Soybean oil and fractions market in Eastern Europe (including Northern Asia)

Earlier Report Observations

Between 2018 and 2020, the soybean oil market volume in Eastern Europe fluctuated, declining to 540 000 t in 2019 before rising to 572 000 t in 2020. This growth occurred despite lower domestic production due to poor soybean harvests, as imports surged by 59% to compensate for the raw material shortfall, partly driven by rising global vegetable oil prices.

After a sharp increase to 721 000 t in 2021, the market saw significant investments in production capacity and expansion of the raw material base. By 2023, soybean oil production had grown to 1.576 million t, supported by increased soybean harvests and investments, but a simultaneous rise in exports, including to new destinations such as India, reduced domestic consumption to 782 000 t.

By 2024, the launch of new vegetable oil plants in regions like Rostov and Orenburg further boosted production capacity, while the expansion of export markets to Asia and the influence of global prices continued to shape market dynamics.

Production soybean oil and fractions in Eastern Europe (including Northern Asia)

In kind, 2017-2020, K t

Top producers of soybean oil and fractions, 2017-2020

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

Soybean oil and fractions production in Eastern Europe, including Northern Asia, declined after two years of growth. In 2019, output reached its peak at 1 397 thousand tonnes. However, by 2020, production had fallen to 1 313 thousand tonnes, marking a 6.0% decrease from the previous year. Over the four-year period from 2017 to 2020, production grew by 24.9%, which translates to an average annual growth rate of 7.7%. The most significant year-on-year increase occurred in 2018, when production rose by 18.2%.

Annual dynamics of production in Eastern Europe (including Northern Asia) in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Soybean oil and fractions production in Eastern Europe, including Northern Asia, has increased for the third year in a row. In 2020, the output was valued at 1 067 million US dollars, up by 12.8% compared to 2019. From 2017 to 2020, production grew by 21.7%, with an average annual growth rate of 6.8%.

Annual dynamics of production in Eastern Europe (including Northern Asia) in value, 2017-2020, M $ US

Exports soybean oil and fractions from Eastern Europe (including Northern Asia)

Exports in kind, K t

Exports of soybean oil and fractions from Eastern Europe, including Northern Asia, have risen for the third consecutive year. In 2020, exports reached 1 098 thousand tonnes, a slight increase of 1.5% over 2019. Between 2017 and 2020, exports grew by 64.9%, averaging an 18.1% annual growth rate.

Annual dynamics of product's exports from Eastern Europe (including Northern Asia) in kind, 2017-2020, K t

From 2017 to 2020, the main markets for soybean oil and fractions exports from Eastern Europe, including Northern Asia, were China, Algeria, and Cuba. China accounted for 31.8% of exports in volume, Algeria for 19.6%, and Cuba for 4.5%. Together, these three countries represented 55.9% of total export flows.

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

World map of product's exports from Eastern Europe (including Northern Asia) in kind, 2017-2020

Exports in value, M $ US

Soybean oil and fractions exports from Eastern Europe, including Northern Asia, have increased for the third year in a row. In 2020, exports were valued at 892.7 million US dollars, a 21.8% rise compared to 2019. Over the period from 2017 to 2020, exports grew by 60.8%, with an average annual growth rate of 17.1%.

Annual dynamics of product's exports from Eastern Europe (including Northern Asia) in value, 2017-2020, M $ US

Between 2017 and 2020, the leading destinations for soybean oil and fractions exports from Eastern Europe, including Northern Asia, in value terms were China, Algeria, and Cuba. China made up 31.3% of export value, Algeria 18.8%, and Cuba 4.5%. Combined, these three markets accounted for 54.6% of total export flows.

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

World map of product's exports from Eastern Europe (including Northern Asia) in value, 2017-2020

Imports soybean oil and fractions to Eastern Europe (including Northern Asia)

Imports in kind, K t

Imports of soybean oil and fractions into Eastern Europe, including Northern Asia, have grown for the third consecutive year. In 2020, imports amounted to 357 thousand tonnes, a sharp increase of 59.0% from 2019. From 2017 to 2020, imports surged by 164.4%, with an average annual growth rate of 38.3%.

Annual dynamics of product's imports to Eastern Europe (including Northern Asia) in kind, 2017-2020, K t

From 2017 to 2020, imports of soybean oil and fractions into Eastern Europe, including Northern Asia, were spread across many markets. The top three sources were Germany, Serbia, and the Netherlands, which together accounted for only 26.9% of total import volume. Germany contributed 14.1%, Serbia 8.5%, and the Netherlands 4.2%.

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

World map of product's imports to Eastern Europe (including Northern Asia) in kind, 2017-2020

Imports in value, M $ US

Imports of soybean oil and fractions into Eastern Europe, including Northern Asia, have increased for the third year in a row. In 2020, imports were valued at 298.6 million US dollars, up by 46.8% compared to 2019. Over the period from 2017 to 2020, imports grew by 143%, with an average annual growth rate of 34.4%.

Annual dynamics of product's imports to Eastern Europe (including Northern Asia) in value, 2017-2020, M $ US

Between 2017 and 2020, soybean oil and fractions imports into Eastern Europe, including Northern Asia, came from a wide range of markets. Even the largest sources—Germany, Serbia, and the Netherlands—together represented only 29.4% of total import value.

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

World map of product's imports to Eastern Europe (including Northern Asia) in value, 2017-2020