Eastern Europe: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Eastern Europe

The East European refined soybean oil market declined rapidly to $X in 2022, waning by X% against the previous year. Overall, consumption continues to indicate a abrupt slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in Eastern Europe

In value terms, refined soybean oil production rose to $X in 2022 estimated in export price. Overall, production showed a perceptible downturn. The pace of growth was the most pronounced in 2020 with an increase of X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports in Eastern Europe

In 2022, the amount of refined soybean oil and its fractions exported in Eastern Europe skyrocketed to X tons, rising by X% on the previous year's figure. Over the period under review, exports showed buoyant growth. The pace of growth appeared the most rapid in 2020 with an increase of X%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. In general, exports saw prominent growth. The most prominent rate of growth was recorded in 2020 when exports increased by X%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Russia represented the main exporter of refined soybean oil and its fractions in Eastern Europe, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2022. Poland (X tons) ranks second in terms of the total exports with an X% share, followed by Ukraine (X%) and Slovakia (X%). The following exporters - Romania (X tons), Belarus (X tons) and Estonia (X tons) - together made up X% of total exports.

Russia experienced a relatively flat trend pattern with regard to volume of exports of refined soybean oil and its fractions. At the same time, Belarus (X%), Slovakia (X%), Poland (X%), Ukraine (X%) and Romania (X%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of X% from 2012-2022. By contrast, Estonia (X%) illustrated a downward trend over the same period. Poland (X p.p.), Ukraine (X p.p.), Slovakia (X p.p.), Belarus (X p.p.) and Romania (X p.p.) significantly strengthened its position in terms of the total exports, while Estonia and Russia saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Russia ($X) remains the largest refined soybean oil supplier in Eastern Europe, comprising X% of total exports. The second position in the ranking was taken by Poland ($X), with an X% share of total exports. It was followed by Ukraine, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Russia amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Poland (X% per year) and Ukraine (X% per year).

Export Prices by Country

In 2022, the export price in Eastern Europe amounted to $X per ton, increasing by X% against the previous year. Export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of X% 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 X% against 2019 indices. The pace of growth was the most pronounced in 2021 when the export price increased by X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Estonia ($X per ton) and Belarus ($X per ton), while Romania ($X per ton) and Ukraine ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (X%), while the other leaders experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports in Eastern Europe

After two years of growth, overseas purchases of refined soybean oil and its fractions decreased by X% to X tons in 2022. Over the period under review, imports continue to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2020 when imports increased by X%. The volume of import peaked at X tons in 2021, and then contracted remarkably in the following year.

In value terms, refined soybean oil imports dropped slightly to $X in 2022. Overall, imports, however, recorded a slight expansion. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The level of import peaked at $X in 2021, and then declined in the following year.

Imports by Country

Poland represented the key importer of refined soybean oil and its fractions in Eastern Europe, with the volume of imports recording X tons, which was near X% of total imports in 2022. It was distantly followed by the Czech Republic (X tons), Bulgaria (X tons) and Estonia (X tons), together generating a X% share of total imports. Hungary (X tons), Romania (X tons), Slovakia (X tons) and Russia (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined soybean oil imports into Poland stood at X%. At the same time, Hungary (X%), Bulgaria (X%) and Estonia (X%) displayed positive paces of growth. Moreover, Hungary emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of X% from 2012-2022. Slovakia experienced a relatively flat trend pattern. By contrast, Romania (X%), the Czech Republic (X%) and Russia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Poland, Bulgaria, Hungary and Estonia increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($X) constitutes the largest market for imported refined soybean oil and its fractions in Eastern Europe, comprising X% of total imports. The second position in the ranking was held by the Czech Republic ($X), with a X% share of total imports. It was followed by Bulgaria, with a X% share.

In Poland, refined soybean oil imports increased at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the Czech Republic (X% per year) and Bulgaria (X% per year).

Import Prices by Country

In 2022, the import price in Eastern Europe amounted to $X per ton, growing by X% against the previous year. Over the period under review, the import price showed moderate 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 importing countries. In 2022, amid the top importers, the country with the highest price was Russia ($X per ton), while Estonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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