Ukraine: Soybean Oil Market 2025

Soybean Oil Market Size in Ukraine

In 2022, the Ukrainian soybean oil market decreased by -8.8% to $X for the first time since 2017, thus ending a four-year rising trend. Overall, consumption, however, posted a resilient increase. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Soybean Oil Production in Ukraine

In value terms, soybean oil production rose to $X in 2022 estimated in export price. Over the period under review, production, however, showed a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 38% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from Ukraine

In 2022, overseas shipments of soybean oil decreased by -0.4% to X tons, falling for the third year in a row after three years of growth. In general, exports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2019 when exports increased by 75%. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, soybean oil exports amounted to $X in 2022. Overall, exports, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 58%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Poland (X tons) was the main destination for soybean oil exports from Ukraine, accounting for a 78% share of total exports. Moreover, soybean oil exports to Poland exceeded the volume sent to the second major destination, Germany (X tons), more than tenfold. China (X tons) ranked third in terms of total exports with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Poland amounted to +24.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+47.9% per year) and China (+5.5% per year).

In value terms, Poland ($X) remains the key foreign market for soybean oil exports from Ukraine, comprising 78% of total exports. The second position in the ranking was taken by Germany ($X), with a 5.5% share of total exports. It was followed by China, with a 3.5% share.

From 2012 to 2022, the average annual growth rate of value to Poland stood at +26.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+46.7% per year) and China (+12.9% per year).

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, with an increase of 7.5% against the previous year. Overall, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil export price increased by +99.4% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 59% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were China ($X per ton) and Poland ($X per ton), while the average price for exports to Tunisia ($X per ton) and Germany ($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 China (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Ukraine

Soybean oil imports into Ukraine contracted notably to X tons in 2022, with a decrease of -80.8% against the year before. Overall, imports recorded a abrupt downturn. The pace of growth appeared the most rapid in 2021 when imports increased by 175%. As a result, imports reached the peak of X tons, and then reduced sharply in the following year.

In value terms, soybean oil imports dropped sharply to $X in 2022. Over the period under review, imports, however, showed a slight expansion. The pace of growth appeared the most rapid in 2021 with an increase of 143%. As a result, imports attained the peak of $X, and then fell markedly in the following year.

Imports by Country

France (X tons), the UK (X tons) and Germany (X tons) were the main suppliers of soybean oil imports to Ukraine, together accounting for 62% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +3,090.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of soybean oil to Ukraine, comprising 44% of total imports. The second position in the ranking was taken by Germany ($X), with a 22% share of total imports. It was followed by the UK, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from France amounted to +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

In 2022, the average soybean oil import price amounted to $X per ton, picking up by 88% against the previous year. Over the period under review, the import price showed strong growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Belarus (+435.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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