Soybean oilcake market in Southern Europe

Earlier Report Observations

The soybean oilcake market in Southern Europe showed considerable movement between 2018 and 2023, rising from 8.6 million tons to a peak of 9.9 million tons in 2021 before contracting to 7.6 million tons by 2023.

The market's growth through 2021 occurred amid a context of generally accessible global supplies. A sharp reversal began in 2022 when a ministerial resolution temporarily suspended exports of soybean oil and meal from Argentina, a key global supplier, while drought conditions in the country further constrained production. These events tightened worldwide availability and contributed to the regional market's decline. The contraction deepened in 2023 as imports into Spain, a major national market within the region, fell by 33% in value, significantly reducing the total volume of soybean oilcake available.

For 2024, available trade data shows imports recovering to 6.0 million tons while exports remain low. The global supply environment continues to be shaped by factors such as expanded crushing capacity in Brazil and technological innovations in oil extraction processes.

Production soybean oilcake in Southern Europe

In kind, 2017-2020, K t

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

The data reveals irregular changes, indicating a volatile market environment. Production reached its lowest point in 2017, then peaked in 2018, with a 2.9-fold difference between these years. In 2020, Southern Europe produced 4 446 K t of soybean oilcake, representing a 7.6% increase compared to the previous year. The highest production level was recorded in 2018 at 4 496 K t. The largest decline occurred in 2019, falling by 8.1%, while the most significant increase was in 2018, surging by 185.6%.

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

In value, 2017-2020, M $ US

The market showed signs of volatility over the observed period. The value of production reached its lowest point in 2017, then peaked in 2018, with a threefold difference between these years. In 2020, soybean oilcake output in Southern Europe was valued at 1 877 M $ US, reflecting a solid gain of 14.3% compared to the previous year. The maximum value was recorded in 2018 at 1 956 M $ US. The largest decline occurred in 2019, decreasing by 16.0%, while the most significant increase was in 2018, rising by 204.5%.

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

Exports soybean oilcake from Southern Europe

Exports in kind, K t

In 2020, Southern Europe's volume of soybean oilcake exports reached 1 013 K t, constituting a rise of 24.9% year-over-year. Between 2017 and 2020, exports increased by 23.5%, equating to an annualized growth rate of 7.3%. The minimum value was recorded in 2019 at 811 K t, which also saw the largest decline of 15.0%.

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

From 2017 to 2020, the country structure of exports in kind remained highly diversified. France accounted for 21.6% of exports, Hungary for 13.2%, and Austria for 8.6%, with these three countries together representing only 43.5% of total flows. The remaining 56.5% was distributed among a long tail of smaller markets.

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

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

Exports in value, M $ US

In 2020, Southern Europe's soybean oilcake exports reached 428 M $ US, amounting to an increase of 32.7% year-over-year. Over the period from 2017 to 2020, exports increased by 27.7%, with a compound annual growth rate of 8.5%. The minimum value was recorded in 2019 at 322 M $ US, which also experienced the largest decline of 22.3%.

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

The analysis of exports in value terms from 2017 to 2020 shows a broad distribution across many markets. France accounted for 21.3% of exports, Hungary for 12.5%, and Austria for 9.4%, with these three countries together representing only 43.1% of total flows. The remaining 56.9% fell on other trading partners.

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

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

Imports soybean oilcake to Southern Europe

Imports in kind, K t

Southern Europe imported 5 490 K t of soybean oilcake in 2020, showing a small decrease of 2.5% from a year earlier. Between 2017 and 2020, imports decreased by 7.4%, equating to an annualized decline of 2.5%. The minimum value was recorded in 2018 at 5 023 K t, which also saw the largest decline of 15.3%. The largest increase occurred in 2019, rising by 12.1%.

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

From 2017 to 2020, Argentina and Brazil played the leading roles in imports in kind, with a combined share of 83.8% of total flows. The remaining share was dispersed among other countries.

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

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

Imports in value, M $ US

Foreign soybean oilcake supplies to Southern Europe declined for the second consecutive year. In 2020, Southern Europe imported approximately 2 063 M $ US of soybean oilcake, showing a decline of 2.2% year-over-year. Over the period from 2017 to 2020, imports decreased by 3.5%, with a compound annual decline rate of 1.2%. The maximum value was recorded in 2018 at 2 235 M $ US, which also experienced the largest increase of 4.6%. The largest decline occurred in 2019, falling by 5.7%.

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

From 2017 to 2020, Argentina and Brazil played the leading roles in imports in value terms, with a combined share of 82.1% of total flows. The remaining share was dispersed among other countries.

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

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