Global Vegetable Oils
End of Year Report 2023

Start exploring the ever-changing terrain of the vegetable oil market in 2023 with our End of Year report.

Supported by Vesper's data, the analysis covers crude, refined, and specialty oils such as coconut, palm kernel, olive, and sunflower, providing insights into import/export dynamics, price fluctuations, and prevailing market sentiments.

The report wraps up with a concise outlook for the short and long term, presenting key insights for informed decision-making in strategic buying, selling, or trading endeavours.

What to expect from the report

From regional fluctuations to macro forces influencing global trade and price dynamics, this report aims to provide a clear understanding of the drivers shaping the vegetable oil industry, with a particular focus on the influence of past trends on the future of the market.

What happened in 2023?

  • Reduced maritime freight rates. Shipping costs for the Far East to North Europe route have almost been cut in half.
  • Improved supply conditions and increased year-on-year global output for most vegetable seeds and oils.
  • Increased stock levels at main importers.
  • Record-breaking soybean production in Brazil and the US, along with rapeseed and sunflower seed crops in Ukraine and Russia.
  • A 76.34% increase of EU biodiesel imports from China, in the first three months of 2023.
  • Palm Kernel Oil emerged as an appealing alternative for the oleochemicals sector, due to lower prices.
  • Olive oil prices in Spanish shops has increased by more than 50 per cent in a year, well above the European average of 38 per cent. 


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What is Vesper?

Vesper,, is a commodity intelligence platform that transforms difficult-to-understand data into easy-to-digest intelligence and actionable insights, enabling users to back their decisions with facts. The insights provided by our market analysts in this report are backed-up by Vesper’s real-time and difficult to find data.

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