United Kingdom: Crude Soybean Oil Market 2025

Crude Soybean Oil Market Size in the UK

In 2022, the UK crude soybean oil market decreased by -7.5% to $X, falling for the second consecutive year after seven years of growth. In general, consumption, however, saw a resilient increase. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Crude Soybean Oil Production in the UK

In value terms, crude soybean oil production amounted to $X in 2022 estimated in export price. Overall, production posted a significant increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 176% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Soybean Oil Exports

Exports from the UK

Crude soybean oil exports from the UK reduced remarkably to X tons in 2022, which is down by -28.1% on the previous year. Over the period under review, total exports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -30.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 59% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude soybean oil exports skyrocketed to $X in 2022. Overall, exports, however, recorded prominent growth. The pace of growth appeared the most rapid in 2017 with an increase of 70% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Ireland (X tons) was the main destination for crude soybean oil exports from the UK, with a 33% share of total exports. Moreover, crude soybean oil exports to Ireland exceeded the volume sent to the second major destination, Belgium (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ireland stood at -7.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+186.8% per year) and Switzerland (+52.8% per year).

In value terms, the largest markets for crude soybean oil exported from the UK were Belgium ($X), Ireland ($X) and Switzerland ($X), together accounting for 63% of total exports.

In terms of the main countries of destination, Belgium, with a CAGR of +187.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average crude soybean oil export price amounted to $X per ton, picking up by 119% against the previous year. In general, the export price saw a strong expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Ireland ($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 Ireland (+2.5%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Soybean Oil Imports

Imports into the UK

In 2022, supplies from abroad of crude soybean oil decreased by -22.2% to X tons, falling for the fourth year in a row after three years of growth. Over the period under review, imports, however, continue to indicate a modest increase. The pace of growth was the most pronounced in 2018 when imports increased by 50%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude soybean oil imports amounted to $X in 2022. Overall, imports, however, posted notable growth. The growth pace was the most rapid in 2018 when imports increased by 48% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of crude soybean oil to the UK, with a 73% share of total imports. Moreover, crude soybean oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Belgium (X tons), ninefold. The third position in this ranking was taken by Spain (X tons), with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands stood at +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+147.4% per year) and Spain (+22.2% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of crude soybean oil to the UK, comprising 72% of total imports. The second position in the ranking was held by Belgium ($X), with an 8.3% share of total imports. It was followed by Spain, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands amounted to +10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+141.8% per year) and Spain (+32.4% per year).

Import Prices by Country

In 2022, the average crude soybean oil import price amounted to $X per ton, surging by 31% against the previous year. Overall, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil import price increased by +103.7% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 48% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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