Soybean oil and fractions market in Northern Europe

Earlier Report Observations

The market for soybean oil and fractions in Northern Europe grew from 516.1 thousand tonnes in 2018 to 545.8 thousand tonnes in 2019, supported by increased global soybean production in major exporting countries which improved import availability. Rising consumer awareness of environmental impact and sustainability began to drive demand for non-chemically modified soybean oil during this period.

In 2020, the COVID-19 pandemic disrupted global supply chains, leading to uncertainty in availability and prices and reducing the market size to 512.4 thousand tonnes. The following year saw a slight recovery to 513.6 thousand tonnes as pandemic-related supply chain effects persisted and import sources shifted, with increased volumes from Norway offsetting reduced imports from Russia.

Regulatory changes in the EU and Northern Europe regarding labeling and sustainability requirements for vegetable oils influenced the market from 2022 onward, contributing to a contraction to 480.5 thousand tonnes. By 2023, the market volume had further declined to 416.0 thousand tonnes, while eco-labeling and third-party certification in the food sector continued to expand rapidly, with a 68.2% increase noted in Sweden, reflecting strong consumer preference for sustainably sourced products.

Production soybean oil and fractions in Northern Europe

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

In 2020, Northern Europe produced 238.8 thousand tons of soybean oil and fractions, representing a modest 0.9% increase compared to 2019. Over the four-year period from 2017 to 2020, production grew by 9.9%, which translates to an average annual growth rate of 3.2%. The highest production level was achieved in 2018 at 243.2 thousand tons. The most significant decline occurred in 2019 with a 2.7% drop, while the largest increase was recorded in 2018 at 12.0%.

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

In value, 2017-2020, M $ US

In 2020, the output value of soybean oil and fractions in Northern Europe reached 212.6 million US dollars, showing a slight 2.6% rise from the previous year. However, looking at the broader period from 2017 to 2020, production value actually decreased by 10.7%, averaging an annual decline of 3.7%. The lowest value was recorded in 2019 at 207.2 million US dollars, while the peak occurred in 2018 at 256.0 million US dollars. The most substantial drop took place in 2019 with a 19.1% decrease, whereas the largest increase was in 2018 at 7.5%.

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

Exports soybean oil and fractions from Northern Europe

Exports in kind, K t

Northern Europe's exports of soybean oil and fractions grew for the second consecutive year in 2020, reaching 124.4 thousand tons—an 8.7% increase compared to 2019. Over the 2017-2020 period, exports expanded by 20.1%, with a compound annual growth rate of 6.3%. The lowest export volume was in 2018 at 92.0 thousand tons, which also saw the largest decline of 11.2%. In contrast, 2019 experienced the most significant increase at 24.4%.

Annual dynamics of product's exports from Northern Europe in kind, 2017-2020, K t

Between 2017 and 2020, no single market dominated Northern Europe's soybean oil and fractions exports. The top three destinations—the Netherlands (11.9% of export volume), France (4.5%), and Poland (1.9%)—collectively accounted for just 18.4% of total exports, with numerous smaller partners holding relatively modest individual shares.

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

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

Exports in value, M $ US

Northern Europe's soybean oil and fractions export value continued its upward trend for the second year in a row in 2020, totaling 110.7 million US dollars—a 10.5% increase from 2019. However, over the 2017-2020 timeframe, export value actually declined by 2.4%, averaging a 0.8% annual decrease. The lowest value was recorded in 2018 at 96.8 million US dollars, which also saw the most significant drop of 14.7%.

Annual dynamics of product's exports from Northern Europe in value, 2017-2020, M $ US

From 2017 to 2020, Northern Europe's soybean oil and fractions export value was distributed across a wide range of partners. The three largest markets—the Netherlands (11.7% of export value), France (4.6%), and Germany (2.4%)—together represented only 18.7% of total export flows.

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

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

Imports soybean oil and fractions to Northern Europe

Imports in kind, K t

In 2020, Northern Europe imported 398.0 thousand tons of soybean oil and fractions, marking a 6.0% decrease from 2019. The lowest import volume during the 2017-2020 period was in 2018 at 364.9 thousand tons, while the peak occurred in 2019 at 423.6 thousand tons. The most substantial decline was recorded in 2018 at 7.0%, whereas the largest increase took place in 2019 at 16.1%.

Annual dynamics of product's imports to Northern Europe in kind, 2017-2020, K t

Between 2017 and 2020, the Netherlands (46.3% of import volume), Norway (13.8%), and Russia (11.0%) consistently served as Northern Europe's primary sources for soybean oil and fractions imports, collectively accounting for 71.1% of total import flows.

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

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

Imports in value, M $ US

Northern Europe's soybean oil and fractions import value grew for the second consecutive year in 2020, reaching 322.6 million US dollars—a 1.6% increase from 2019. However, over the 2017-2020 period, import value decreased by 6.4%, with a compound annual decline rate of 2.2%. The lowest value was recorded in 2018 at 308.1 million US dollars, which also experienced the most significant drop of 10.6%. In contrast, 2019 saw the largest increase at 3.1%.

Annual dynamics of product's imports to Northern Europe in value, 2017-2020, M $ US

From 2017 to 2020, the Netherlands (45.8% of import value), Norway (13.7%), and Russia (10.2%) remained Northern Europe's leading suppliers of soybean oil and fractions, jointly representing 69.6% of total import value.

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

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