Market research

Soybean oil and fractions market in Spain

$Soybean oil and fractions market in Spain$

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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File format: docx, xlsx

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Earlier Report Observations

The Spanish market for soybean oil and fractions saw fluctuating volumes between 2018 and 2023, starting at 291 thousand tonnes in 2018 and reaching 533 thousand tonnes in 2023. The market expanded by 31% to 380 thousand tonnes in 2019, then contracted by 27% to 279 thousand tonnes in 2020. From 2021 onward, it entered a growth phase, rising to 306 thousand tonnes in 2021, 384 thousand tonnes in 2022, and surging by 39% to 533 thousand tonnes in 2023.

Domestic production remained relatively stable, peaking at 623 thousand tonnes in 2021 before easing to 563 thousand tonnes in 2022 and recovering slightly to 579 thousand tonnes in 2023. Imports played an increasing role, more than tripling from 79 thousand tonnes in 2018 to 287 thousand tonnes in 2023, while exports varied between 306 thousand tonnes and 487 thousand tonnes, reflecting shifts in international trade flows.

In 2024, global factors shaped the market environment. Soybean oil prices appreciated after hitting lows, with slowed farmer sales and increased U.S. demand. A global drawdown in vegetable oil stocks raised reliance on soybean oil, while favorable U.S. weather supported expectations of a good harvest. Potential crop risks in Argentina and uncertain production in Brazil, alongside logistical concerns in the Red Sea and Panama Canal, added price volatility. Within Spain, soybean oil held a minority share in the oil market as consumer preferences shifted toward sunflower oil.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Spain
  1. 5.1.1. Annual dynamics of production in Spain in kind, 2018-2023, K t
  2. 5.1.2. Annual dynamics of production in Spain in value, 2018-2023, $ US
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, K t
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, K t
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Exports
1. 6.1. Exports (Direct Data)
  1. 6.1.1. Exports - Total information
  2. 6.1.2. Exports in kind, K t
    1. 6.1.2.1. Annual dynamics of product's exports from Spain in kind, 2018-2024, K t
    2. 6.1.2.2. Dynamics of product's exports in kind from Spain by countries, 2018-2024, K t
    3. 6.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.1.3. Exports in value, M $ US
    1. 6.1.3.1. Annual dynamics of product's exports from Spain in value, 2018-2024, M $ US
    2. 6.1.3.2. Dynamics of product's exports in value from Spain by countries, 2018-2024, M $ US
    3. 6.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's exports, $ US/t
    1. 6.1.4.1. Annual dynamics of average price of product's exports from Spain, 2018-2024, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's exports from Spain by countries, 2018-2024, $ US/t
2. 6.2. Exports (Mirror Data)
  1. 6.2.1. Exports - Total information
  2. 6.2.2. Exports in kind, K t
    1. 6.2.2.1. Annual dynamics of product's exports from Spain in kind, 2018-2024, K t
    2. 6.2.2.2. Dynamics of product's exports in kind from Spain by countries, 2018-2024, K t
    3. 6.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.2.3. Exports in value, M $ US
    1. 6.2.3.1. Annual dynamics of product's exports from Spain in value, 2018-2024, M $ US
    2. 6.2.3.2. Dynamics of product's exports in value from Spain by countries, 2018-2024, M $ US
    3. 6.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's exports, $ US/t
    1. 6.2.4.1. Annual dynamics of average price of product's exports from Spain, 2018-2024, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's exports from Spain by countries, 2018-2024, $ US/t
7. Imports
1. 7.1. Imports (Direct Data)
  1. 7.1.1. Imports - Total information
  2. 7.1.2. Imports in kind, K t
    1. 7.1.2.1. Annual dynamics of product's imports to Spain in kind, 2018-2024, K t
    2. 7.1.2.2. Dynamics of product's imports in kind to Spain by countries, 2018-2024, K t
    3. 7.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.1.3. Imports in value, M $ US
    1. 7.1.3.1. Annual dynamics of product's imports to Spain in value, 2018-2024, M $ US
    2. 7.1.3.2. Dynamics of product's imports in value to Spain by countries, 2018-2024, M $ US
    3. 7.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's imports, $ US/t
    1. 7.1.4.1. Annual dynamics of average price of product's imports to Spain, 2018-2024, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's imports to Spain by countries, 2018-2024, $ US/t
2. 7.2. Imports (Mirror Data)
  1. 7.2.1. Imports - Total information
  2. 7.2.2. Imports in kind, K t
    1. 7.2.2.1. Annual dynamics of product's imports to Spain in kind, 2018-2024, K t
    2. 7.2.2.2. Dynamics of product's imports in kind to Spain by countries, 2018-2024, K t
    3. 7.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.2.3. Imports in value, M $ US
    1. 7.2.3.1. Annual dynamics of product's imports to Spain in value, 2018-2024, M $ US
    2. 7.2.3.2. Dynamics of product's imports in value to Spain by countries, 2018-2024, M $ US
    3. 7.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's imports, $ US/t
    1. 7.2.4.1. Annual dynamics of average price of product's imports to Spain, 2018-2024, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's imports to Spain by countries, 2018-2024, $ US/t
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, K t
  2. 8.1.2. In value, M $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, K t
  2. 8.2.2. In value, M $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production soybean oil and fractions in Spain

