Estonia: Soybean Oil Market 2024

Soybean Oil Market Size in Estonia

The Estonian soybean oil market expanded slightly to $X in 2022, growing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. Soybean oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Soybean Oil Production in Estonia

In value terms, soybean oil production expanded notably to $X in 2022 estimated in export price. In general, production, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2020 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Soybean Oil Exports

Exports from Estonia

In 2022, overseas shipments of soybean oil increased by X% to X tons, rising for the fourth consecutive year after five years of decline. Overall, exports, however, recorded a deep reduction. The most prominent rate of growth was recorded in 2020 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, soybean oil exports soared to $X in 2022. Over the period under review, exports, however, showed a abrupt downturn. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Angola (X tons) was the main destination for soybean oil exports from Estonia, with a X% share of total exports. Moreover, soybean oil exports to Angola exceeded the volume sent to the second major destination, Venezuela (X tons), ninefold. The third position in this ranking was held by Congo (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Angola totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (X% per year) and Congo (X% per year).

In value terms, Angola ($X) remains the key foreign market for soybean oil exports from Estonia, comprising X% of total exports. The second position in the ranking was held by Venezuela ($X), with an X% share of total exports. It was followed by Congo, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Angola amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (X% per year) and Congo (X% per year).

Export Prices by Country

In 2022, the average soybean oil export price amounted to $X per ton, surging by X% against the previous year. In general, the export price showed a noticeable increase. The pace of growth appeared the most rapid in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Latvia ($X per ton) and Venezuela ($X per ton), while the average price for exports to Angola ($X per ton) and Congo ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (X%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Estonia

In 2022, supplies from abroad of soybean oil increased by X% to X tons, rising for the fourth year in a row after five years of decline. Over the period under review, imports posted tangible growth. The most prominent rate of growth was recorded in 2019 with an increase of X%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, soybean oil imports soared to $X in 2022. In general, imports showed a strong increase. The pace of growth appeared the most rapid in 2019 with an increase of X%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Russia (X tons), Belarus (X tons) and the Netherlands (X tons) were the main suppliers of soybean oil imports to Estonia, with a combined X% share of total imports. Austria, Ukraine and Latvia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soybean oil suppliers to Estonia were Russia ($X), Belarus ($X) and Austria ($X), together accounting for X% of total imports.

In terms of the main suppliers, Austria, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, picking up by X% against the previous year. In general, import price indicated mild growth 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, soybean oil import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Austria ($X per ton), while the price for Belarus ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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