EU: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in the EU

In 2022, the EU refined soybean oil market increased by X% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked in 2022 and is likely to see gradual growth in the near future.

Refined Soybean Oil Production in the EU

In value terms, refined soybean oil production contracted modestly to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced decrease. The pace of growth was the most pronounced in 2018 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports in the EU

In 2022, approx. X tons of refined soybean oil and its fractions were exported in the European Union; almost unchanged from the previous year's figure. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded 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 pronounced growth. The pace of growth was the most pronounced in 2020 when exports increased by X%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

In 2022, the Netherlands (X tons) represented the major exporter of refined soybean oil and its fractions, achieving X% of total exports. It was distantly followed by Germany (X tons), Portugal (X tons), France (X tons) and Spain (X tons), together mixing up a X% share of total exports. The following exporters - Italy (X tons) and Belgium (X tons) - each accounted for a X% share of total exports.

Exports from the Netherlands increased at an average annual rate of X% from 2012 to 2022. At the same time, France (X%) and Italy (X%) displayed positive paces of growth. Moreover, France emerged as the fastest-growing exporter exported in the European Union, with a CAGR of X% from 2012-2022. By contrast, Belgium (X%), Germany (X%), Portugal (X%) and Spain (X%) illustrated a downward trend over the same period. While the share of the Netherlands (X p.p.), France (X p.p.) and Italy (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Portugal (X p.p.), Germany (X p.p.) and Spain (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest refined soybean oil supplier in the European Union, comprising X% of total exports. The second position in the ranking was taken by Germany ($X), with an X% share of total exports. It was followed by Portugal, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Netherlands amounted to X%. In the other countries, the average annual rates were as follows: Germany (X% per year) and Portugal (X% per year).

Export Prices by Country

The export price in the European Union stood at $X per ton in 2022, growing by X% against the previous year. Export price indicated a modest increase 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 appeared the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Belgium ($X per ton) and Portugal ($X per ton), while the Netherlands ($X per ton) and France ($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 (X%), while the other leaders experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports in the EU

In 2022, the amount of refined soybean oil and its fractions imported in the European Union soared to X tons, increasing by X% compared with the previous year. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 when imports increased by X%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, refined soybean oil imports soared to $X in 2022. In general, imports continue to indicate a pronounced expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the four major importers of refined soybean oil and its fractions, namely Belgium, Spain, Germany and Ireland, represented more than half of total import. It was distantly followed by Italy (X tons), the Netherlands (X tons), France (X tons) and Poland (X tons), together constituting a X% share of total imports.

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

In value terms, the largest refined soybean oil importing markets in the European Union were Belgium ($X), Spain ($X) and Germany ($X), with a combined X% share of total imports. Ireland, Italy, France, the Netherlands and Poland lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Italy, with a CAGR of X%, saw the highest rates of growth with regard to 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 import price in the European Union amounted to $X per ton, surging by X% against the previous year. Import price indicated a slight increase 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 import price increased by X% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in France ($X per ton) and Poland ($X per ton), while the Netherlands ($X per ton) and Italy ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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