Portugal: Soybean Oil Market 2024

Soybean Oil Market Size in Portugal

In 2022, the Portuguese soybean oil market increased by X% to $X, rising for the third consecutive year after seven years of decline. Overall, consumption faced a significant decline. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Soybean Oil Production in Portugal

In value terms, soybean oil production fell to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt slump. The pace of growth was the most pronounced in 2021 when the production volume increased by X%. Soybean oil production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

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Soybean Oil Exports

Exports from Portugal

In 2022, after seven years of growth, there was significant decline in overseas shipments of soybean oil, when their volume decreased by X% to X tons. Overall, exports, however, saw strong growth. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then declined in the following year.

In value terms, soybean oil exports expanded notably to $X in 2022. In general, exports, however, recorded a strong increase. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Spain (X tons), Angola (X tons) and Morocco (X tons) were the main destinations of soybean oil exports from Portugal, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Morocco (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), Angola ($X) and Morocco ($X) were the largest markets for soybean oil exported from Portugal worldwide, together comprising X% of total exports.

Morocco, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average soybean oil export price stood at $X per ton in 2022, jumping by X% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was 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 attained the peak figure in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Cabo Verde ($X per ton) and Angola ($X per ton), while the average price for exports to Morocco ($X per ton) and Spain ($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 Morocco (X%), while the prices for the other major destinations experienced more modest paces of growth.

Soybean Oil Imports

Imports into Portugal

Soybean oil imports into Portugal fell to X tons in 2022, waning by X% on 2021. In general, imports recorded a sharp descent. The growth pace was the most rapid in 2019 when imports increased by X% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, soybean oil imports amounted to $X in 2022. Overall, imports continue to indicate a significant decline. The pace of growth was the most pronounced in 2019 with an increase of X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Spain (X tons) was the main soybean oil supplier to Portugal, accounting for a X% share of total imports. Moreover, soybean oil imports from Spain exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), more than tenfold. The third position in this ranking was taken by Belgium (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Spain amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Belgium (X% per year).

In value terms, Spain ($X) constituted the largest supplier of soybean oil to Portugal, comprising X% of total imports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total imports. It was followed by Belgium, with a X% share.

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

Import Prices by Country

In 2022, the average soybean oil import price amounted to $X per ton, increasing by X% against the previous year. Over the period under review, import price indicated a pronounced expansion 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 pace of growth was the most pronounced in 2017 when the average import price increased by X%. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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