Global Rapeseed Oil Market's Value to Reach $44.4 Billion by 2035 Amid Steady Volume Growth

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The global rapeseed oil market experienced a significant contraction in 2024, with consumption dropping to 28 million tons and market value falling to $29.9 billion. Despite this recent decline, the long-term forecast is positive, with market volume expected to grow at a 2.0% CAGR to reach 35 million tons by 2035, and value projected to increase at a 3.7% CAGR to $44.4 billion. China, the United States, and Germany are the top consuming nations, while Canada, Germany, and China lead in production. The United States is the world's largest importer, and Canada is the dominant exporter. The market saw notable price decreases in 2024, with average import and export prices falling by over 13% and 11%, respectively.

Key Findings

• Market volume is forecast to grow to 35 million tons by 2035, recovering from a 2024 dip to 28 million tons
• China, the United States, and Germany are the top three consuming countries, accounting for 45% of global volume
• Canada is the leading exporter, supplying 39% of global rapeseed oil exports, followed by Germany
• The United States is the largest importer, constituting 33% of global import volume
• Average import and export prices fell sharply in 2024, down 13.1% and 11.4% respectively from previous highs

Market Forecast

Driven by increasing demand for rapeseed oil worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.0% for the period from 2024 to 2035, which is projected to bring the market volume to 35M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2024 to 2035, which is projected to bring the market value to $44.4B (in nominal wholesale prices) by the end of 2035.

Consumption

World's Consumption of Rapeseed Oil

Global rapeseed oil consumption dropped to 28M tons in 2024, waning by -10.3% compared with the previous year. The total consumption volume increased at an average annual rate of +1.4% over the period from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations in certain years. Over the period under review, global consumption hit record highs at 31M tons in 2023, and then reduced in the following year.

The global rapeseed oil market value contracted markedly to $29.9B in 2024, with a decrease of -28.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a relatively flat trend pattern. Global consumption peaked at $49.3B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were China (5.5M tons), the United States (4.2M tons) and Germany (3.1M tons), together comprising 45% of global consumption. India, France, Poland, Russia, Japan, Belgium and the Netherlands lagged somewhat behind, together accounting for a further 33%.

From 2013 to 2024, the biggest increases were recorded for Russia (with a CAGR of +17.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest rapeseed oil markets worldwide were China ($6.6B), the United States ($5B) and India ($3.7B), with a combined 51% share of the global market. Poland, Germany, Russia, Japan, Belgium, the Netherlands and France lagged somewhat behind, together comprising a further 26%.

Among the main consuming countries, Russia, with a CAGR of +17.5%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of rapeseed oil per capita consumption in 2024 were Belgium (67 kg per person), the Netherlands (44 kg per person) and Germany (38 kg per person).

From 2013 to 2024, the biggest increases were recorded for Russia (with a CAGR of +17.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World's Production of Rapeseed Oil

In 2024, approx. 27M tons of rapeseed oil were produced worldwide; reducing by -15.6% against the previous year's figure. In general, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 9.7% against the previous year. Over the period under review, global production attained the maximum volume at 32M tons in 2023, and then declined dramatically in the following year.

In value terms, rapeseed oil production declined markedly to $32.7B in 2024 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the production volume increased by 45% against the previous year. Over the period under review, global production reached the maximum level at $55.9B in 2022; however, from 2023 to 2024, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2024 were Germany (4.1M tons), Canada (3.8M tons) and China (3.6M tons), together comprising 43% of global production. India, France, Poland, Russia, Japan, the United States and Belgium lagged somewhat behind, together accounting for a further 36%.

From 2013 to 2024, the biggest increases were recorded for Russia (with a CAGR of +7.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World's Imports of Rapeseed Oil

Global rapeseed oil imports declined slightly to 10M tons in 2024, stabilizing at 2023 figures. Overall, total imports indicated moderate growth from 2013 to 2024: its volume increased at an average annual rate of +4.0% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports increased by +26.3% against 2022 indices. The pace of growth appeared the most rapid in 2023 with an increase of 27%. As a result, imports attained the peak of 10M tons, leveling off in the following year.

In value terms, rapeseed oil imports reduced to $12.1B in 2024. Over the period under review, imports, however, enjoyed a measured increase. The most prominent rate of growth was recorded in 2021 when imports increased by 60% against the previous year. Global imports peaked at $14B in 2023, and then contracted in the following year.

Imports By Country

In 2024, the United States (3.4M tons) represented the largest importer of rapeseed oil, creating 33% of total imports. It was distantly followed by China (1.9M tons), the Netherlands (1.1M tons), Belgium (0.5M tons) and Norway (0.5M tons), together constituting a 39% share of total imports. Germany (372K tons), Sweden (209K tons), Austria (191K tons), Poland (171K tons) and the UK (170K tons) held a minor share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the United States (with a CAGR of +9.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($4.3B) constitutes the largest market for imported rapeseed oil worldwide, comprising 35% of global imports. The second position in the ranking was taken by China ($1.9B), with a 16% share of global imports. It was followed by the Netherlands, with an 11% share.

From 2013 to 2024, the average annual rate of growth in terms of value in the United States amounted to +9.4%. The remaining importing countries recorded the following average annual rates of imports growth: China (-0.2% per year) and the Netherlands (+4.3% per year).

Imports By Type

Vegetable oils; low erucic acid rape or colza oil and its fractions, crude was the major type of rapeseed oil in the world, with the volume of imports resulting at 5.9M tons, which was approx. 57% of total imports in 2024. It was distantly followed by vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified (3.7M tons), comprising a 36% share of total imports. Vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude (462K tons) and vegetable oils; excluding low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified (258K tons) followed a long way behind the leaders.

