United Kingdom: Soybean Oil Market 2025

Soybean Oil Market Size in the UK

The UK soybean oil market skyrocketed to $X in 2022, surging by 30% against the previous year. Overall, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +80.0% against 2019 indices. Soybean oil consumption peaked in 2022 and is expected to retain growth in years to come.

Soybean Oil Production in the UK

In value terms, soybean oil production reached $X in 2022 estimated in export price. Overall, production, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2014 with an increase of 9.4%. Soybean oil production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Soybean Oil Exports

Exports from the UK

In 2022, exports of soybean oil from the UK declined remarkably to X tons, waning by -23.6% compared with 2021. Overall, total exports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +3.2% 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 -26.4% against 2020 indices. The growth pace was the most rapid in 2017 when exports increased by 34%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, soybean oil exports skyrocketed to $X in 2022. In general, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.5% 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 +88.0% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 40%. 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 soybean oil exports from the UK, with a 21% share of total exports. Moreover, soybean oil exports to Ireland exceeded the volume sent to the second major destination, France (X tons), twofold. Denmark (X tons) ranked third in terms of total exports with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume to Ireland stood at -9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+15.7% per year) and Denmark (+17.0% per year).

In value terms, Belgium ($X), Ireland ($X) and France ($X) were the largest markets for soybean oil exported from the UK worldwide, together accounting for 46% of total exports.

Belgium, with a CAGR of +97.3%, recorded the highest growth rate of 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 soybean oil export price amounted to $X per ton, growing by 63% against the previous year. Over the period under review, the export price recorded pronounced growth. 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 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 (+26.4%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into the UK

In 2022, supplies from abroad of soybean oil increased by 1.3% to X tons, rising for the second year in a row after three years of decline. The total import volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 32%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, soybean oil imports soared to $X in 2022. Overall, imports enjoyed pronounced growth. The growth pace was the most rapid in 2021 with an increase of 62%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest soybean oil supplier to the UK, with a 84% share of total imports. Moreover, soybean oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Spain (X tons), more than tenfold. Belgium (X tons) ranked third in terms of total imports with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands stood at +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+1.2% per year) and Belgium (+14.0% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of soybean oil to the UK, comprising 84% of total imports. The second position in the ranking was taken by Spain ($X), with a 5.3% share of total imports. It was followed by Belgium, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled +11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+4.9% per year) and Belgium (+13.5% per year).

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, growing by 36% against the previous year. Overall, the import price saw a pronounced increase. The pace of growth was the most pronounced in 2021 when the average import price increased by 47% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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