Soybean oil and fractions market in Portugal

Earlier Report Observations

Between 2018 and 2020, Portugal's soybean oil market expanded, with production rising from 200.5 thousand tons to 254.5 thousand tons and market volume growing from 107.9 thousand tons to 153.6 thousand tons. This growth was supported by increasing global demand. In 2021, production continued to climb to 271.9 thousand tons, but market volume slightly contracted to 146.8 thousand tons. This shift coincided with global supply chain disruptions and drought in key producing regions, which tightened supplies and raised prices. Additionally, the increased use of soybean oil for biofuels in the United States diverted global supplies, potentially reducing availability for domestic consumption in Portugal.

From 2022, the market entered a steep decline. Production fell to 206.7 thousand tons in 2022 and further to 168.6 thousand tons in 2023, while market volume plummeted to 98.5 thousand tons and then 44.7 thousand tons. The Russia-Ukraine conflict introduced significant supply uncertainty and price volatility, disrupting trade flows. Although Indonesia's palm oil export ban in April 2022 boosted demand for soybean oil as a substitute, these gains were outweighed by broader market instability. Concurrently, growing consumer preference for non-GMO and organic soybean oil began shaping demand patterns, but could not offset the overall contraction.

Trade data for 2024 and 2025 show exports remaining elevated, reaching 127.4 thousand tons in 2024 before falling to 106.7 thousand tons in 2025, while imports fluctuated at lower levels. This suggests a continued focus on external markets amidst evolving global conditions, including ongoing supply chain volatility and environmental sustainability concerns.

Production soybean oil and fractions in Portugal

In kind, 2018-2021, K t

On the global stage, Portugal ranked as the 24th largest producer of soybean oil and fractions between 2018 and 2021.

Top producers of soybean oil and fractions, 2018-2021

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

Portugal's production of soybean oil and fractions grew for the third year in a row. In 2021, the country produced 271.9 thousand tons, marking a 6.8% increase from the previous year. Over the 2018-2021 period, production rose by 35.6%, with an average annual growth rate of 10.7%.

Annual dynamics of production in Portugal in kind, 2018-2021, K t

Exports soybean oil and fractions from Portugal

Exports in kind, K t

Exports of soybean oil and fractions from Portugal increased for the third consecutive year. In 2021, exports reached 129.9 thousand tons, up 17.6% compared to 2020. From 2018 to 2021, exports grew by 33.3%, translating to an annualized rate of 10.1%.

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

From 2018 to 2021, Angola, Spain, and Morocco were the main markets for Portugal's soybean oil and fractions exports in volume terms. Angola accounted for 42.7% of exports, Spain for 24.5%, and Morocco for 18.4%, together making up 85.5% of total export flows.

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

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

Exports in value, M $ US

Portugal's exports of soybean oil and fractions in value terms rose for the second year in a row. In 2021, exports totaled 163.5 million US dollars, a 57.5% increase from the previous year. Between 2018 and 2021, export value grew by 54.8%, with an annualized rate of 15.7%. The lowest value was recorded in 2019 at 91.1 million US dollars, which saw the largest decline of 13.7% that year.

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

During 2018-2021, Angola, Spain, and Morocco were the top contributors to Portugal's soybean oil and fractions exports in value terms. Angola represented 49.1% of exports, Spain 20.0%, and Morocco 15.9%, collectively accounting for 84.9% of total export value.

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

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

Imports soybean oil and fractions to Portugal

Imports in kind, K t

The import market for soybean oil and fractions in Portugal showed an unstable trend from 2018 to 2021. Imports peaked in 2019 at 19.7 thousand tons and fell to a low of 4.8 thousand tons in 2021, a 4.1-fold difference. In 2021, imports dropped sharply by 49.6% compared to the previous year. The largest decline occurred in 2020 at 51.5%, while the biggest increase was in 2019 at 305.5%.

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

From 2018 to 2021, Spain, Ukraine, and the Netherlands were the key partners for Portugal's imports of soybean oil and fractions in volume terms. Spain accounted for 42.0% of imports, Ukraine for 16.6%, and the Netherlands for 13.4%, together representing 72.1% of total import flows.

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

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

Imports in value, M $ US

Portugal's import market for soybean oil and fractions in value terms was volatile from 2018 to 2021. Imports reached a high of 15.2 million US dollars in 2019 and a low of 6.5 million US dollars in 2021, a 2.3-fold difference. In 2021, imports contracted by 25.0% from the previous year. The largest decline was in 2020 at 42.9%, while the largest increase was in 2019 at 128.6%.

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

Between 2018 and 2021, the leading sources for Portugal's imports of soybean oil and fractions in value terms were Spain, Ukraine, and the Netherlands. Spain made up 54.4% of imports, Ukraine 12.4%, and the Netherlands 11.4%, jointly accounting for 78.2% of total import value.

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

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