Soybean oil and fractions market in Hungary

Earlier Report Observations

The volume of the Hungarian soybean oil market expanded significantly from 7 326 t in 2018 to 12 887 t in 2020. This growth was primarily driven by the COVID-19 pandemic, which disrupted global supply chains and led to a surge in imports, which reached 9 658 t in 2020. The market then contracted sharply to 8 362 t in 2021, as the ongoing recovery from the pandemic and the outbreak of the Russia-Ukraine conflict created further supply disruptions, reducing both domestic production and import volumes.

Following the 2021 correction, the market stabilized around 8 500 t in 2022 and 2023. During this period, market competitiveness increased, with the Herfindahl-Hirschman Index rising to 1545 in 2023, indicating a more fragmented competitive landscape. Simultaneously, growing consumer preference for healthy and sustainable options boosted demand for non-GMO and organic soybean oil, shaping long-term market trends.

Production soybean oil and fractions in Hungary

In kind, 2018-2021, t

Top producers of soybean oil and fractions, 2018-2021

World map of production of soybean oil and fractions, 2018-2021

Hungary's production of soybean oil and fractions has declined for the third year in a row. In 2021, the country produced 22,000 tonnes, marking a significant decrease of 13.4% compared to the previous year. Over the period from 2018 to 2021, production fell by 22.3%, with an average annual decline of 8.1%.

Annual dynamics of production in Hungary in kind, 2018-2021, t

Exports soybean oil and fractions from Hungary

Exports in kind, t

In 2021, Hungary's exports of soybean oil and fractions reached 19,987 tonnes, showing a modest decline of 9.9% year-over-year. From 2018 to 2021, exports decreased by 15.8%, with an average annual drop of 5.6%. The largest decrease occurred in 2019, at 11.4%, while the biggest increase was in 2020, at 5.3%.

Annual dynamics of product's exports from Hungary in kind, 2018-2021, t

Between 2018 and 2021, Belgium, Poland, and Czechia were the main markets for Hungary's soybean oil and fractions exports by volume. Belgium accounted for 30.9% of exports, Poland for 14.9%, and Czechia for 14.5%, together making up 60.3% of total export flows.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Hungary in kind, 2018-2021

Exports in value, K $ US

Hungary's soybean oil and fractions exports have increased for the second consecutive year. In 2021, exports totaled 21,061 thousand US dollars, representing a strong gain of 17.3% over the previous year. From 2018 to 2021, exports rose by 10.2%, with an average annual growth rate of 3.3%. The lowest value was recorded in 2019 at 15,441 thousand US dollars, which also saw the largest decline of 19.2%.

Annual dynamics of product's exports from Hungary in value, 2018-2021, K $ US

From 2018 to 2021, Belgium, Poland, and Czechia were the principal destinations for Hungary's soybean oil and fractions exports by value. Belgium made up 32.3% of exports, Poland 15.4%, and Czechia 13.6%, collectively accounting for 61.3% of total export flows.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Hungary in value, 2018-2021

Imports soybean oil and fractions to Hungary

Imports in kind, t

The market displayed volatility during the observed period. Import volumes reached their lowest point in 2018 and peaked in 2020, with a 3.5-fold difference between these years. In 2021, Hungary imported approximately 6,348 tonnes of soybean oil and fractions, indicating an abrupt loss of 34.3% compared to 2020. The maximum volume was recorded in 2020 at 9,658 tonnes, which also saw the largest increase of 93.6%.

Annual dynamics of product's imports to Hungary in kind, 2018-2021, t

Over the period from 2018 to 2021, Serbia and Slovakia were the dominant sources for Hungary's soybean oil and fractions imports by volume, jointly accounting for 83.3% of total flows. The remaining volume was distributed among smaller markets.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Hungary in kind, 2018-2021

Imports in value, K $ US

The market showed an unstable trend throughout the timeframe. Imports varied by a factor of 3, from a low in 2018 to a high in 2020. In 2021, Hungary's soybean oil and fractions import value stood at 7,382 thousand US dollars, reflecting a reduction of 4.7% year-over-year. The maximum value was recorded in 2020 at 7,742 thousand US dollars, which also experienced the largest increase of 105.2%.

Annual dynamics of product's imports to Hungary in value, 2018-2021, K $ US

Between 2018 and 2021, Serbia, Slovakia, and Germany were the primary suppliers of soybean oil and fractions to Hungary by value. Serbia accounted for 58.0% of imports, Slovakia for 14.5%, and Germany for 8.3%, together making up 80.7% of total import flows.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Hungary in value, 2018-2021