Norway: Vegetable Oils Market 2024

Vegetable Oils Market Size in Norway

The Norwegian vegetable oils market amounted to $X in 2023, therefore, remained relatively stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

Vegetable Oils Exports

Exports from Norway

In 2023, overseas shipments of vegetable fats and oils increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Overall, exports recorded a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, vegetable oils exports skyrocketed to $X in 2023. In general, exports posted a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Poland (X tons) was the main destination for vegetable oils exports from Norway, accounting for a X% share of total exports. Moreover, vegetable oils exports to Poland exceeded the volume sent to the second major destination, Switzerland (X tons), more than tenfold. Sweden (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Poland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (X% per year) and Sweden (X% per year).

In value terms, Poland ($X) emerged as the key foreign market for vegetable fats and oils exports from Norway, comprising X% of total exports. The second position in the ranking was held by Switzerland ($X), with a X% share of total exports. It was followed by Sweden, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Poland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (X% per year) and Sweden (X% per year).

Export Prices by Country

The average vegetable oils export price stood at $X per ton in 2023, growing by X% against the previous year. In general, the export price, however, saw a deep slump. The pace of growth was the most pronounced in 2018 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2023, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Denmark ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to France (X%), while the prices for the other major destinations experienced mixed trend patterns.

Vegetable Oils Imports

Imports into Norway

In 2023, approx. X tons of vegetable fats and oils were imported into Norway; 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 in certain years. The growth pace was the most rapid in 2021 with an increase of X%. As a result, imports reached the peak of X tons. From 2022 to 2023, the growth of imports remained at a lower figure.

In value terms, vegetable oils imports reduced to $X in 2023. The total import value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by X%. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Germany (X tons), Sweden (X tons) and the Netherlands (X tons) were the main suppliers of vegetable oils imports to Norway, with a combined X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for the Netherlands (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vegetable oils suppliers to Norway were Sweden ($X), Germany ($X) and the Netherlands ($X), together comprising X% of total imports.

In terms of the main suppliers, the Netherlands, 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 2023, the average vegetable oils import price amounted to $X per ton, waning by X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton, and then contracted in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform