Eastern Europe: Vegetable Oils Market 2024

Vegetable Oils Market Size in Eastern Europe

In 2023, the East European vegetable oils market increased by X% to $X, rising for the third consecutive year after eight years of decline. Overall, consumption, however, showed a pronounced reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Vegetable Oils Production in Eastern Europe

In value terms, vegetable oils production rose markedly to $X in 2023 estimated in export price. Overall, production, however, continues to indicate a drastic downturn. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

Vegetable Oils Exports

Exports in Eastern Europe

In 2023, approx. X tons of vegetable fats and oils were exported in Eastern Europe; almost unchanged from the year before. Total exports indicated a measured expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2013 when exports increased by X%. The volume of export peaked at X tons in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

In value terms, vegetable oils exports declined modestly to $X in 2023. Overall, exports enjoyed a resilient expansion. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

In 2023, Russia (X tons) was the largest exporter of vegetable fats and oils, making up X% of total exports. Bulgaria (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Romania (X%) and Slovakia (X%). Estonia (X tons) and Lithuania (X tons) followed a long way behind the leaders.

Russia was also the fastest-growing in terms of the vegetable fats and oils exports, with a CAGR of X% from 2012 to 2023. At the same time, Bulgaria (X%) displayed positive paces of growth. Lithuania experienced a relatively flat trend pattern. By contrast, Romania (X%), Estonia (X%) and Slovakia (X%) illustrated a downward trend over the same period. While the share of Russia (X p.p.) and Bulgaria (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Lithuania (X p.p.), Estonia (X p.p.), Romania (X p.p.) and Slovakia (X p.p.) displayed negative dynamics.

In value terms, Russia ($X) remains the largest vegetable oils supplier in Eastern Europe, comprising X% of total exports. The second position in the ranking was taken by Bulgaria ($X), with an X% share of total exports. It was followed by Slovakia, with a X% share.

In Russia, vegetable oils exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Bulgaria (X% per year) and Slovakia (X% per year).

Export Prices by Country

In 2023, the export price in Eastern Europe amounted to $X per ton, which is down by X% against the previous year. Export price indicated mild growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, vegetable oils export price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2022, and then dropped slightly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Russia ($X per ton), while Romania ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Romania (X%), while the other leaders experienced a decline in the export price figures.

Vegetable Oils Imports

Imports in Eastern Europe

Vegetable oils imports rose significantly to X tons in 2023, with an increase of X% against 2022 figures. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure in 2023 and are expected to retain growth in years to come.

In value terms, vegetable oils imports fell to $X in 2023. Total imports indicated a pronounced expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by X%. The level of import peaked at $X in 2022, and then fell slightly in the following year.

Imports by Country

Poland (X tons) and Slovakia (X tons) represented roughly X% of total imports in 2023. Bulgaria (X tons) took the next position in the ranking, followed by Russia (X tons), Ukraine (X tons) and Lithuania (X tons). All these countries together held approx. X% share of total imports. Romania (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Slovakia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X) constitutes the largest market for imported vegetable fats and oils in Eastern Europe, comprising X% of total imports. The second position in the ranking was held by Slovakia ($X), with a X% share of total imports. It was followed by Russia, with a X% share.

In Poland, vegetable oils imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Slovakia (X% per year) and Russia (X% per year).

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2023, with a decrease of X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. Over the period under review, import prices reached the peak figure at $X per ton in 2022, and then reduced in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Poland ($X per ton), while Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Poland (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform