Global Vegetable Oils
End of Year Report 2023

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.