From 2013 to 2024, the biggest increases were recorded for vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude (with a CAGR of +11.7%), while purchases for the other products experienced more modest paces of growth.

In value terms, the largest types of imported rapeseed oil were vegetable oils; low erucic acid rape or colza oil and its fractions, crude ($6.3B), vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified ($4.9B) and vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude ($551M), with a combined 97% share of global imports.

Among the main imported products, vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude, with a CAGR of +10.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2024, the average rapeseed oil import price amounted to $1,171 per ton, waning by -13.1% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 43%. Global import price peaked at $1,713 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major imported products. In 2024, major imported products recorded the following prices: in vegetable oils; excluding low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified ($1,470 per ton) and vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified ($1,328 per ton), while the price for vegetable oils; low erucic acid rape or colza oil and its fractions, crude ($1,058 per ton) and vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude ($1,193 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified (+0.3%), while the other products experienced a decline in the import price figures.

Import Prices By Country

The average rapeseed oil import price stood at $1,171 per ton in 2024, dropping by -13.1% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 43% against the previous year. Global import price peaked at $1,713 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2024, major importing countries recorded the following prices: in the UK ($1,313 per ton) and Germany ($1,245 per ton), while China ($998 per ton) and Norway ($1,055 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the UK (+1.3%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World's Exports of Rapeseed Oil

In 2024, global exports of rapeseed oil shrank sharply to 9.1M tons, declining by -16.7% on the previous year. The total export volume increased at an average annual rate of +2.1% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2023 with an increase of 30% against the previous year. As a result, the exports reached the peak of 11M tons, and then contracted notably in the following year.

In value terms, rapeseed oil exports contracted dramatically to $10.7B in 2024. In general, exports, however, continue to indicate a notable expansion. The most prominent rate of growth was recorded in 2021 with an increase of 59%. Over the period under review, the global exports reached the peak figure at $14.5B in 2023, and then declined remarkably in the following year.

Exports By Country

Canada was the main exporter of rapeseed oil in the world, with the volume of exports amounting to 3.5M tons, which was approx. 39% of total exports in 2024. It was distantly followed by Germany (1,356K tons), France (628K tons) and the Netherlands (528K tons), together committing a 28% share of total exports. The following exporters - Belgium (395K tons), the Czech Republic (319K tons), Ukraine (287K tons), Belarus (257K tons), Australia (226K tons) and Poland (202K tons) - together made up 19% of total exports.

Exports from Canada increased at an average annual rate of +4.0% from 2013 to 2024. At the same time, Belarus (+25.3%), Ukraine (+17.5%), France (+7.0%), Australia (+4.2%), Germany (+1.2%) and Belgium (+1.1%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in the world, with a CAGR of +25.3% from 2013-2024. The Netherlands and the Czech Republic experienced a relatively flat trend pattern. By contrast, Poland (-5.8%) illustrated a downward trend over the same period. Canada (+7.5 p.p.), France (+2.8 p.p.), Belarus (+2.5 p.p.) and Ukraine (+2.5 p.p.) significantly strengthened its position in terms of the global exports, while Poland saw its share reduced by -3.2% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Canada ($4.4B) remains the largest rapeseed oil supplier worldwide, comprising 41% of global exports. The second position in the ranking was taken by Germany ($1.6B), with a 15% share of global exports. It was followed by France, with a 6.5% share.

From 2013 to 2024, the average annual rate of growth in terms of value in Canada amounted to +4.3%. In the other countries, the average annual rates were as follows: Germany (+0.9% per year) and France (+6.1% per year).

Exports By Type

Vegetable oils; low erucic acid rape or colza oil and its fractions, crude (4.3M tons) and vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified (4.2M tons) prevails in exports structure, together comprising 94% of total exports. It was distantly followed by vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude (470K tons), generating a 5.2% share of total exports.

From 2013 to 2024, the biggest increases were recorded for vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude (with a CAGR of +11.0%), while shipments for the other products experienced mixed trends in the exports figures.

In value terms, vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified ($5.5B), vegetable oils; low erucic acid rape or colza oil and its fractions, crude ($4.5B) and vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude ($540M) appeared to be the products with the highest levels of exports in 2024, together comprising 98% of global exports.

Vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude, with a CAGR of +9.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exported products over the period under review, while shipments for the other products experienced mixed trends in the exports figures.

Export Prices By Type

The average rapeseed oil export price stood at $1,181 per ton in 2024, reducing by -11.4% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 46% against the previous year. Over the period under review, the average export prices hit record highs at $1,699 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exported products. In 2024, major exported products recorded the following prices: in vegetable oils; excluding low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified ($1,506 per ton) and vegetable oils; low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified ($1,306 per ton), while the average price for exports of vegetable oils; low erucic acid rape or colza oil and its fractions, crude ($1,053 per ton) and vegetable oils; excluding low erucic acid rape or colza oil and its fractions, crude ($1,147 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by vegetable oils; excluding low erucic acid rape or colza oil and its fractions, other than crude, but not chemically modified (+1.1%), while the other products experienced mixed trends in the export price figures.

Export Prices By Country

In 2024, the average rapeseed oil export price amounted to $1,181 per ton, dropping by -11.4% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 46%. Over the period under review, the average export prices attained the peak figure at $1,699 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2024, major exporting countries recorded the following prices: in Canada ($1,234 per ton) and the Netherlands ($1,191 per ton), while Ukraine ($901 per ton) and Belarus ($969 per ton) were amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Canada (+0.2%), while the other global leaders experienced more modest paces of growth.