In kind, 2017-2020, K t

From 2017 to 2020, Spain held the 11th position globally in the production of soybean oil and fractions.

Top producers of soybean oil and fractions, 2017-2020

Source: SHEV.io

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

Source: SHEV.io

Spain's production of soybean oil and fractions grew for the third year in a row. In 2020, the country produced 594.0 thousand tonnes, marking a 2.5% increase compared to the previous year. Over the 2017-2020 period, production rose by 6.9%, with an average annual growth rate of 2.3%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	3.2%	1.2%	2.5%	2.3%

Source: SHEV.io

In value, 2017-2020, M $ US

Following a two-year decline, Spain's production of soybean oil and fractions rebounded in value. In 2020, the output was valued at 459.4 million US dollars, reflecting a strong 15.9% year-over-year increase. The lowest value was recorded in 2019 at 396.3 million US dollars, which saw the largest decline of 9.0%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(6.4%)	(9.0%)	15.9%	(0.4%)

Source: SHEV.io

Exports soybean oil and fractions from Spain

Exports in kind, K t

In 2020, Spain exported 393.6 thousand tonnes of soybean oil and fractions, up 28.6% from the previous year. Between 2017 and 2020, exports grew by 31.9%, averaging an annual increase of 9.7%. The largest decline occurred in 2019, with a drop of 15.2%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	21.0%	(15.2%)	28.6%	9.7%

Source: SHEV.io

From 2017 to 2020, the main destinations for Spain's soybean oil and fractions exports in volume were Morocco (41.8% of exports), Algeria (32.4%), and France (6.0%). Together, these three countries accounted for 80.2% of total export flows.

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

Source: SHEV.io

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

Source: SHEV.io

Exports in value, M $ US

In 2020, Spain's soybean oil and fractions exports reached 304.5 million US dollars, a 45.5% increase compared to the previous year. Over the 2017-2020 period, export value grew by 21.9%, with an average annual rate of 6.8%. The lowest value was recorded in 2019 at 209.3 million US dollars, which experienced the largest decline of 23.7%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	9.8%	(23.7%)	45.5%	6.8%

Source: SHEV.io

From 2017 to 2020, the top three markets for Spain's soybean oil and fractions exports in value were Morocco, Algeria, and South Africa, collectively representing 78.1% of total export flows.

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

Source: SHEV.io

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

Source: SHEV.io

Imports soybean oil and fractions to Spain

Imports in kind, K t

After two years of growth, Spain's imports of soybean oil and fractions decreased. In 2020, imports stood at 78.6 thousand tonnes, down 26.2% year-over-year. Between 2017 and 2020, imports increased by 44.4%, averaging an annual rise of 13.0%. The highest volume was recorded in 2019 at 106.5 thousand tonnes, while the largest increase occurred in 2018 at 44.2%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	44.2%	35.8%	(26.2%)	13.0%

Source: SHEV.io

From 2017 to 2020, the leading sources for Spain's soybean oil and fractions imports in volume were Paraguay (40.8% of imports), the Netherlands (19.5%), and Portugal (15.2%). These three countries together made up 75.5% of total import flows.

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

Source: SHEV.io

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

Source: SHEV.io

Imports in value, M $ US

Following two years of growth, Spain's imports of soybean oil and fractions declined in value. In 2020, imports were recorded at 63.9 million US dollars, a 22.7% decrease from the previous year. Over the 2017-2020 period, import value increased by 30.4%, with an average annual growth rate of 9.3%. The highest value was in 2019 at 82.7 million US dollars, and the largest increase was in 2018 at 35.9%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	35.9%	24.2%	(22.7%)	9.3%

Source: SHEV.io

From 2017 to 2020, the top three sources for Spain's soybean oil and fractions imports in value were Paraguay, the Netherlands, and Portugal, accounting for 74.5% of total import flows.

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

Source: SHEV.io

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

Source: SHEV.io