Finland: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Finland

The Finnish refined soybean oil market fell slightly to $X in 2022, waning by X% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Soybean Oil Production in Finland

In value terms, refined soybean oil production rose modestly to $X in 2022 estimated in export price. Overall, production, however, saw resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

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Refined Soybean Oil Exports

Exports from Finland

In 2022, shipments abroad of refined soybean oil and its fractions decreased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports enjoyed significant growth. The pace of growth was the most pronounced in 2014 with an increase of X,900% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports amounted to $X in 2022. Overall, exports posted significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by X,550% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for refined soybean oil exports from Finland, with a X% share of total exports. Moreover, refined soybean oil exports to the Netherlands exceeded the volume sent to the second major destination, Estonia (X tons), threefold.

From 2013 to 2022, the average annual rate of growth in terms of volume to the Netherlands totaled X%.

In value terms, the largest markets for refined soybean oil exported from Finland were the Netherlands ($X) and Estonia ($X).

The Netherlands, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

In 2022, the average refined soybean oil export price amounted to $X per ton, remaining constant against the previous year. Overall, the export price recorded resilient growth. The pace of growth was the most pronounced in 2017 an increase of X%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Estonia ($X per ton), while the average price for exports to the Netherlands stood at $X per ton.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Finland

In 2022, purchases abroad of refined soybean oil and its fractions decreased by X% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, imports showed a perceptible decline. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, refined soybean oil imports surged to $X in 2022. Overall, imports saw a perceptible slump. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the UK (X tons) was the main supplier of refined soybean oil to Finland, with a X% share of total imports. It was followed by the Netherlands (X tons), with a X% share of total imports. Sweden (X kg) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the UK totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Sweden (X% per year).

In value terms, the UK ($X) constituted the largest supplier of refined soybean oil and its fractions to Finland, comprising X% of total imports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total imports. It was followed by Sweden, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the UK totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Sweden (X% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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