Refined soybean oil and fractions market in Italy

Earlier Report Observations

Between 2018 and 2021, the Italian refined soybean oil market experienced considerable volatility in volume. Starting at 273 thousand tons in 2018, it fell to 202.6 thousand tons in 2019, rebounded to 232.9 thousand tons in 2020, then declined again to 171.8 thousand tons in 2021.

The market volume continued to contract in 2022, dropping to 121.4 thousand tons. By 2023, the decline slowed to 118 thousand tons, indicating a stabilization. During this period, the market began to be influenced by new regulatory factors, notably the EU deforestation regulation that mandates traceability and certification of supply chains, potentially constraining the availability of imported raw materials.

In 2024, the market recovered to 146.8 thousand tons. This growth was partly driven by the ongoing effect of EU sustainability and traceability rules, which spurred demand for certified products, alongside rising global demand from plant-based food manufacturers and industrial oleochemical producers.

Production refined soybean oil and fractions in Italy

In value, 2017-2020, M $ US

The market showed significant volatility during this period. From 2018 to 2020, the difference between the highest and lowest values was 1.8 times. In 2018, Italy's refined soybean oil and fractions production reached its maximum value of 291.1 million US dollars, representing a 75.2% increase. However, in 2019, it experienced the largest decline of 37.6%. By 2020, output had decreased to 165.9 million US dollars, down 8.7% from the previous year.

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

In kind, 2017-2020, K t

Italy's refined soybean oil and fractions production volume declined for the second consecutive year. In 2020, production stood at 188.4 thousand tons, a decrease of 9.2% compared to 2019. Over the 2017-2020 period, production fell by 5.7%, with a compound annual growth rate of -1.9%. The peak was recorded in 2018 at 278.7 thousand tons, marking a 39.6% increase. The largest decline occurred in 2019, with a 25.6% drop.

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

Exports refined soybean oil and fractions from Italy

Exports in kind, t

Italy's exports of refined soybean oil and fractions increased for the third consecutive year. In 2020, exports reached 16 333 tons, up 36.7% from 2019. Over the 2017-2020 period, exports grew by 190.6%, with a compound annual growth rate of 42.7%.

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

From 2017 to 2020, Italy's refined soybean oil and fractions exports were relatively evenly distributed among partner countries. Switzerland accounted for 21.4% of exports in kind, Slovakia for 17.1%, and Greece for 10.7%. Together, these three countries represented 49.3% of total export flows.

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

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

Exports in value, K $ US

Italy's exports of refined soybean oil and fractions in value terms increased for the third year in a row. In 2020, exports amounted to 11 332 thousand US dollars, a 13.6% rise compared to the previous year. Between 2017 and 2020, exports grew by 83.8%, equivalent to an annualized rate of 22.5%.

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

Between 2017 and 2020, Italy's refined soybean oil and fractions exports in value terms were widely dispersed across partner countries. Switzerland accounted for 18.8% of exports in value terms, the Netherlands for 14.2%, and Greece for 10.4%. Combined, these three countries represented 43.4% of total export flows.

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

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

Imports refined soybean oil and fractions to Italy

Imports in kind, t

The market displayed considerable volatility during these years. From 2018 to 2020, the difference between the peak and trough was 30 times. In 2018, imports reached their minimum of 2 021 tons, with the largest decline of 18.6% recorded that year. By 2020, imports surged to 60 815 tons, a dramatic increase of 766.2% compared to 2019.

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

Throughout 2017-2020, Germany dominated Italy's refined soybean oil and fractions imports in kind, accounting for 88.4% of total flows. All other markets combined made up the remaining share.

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

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

Imports in value, K $ US

The market showed an unstable trend over this period. Between 2018 and 2020, there was a 22-fold swing, with the trough in 2018 and the peak in 2020. In 2018, imports reached their minimum value of 2 579 thousand US dollars, with the largest decline of 5.9% recorded that year. By 2020, imports had jumped to 57 008 thousand US dollars, a sharp increase of 734.1% from 2019.

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

From 2017 to 2020, Germany accounted for the majority of Italy's refined soybean oil and fractions imports in value terms, with a share of 85.5%. The remaining imports were spread across a fragmented group of other markets.

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

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