lebanon ($X per ton) and Ghana ($X per ton), while the average price for exports to Jordan ($X per ton) and the UK ($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 Lebanon (+33.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Ukraine

After three years of growth, supplies from abroad of refined soybean oil and its fractions decreased by -51.7% to X tons in 2022. In general, imports recorded a deep downturn. The growth pace was the most rapid in 2019 with an increase of 220%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports fell markedly to $X in 2022. Over the period under review, imports, however, saw a noticeable expansion. The growth pace was the most rapid in 2019 with an increase of 165%. Over the period under review, imports reached the maximum at $X in 2021, and then contracted sharply in the following year.

Imports by Country

France (X tons), the UK (X tons) and Germany (X tons) were the main suppliers of refined soybean oil imports to Ukraine, together accounting for 72% of total imports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +3,467.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of refined soybean oil and its fractions to Ukraine, comprising 48% of total imports. The second position in the ranking was taken by Germany ($X), with a 24% share of total imports. It was followed by the UK, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from France totaled +43.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+20.6% per year) and the UK (+3,641.7% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, reducing by -18.6% against the previous year. Overall, the import price, however, showed a resilient expansion. The pace of growth appeared the most rapid in 2013 an increase of 137%. The import price peaked at $X per ton in 2021, and then contracted markedly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+15.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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