Soybean oil and fractions market in Greece

Earlier Report Observations

The market volume for soybean oil in Greece fluctuated between 48 thousand tons in 2018 and 45 thousand tons in 2023, with a peak of 53 thousand tons in 2022. This period saw a sharp drop to 42 thousand tons in 2021, interrupting earlier growth.

Domestic production declined steadily from 58 thousand tons in 2018 to 34 thousand tons in 2023. To meet demand, imports rose significantly from 6 thousand tons to 21 thousand tons over the same period, while exports varied and fell sharply to 4 thousand tons by 2024.

The market is influenced by strict EU classification, labeling, and packaging regulations for chemical products, which apply to fats and oils. Additionally, growing consumer preference for organic and non-chemically processed products affects consumption patterns for vegetable oils such as soybean oil.

Production soybean oil and fractions in Greece

In kind, 2017-2020, t

Top producers of soybean oil and fractions, 2017-2020

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

In Greece, soybean oil and fractions production reached 51 900 tonnes in 2020, marking a 3.6% increase from the previous year. Looking at the broader period from 2017 to 2020, production declined by 4.5%, which translates to an average annual decrease of 1.5%. The lowest production level was recorded in 2019 at 50 100 tonnes, while the peak occurred in 2018 with 57 700 tonnes. The most significant drop in production was observed in 2019, falling by 13.2%, whereas the largest increase took place in 2018, rising by 6.2%.

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

In value, 2017-2020, K $ US

Following a two-year decline, soybean oil and fractions production in Greece rebounded in value terms. In 2020, the output was valued at 42 920 thousand US dollars, showing a substantial increase of 22.0% compared to 2019. Over the 2017-2020 period, production value decreased by 9.8%, with a compound annual growth rate of -3.4%. The lowest value was recorded in 2019 at 35 182 thousand US dollars, which also saw the largest decline of 16.2%.

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

Exports soybean oil and fractions from Greece

Exports in kind, t

Export volumes of soybean oil and fractions from Greece experienced notable fluctuations during this period. The lowest exports were recorded in 2017, while the peak occurred in 2018, with a 2.6-fold difference between these years. In 2020, shipments abroad amounted to 9 184 tonnes, representing a 22.0% decrease from 2019. The maximum export volume was reached in 2018 at 16 210 tonnes. The most significant decline happened in 2019, falling by 27.4%, whereas the largest increase was observed in 2018, surging by 164.6%.

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

From 2017 to 2020, India, Algeria, and Cyprus formed the core markets for Greece's soybean oil and fractions exports in volume terms. India accounted for 30.0% of exports, Algeria for 26.8%, and Cyprus for 25.7%. Together, these three countries represented 82.5% of total export flows.

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

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

Exports in value, K $ US

Export values of soybean oil and fractions from Greece showed volatility over the observed period. The lowest value was recorded in 2017, while the peak occurred in 2018, with a top-to-bottom ratio of 2.2 times. In 2020, export value registered 7 595 thousand US dollars, down by 8.1% year-over-year. The maximum value was reached in 2018 at 11 788 thousand US dollars. The largest decline took place in 2019, falling by 29.9%, and the most significant increase was in 2018, rising by 119.5%.

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

During 2017-2020, Cyprus, India, and Algeria were the main destinations for Greece's soybean oil and fractions exports in value terms. Cyprus accounted for 27.7% of exports, India for 27.4%, and Algeria for 25.2%. Collectively, these three markets represented 80.2% of total export value.

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

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

Imports soybean oil and fractions to Greece

Imports in kind, t

After two years of growth, soybean oil and fractions imports into Greece declined. In 2020, import volume amounted to 9 443 tonnes, indicating a solid decrease of 13.8% compared to 2019. Over the 2017-2020 period, imports increased by 137.1%, equating to an average annual rate of 33.3%. The maximum import volume was recorded in 2019 at 10 960 tonnes, which also saw the largest increase of 69.4%.

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

From 2017 to 2020, Serbia dominated Greece's import structure for soybean oil and fractions in volume terms, accounting for 73.8% of total flows. Other markets held comparatively modest shares.

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

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

Imports in value, K $ US

Soybean oil and fractions import values into Greece increased for the third consecutive year. In 2020, imports totalled 8 094 thousand US dollars, corresponding to a small rise of 1.7% year-over-year. Between 2017 and 2020, import value grew by 133.5%, with an average annual increase of 32.7%.

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

Over the 2017-2020 period, Serbia was the dominant source for Greece's soybean oil and fractions imports in value terms, accounting for 71.2% of total flows. The remaining share was distributed among several smaller markets.

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

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