Soybeans market in Southern Europe

Earlier Report Observations

From 2018 to 2020, the soybean market in Southern Europe experienced shifts driven by demand and supply factors. The market volume reached 8.6 million t in 2018, supported by growing demand for plant-based proteins in food and animal feed. In 2019, adverse climatic factors constrained production and supply, contributing to a market contraction to 8.3 million t. The following year, the COVID-19 pandemic disrupted global supply chains, yet a simultaneous surge in demand for plant-based proteins as a healthy alternative helped lift the market back to 8.8 million t.

Market volume expanded to a peak of 9.2 million t in 2021, bolstered by reinforced European sustainability policies that encouraged local soybean production and by rising consumer preference for organic and sustainability-certified products. This trend reversed in 2022 when unfavorable weather in key global producing regions, including Brazil and Argentina, tightened worldwide supply, leading to a significant market decline to 8.2 million t.

A recovery to 8.7 million t occurred in 2023, facilitated by improved harvests in South America, which enhanced global soybean availability, coupled with sustained European demand for plant-based food products.

Production soybeans in Southern Europe

In kind, 2017-2020, K t

Top producers of soybeans, 2017-2020

World map of production of soybeans, 2017-2020

In Southern Europe, soybean production reached 2 072 K t in 2020, marking a 2.3% year-over-year increase. Over the 2017-2020 period, production grew by 20.4%, with a compound annual growth rate of 6.4%. The highest production level was recorded in 2018 at 2 113 K t, which represented a 22.8% increase from the previous year. In contrast, 2019 saw the largest decline of 4.2%.

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

In value, 2017-2020, M $ US

The value of soybean production in Southern Europe stood at 965 M $ US in 2020, showing a 9.3% rise compared to 2019. From 2017 to 2020, production value increased by 13.9%, with a compound annual growth rate of 4.4%. The peak value occurred in 2018 at 1 123 M $ US, reflecting a 32.6% increase. However, 2019 experienced the largest decline of 21.4%.

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

Exports soybeans from Southern Europe

Exports in kind, K t

Export volumes of soybeans from Southern Europe showed irregular changes, indicating a volatile market environment. The minimum value was recorded in 2018 at 236 K t, which represented a 40.7% decline. In 2019, exports surged by 78.2%, and in 2020, they reached 548 K t, a 30.2% increase from the previous year. Overall, there was a 2.3-fold variation between the minimum in 2018 and the maximum in 2020.

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

The country composition of soybean exports from Southern Europe during 2017–2020 was dispersed. Russia accounted for 21.0% of exports in kind, Germany for 17.6%, and Austria for 8.8%, together forming just 47.4% of total flows. The remaining 52.6% was distributed among a wide range of other destinations.

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

Soybean exports from Southern Europe increased for the second consecutive year in 2020, reaching 255 M $ US, which was a significant 39.1% rise compared to the previous year. Between 2017 and 2020, exports grew by 30.2%, equating to an annualized rate of 9.2%. The lowest value was recorded in 2018 at 126 M $ US, reflecting a 36.0% decline. In 2019, exports rebounded with the largest increase of 46.1%.

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

During 2017–2020, soybean exports from Southern Europe in value terms were spread relatively evenly. Russia contributed 19.8% of exports in value terms, Germany 16.3%, and Austria 8.5%, jointly accounting for only 44.5% of total flows.

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 soybeans to Southern Europe

Imports in kind, K t

Soybean imports into Southern Europe increased for the third consecutive year in 2020, with a volume of 7 229 K t, representing a moderate 7.2% improvement compared to 2019. Over the period 2017-2020, imports grew by 17.9%, with a compound annual growth rate of 5.7%.

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

From 2017 to 2020, Brazil, the United States, and Canada remained the leading sources for soybean imports into Southern Europe in kind. Brazil accounted for 43.5% of imports in kind, the United States for 29.1%, and Canada for 7.4%, together comprising 79.9% of total flows.

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

In 2020, Southern Europe imported soybeans valued at 2 839 M $ US, which was 11.8% higher than the previous year. Over the period 2017-2020, imports increased by 12.9%, with a compound annual growth rate of 4.1%. The largest decline was recorded in 2019 at 6.6%.

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

Throughout 2017–2020, Brazil, the United States, and Canada were the key sources for soybean imports into Southern Europe in value terms. Brazil accounted for 42.5% of imports in value terms, the United States for 28.9%, and Canada for 7.5%, together taking 78.9% of total flows.

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

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