United Kingdom: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in the UK

In 2022, the UK refined soybean oil market increased by 9.4% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, showed a perceptible descent. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in the UK

In value terms, refined soybean oil production reached $X in 2022 estimated in export price. Over the period under review, production, however, saw a noticeable slump. The most prominent rate of growth was recorded in 2019 with an increase of 0.1%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from the UK

Refined soybean oil exports from the UK shrank significantly to X tons in 2022, reducing by -18.3% against the year before. Over the period under review, total exports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.7% 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 -21.8% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 45% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined soybean oil exports declined to $X in 2022. In general, total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +59.3% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 27%. The exports peaked at $X in 2021, and then reduced in the following year.

Exports by Country

France (X tons), Denmark (X tons) and the Netherlands (X tons) were the main destinations of refined soybean oil exports from the UK, together comprising 44% of total exports.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +17.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined soybean oil exported from the UK were France ($X), Denmark ($X) and Spain ($X), with a combined 43% share of total exports.

Spain, with a CAGR of +21.4%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination 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 refined soybean oil export price amounted to $X per ton, jumping by 22% against the previous year. In general, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by +77.8% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 32%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to the Netherlands ($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 Germany (+26.9%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into the UK

In 2022, purchases abroad of refined soybean oil and its fractions increased by 25% to X tons, rising for the second consecutive year after three years of decline. In general, total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +115.6% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 73%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, refined soybean oil imports surged to $X in 2022. Over the period under review, imports saw a strong increase. The pace of growth appeared the most rapid in 2021 when imports increased by 142%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, the Netherlands (X tons) was the main supplier of refined soybean oil to the UK, with a 91% share of total imports. Moreover, refined soybean oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Spain (X tons), more than tenfold. The third position in this ranking was taken by Italy (X tons), with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands amounted to +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-3.9% per year) and Italy (+143.1% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of refined soybean oil and its fractions to the UK, comprising 91% of total imports. The second position in the ranking was held by Spain ($X), with a 4.9% share of total imports. It was followed by Italy, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands amounted to +12.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-0.1% per year) and Italy (+122.9% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, picking up by 36% against the previous year. Overall, the import price showed pronounced growth. The growth pace was the most rapid in 2021 an increase of 40% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from France ($X per ton) and Spain ($X per ton), while the price for Italy ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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