Oleic acid market in Spain

Earlier Report Observations

From 2018 to 2021, the oleic acid market in Spain experienced fluctuations, with overall growth influenced by several key factors. In 2018, the market reached 58 276 t, benefiting from Spain's role as a major producer of high-oleic oils and increasing consumer demand for healthy food options that recognize oleic acid's benefits for cardiovascular health. This trend continued into 2019, pushing the market volume to 63 011 t. However, in 2020, the volume declined to 53 883 t. The market recovered in 2021 to 57 929 t, supported by innovation in formulations and the expansion of production capacities, with a growing focus on sustainability in the oleochemical industry.

The market saw further volatility from 2022 to 2024. After a drop to 52 504 t in 2022, it rebounded strongly to 62 918 t in 2023. In 2024, the volume rose to 67 687 t, driven by sustained demand for high-oleic oils due to their stability for frying and extended shelf life, as well as consumer preference for products with a healthy nutritional profile. Despite climatic challenges such as droughts that affected oil crop production, the adoption of more resilient mega-farms helped maintain output. Inflationary pressure and rising production costs impacted market value, but physical consumption continued to expand.

Production oleic acid in Spain

In value, 2017-2020, K $ US

Spain's oleic acid production declined for the second consecutive year. In 2020, output was valued at 29 405 K $ US, marking a sharp 27.1% decrease compared to 2019. Over the 2017-2020 period, production fell by 31.1%, with an annualized decline rate of 11.7%. The peak value occurred in 2018 at 43 520 K $ US, which saw the largest increase of 2.0%.

Annual dynamics of production in Spain in value, 2017-2020, K $ US

In kind, 2017-2020, t

In 2020, Spain produced 48 521 tonnes of oleic acid, a 10.9% reduction from 2019. Between 2017 and 2020, production decreased by 6%, translating to an annualized decline of 2.0%. The highest volume was recorded in 2019 at 54 438 tonnes, which also experienced the largest increase of 10.2%.

Annual dynamics of production in Spain in kind, 2017-2020, t

Exports oleic acid from Spain

Exports in kind, t

After two years of decline, Spain's oleic acid exports increased in 2020. The country exported 4 255 tonnes, up 11.2% year-over-year. Over the 2017-2020 period, exports decreased by 28.6%, with an annualized decline rate of 10.6%. The lowest volume was in 2019 at 3 826 tonnes, which saw the largest decline of 25.7%.

Annual dynamics of product's exports from Spain in kind, 2017-2020, t

From 2017 to 2020, Italy and France accounted for 82.4% of Spain's total oleic acid exports by volume, with the remaining share distributed among other destinations, each contributing smaller amounts.

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

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

Exports in value, K $ US

Following a two-year drop, Spain's oleic acid exports rose in 2020. The export value reached 4 448 K $ US, a 13.7% increase from the previous year. Over the 2017-2020 period, exports decreased by 29.8%, with an annualized decline rate of 11.1%. The lowest value was in 2019 at 3 912 K $ US, which recorded the largest decline of 27.2%.

Annual dynamics of product's exports from Spain in value, 2017-2020, K $ US

Between 2017 and 2020, Italy (50.7% of export value), France (21.7%), and South Africa (16.7%) were the largest buyers of Spanish oleic acid, together comprising 89.0% of total export value.

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

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

Imports oleic acid to Spain

Imports in kind, t

Spain's oleic acid imports declined for the second consecutive year. In 2020, imports totaled 9 617 tonnes, a 22.4% decrease year-over-year. Over the 2017-2020 period, imports fell by 24.5%, with an annualized decline rate of 8.9%. The peak volume was in 2018 at 14 040 tonnes, which saw the largest increase of 10.2%.

Annual dynamics of product's imports to Spain in kind, 2017-2020, t

From 2017 to 2020, the Netherlands (28.4% of import volume), Germany (27.9%), and Malaysia (19.6%) formed the main cluster of sources for Spain's oleic acid imports, together accounting for 75.9% of total volume.

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

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

Imports in value, K $ US

Spain's oleic acid imports declined for the third consecutive year. In 2020, imports amounted to 11 619 K $ US, a 3.5% decrease from the previous year. Between 2017 and 2020, imports decreased by 36%, equating to an annualized decline rate of 13.8%.

Annual dynamics of product's imports to Spain in value, 2017-2020, K $ US

Over the 2017-2020 period, Germany (31.1% of import value), the Netherlands (30.6%), and Malaysia (16.0%) remained the leading sources in Spain's oleic acid import structure, together representing 77.8% of total import value.

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

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