Scandinavia: Vegetable Oils Market 2024

Vegetable Oils Market Size in Scandinavia

The Scandinavia vegetable oils market surged to $X in 2023, with an increase of X% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Vegetable Oils Production in Scandinavia

In value terms, vegetable oils production rose rapidly to $X in 2023 estimated in export price. The total production indicated slight growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Vegetable Oils Exports

Exports in Scandinavia

Vegetable oils exports contracted to X tons in 2023, falling by X% against 2022. Total exports indicated a perceptible increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2015 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, vegetable oils exports declined to $X in 2023. Total exports indicated a perceptible increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2022, and then contracted in the following year.

Exports by Country

In 2023, Sweden (X tons) represented the largest exporter of vegetable fats and oils in Scandinavia, mixing up X% of total export.

Sweden was also the fastest-growing in terms of the vegetable fats and oils exports, with a CAGR of X% from 2012 to 2023. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) also remains the largest vegetable oils supplier in Scandinavia.

In Sweden, vegetable oils exports expanded at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

In 2023, the export price in Scandinavia amounted to $X per ton, with an increase of X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Sweden.

From 2012 to 2023, the rate of growth in terms of prices for Sweden amounted to X% per year.

Vegetable Oils Imports

Imports in Scandinavia

In 2023, supplies from abroad of vegetable fats and oils decreased by X% to X tons, falling for the fourth year in a row after two years of growth. Over the period under review, imports continue to indicate a mild curtailment. The growth pace was the most rapid in 2013 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2023, imports remained at a lower figure.

In value terms, vegetable oils imports dropped to $X in 2023. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Norway represented the main importing country with an import of around X tons, which finished at X% of total imports. It was distantly followed by Sweden (X tons) and Finland (X tons), together comprising a X% share of total imports.

Norway was also the fastest-growing in terms of the vegetable fats and oils imports, with a CAGR of X% from 2012 to 2023. Finland experienced a relatively flat trend pattern. Sweden (X%) illustrated a downward trend over the same period. While the share of Norway (X p.p.) and Finland (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Sweden (X p.p.) displayed negative dynamics.

In value terms, Norway ($X) constitutes the largest market for imported vegetable fats and oils in Scandinavia, comprising X% of total imports. The second position in the ranking was taken by Sweden ($X), with a X% share of total imports.

In Norway, vegetable oils imports increased at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Sweden (X% per year) and Finland (X% per year).

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2023, shrinking by X% against the previous year. Import price indicated a slight increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, vegetable oils import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2022 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton, and then declined in the following year.

Average prices varied noticeably amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Finland ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Sweden (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform