Corn oil and fractions market in Western Europe

Earlier Report Observations

The market volume for corn oil and fractions in Western Europe fluctuated between 118 тыс. т and 186 тыс. т from 2018 to 2023. A significant expansion occurred in 2023, when volume jumped by 33% to reach 186 тыс. т. This growth was driven by health-conscious consumer trends increasing demand for oils with low saturated fat content and by rising industrial use in sectors like pharmaceuticals and biodiesel.

Earlier in the period, market volume dipped to 118 тыс. т in 2019 before recovering to 144 тыс. т in 2020. The following years saw moderate changes, with volume hovering between 137 тыс. т and 140 тыс. т prior to the 2023 surge.

Entering 2024, established trends continued to evolve. Strengthening demand for organic products, tighter sustainability and labeling regulations, and climate-related supply challenges for competing oils such as olive oil further supported corn oil's market position. Industrial consumption remained a steady pillar of demand.

Production corn oil and fractions in Western Europe

In kind, 2017-2020, K t

Top producers of corn oil and fractions, 2017-2020

World map of production of corn oil and fractions, 2017-2020

Western Europe's production of corn oil and fractions saw growth for two years before declining. In 2019, output reached its peak at 153.3 thousand tons. By 2020, production had fallen to 146.9 thousand tons, representing a 4.2% decrease from the previous year. The most significant increase occurred in 2018, when production rose by 1.5%.

Annual dynamics of production in Western Europe in kind, 2017-2020, K t

In value, 2017-2020, M $ US

For the second year in a row, Western Europe's production of corn oil and fractions declined in value terms. In 2018, output reached its highest value at 232.5 million US dollars. The following year saw the largest decline, with production dropping by 16.3%. In 2020, production was valued at 187.9 million US dollars, marking a modest 3.5% decrease year-over-year. Over the 2017-2020 period, production fell by 11.9%, with an average annual decline rate of 4.1%. The most notable increase was recorded in 2018, when production rose by 9.0%.

Annual dynamics of production in Western Europe in value, 2017-2020, M $ US

Exports corn oil and fractions from Western Europe

Exports in kind, K t

Western Europe's exports of corn oil and fractions in volume terms showed mixed results in recent years. In 2018, exports hit their lowest point at 52.6 thousand tons, with the largest decline of 14.1% occurring that year. The following year saw a recovery, with exports increasing by 10.7%. By 2020, export volume stood at 52.7 thousand tons, reflecting a moderate 9.6% decrease from 2019. Overall, between 2017 and 2020, exports decreased by 14%, equivalent to an annualized decline rate of 4.9%.

Annual dynamics of product's exports from Western Europe in kind, 2017-2020, K t

Between 2017 and 2020, Western Europe's corn oil and fractions exports were distributed across a wide range of markets. Israel was the largest destination, accounting for 13.6% of export volume, followed by Italy at 8.6% and Greece at 6.3%. Together, these three countries represented 28.5% of total exports, while the remaining 71.5% was shared among numerous other countries.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Western Europe in kind, 2017-2020

Exports in value, M $ US

For the third consecutive year, Western Europe's corn oil and fractions exports declined in value terms. In 2020, export value reached 67.4 million US dollars, showing a modest 8.9% decrease from the previous year. Over the 2017-2020 period, exports fell by 23%, with an average annual decline rate of 8.4%.

Annual dynamics of product's exports from Western Europe in value, 2017-2020, M $ US

From 2017 to 2020, Israel, Italy, and Greece were the top buyers of corn oil and fractions from Western Europe in value terms, but none dominated the market. Israel accounted for 14.2% of export value, Italy for 8.2%, and Greece for 7.0%. Combined, these three countries represented 29.4% of total exports, with the rest distributed among a broad range of smaller partners.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Western Europe in value, 2017-2020

Imports corn oil and fractions to Western Europe

Imports in kind, K t

Western Europe's imports of corn oil and fractions in volume terms experienced significant fluctuations. In 2017, imports reached their highest level. They then dropped sharply, with the largest decline of 66.6% occurring in 2018. By 2019, imports had fallen to their lowest point at 23.0 thousand tons. In 2020, imports rebounded dramatically to 50.1 thousand tons, representing a 117.7% increase from 2019. The difference between the peak in 2017 and the trough in 2019 was 5.6 times.

Annual dynamics of product's imports to Western Europe in kind, 2017-2020, K t

Between 2017 and 2020, the United States, Hungary, and Ukraine were consistently the leading sources of corn oil and fractions imports to Western Europe in volume terms. The United States accounted for 48.6% of import volume, Hungary for 6.1%, and Ukraine for 2.9%. Together, these three countries represented 57.6% of total imports.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Western Europe in kind, 2017-2020

Imports in value, M $ US

Western Europe's imports of corn oil and fractions in value terms showed an unstable trend. In 2017, import value reached its maximum. It then declined, with the largest drop of 58.4% occurring in 2018. By 2019, imports had fallen to their minimum at 38.2 million US dollars. In 2020, import value rose to 68.9 million US dollars, marking an 80.5% increase year-over-year. The peak in 2017 was 3.6 times higher than the trough in 2019.

Annual dynamics of product's imports to Western Europe in value, 2017-2020, M $ US

From 2017 to 2020, imports of corn oil and fractions to Western Europe in value terms were relatively evenly distributed. The United States was the largest source, accounting for 38.7% of import value, followed by Hungary at 5.5% and Ukraine at 2.8%. Together, these three countries represented 47.0% of total imports.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Western Europe in value, 2017-2020