Spain: Seed oils gain in sales with the crisis and the higher price of olive oil

In 2021, Spain saw a shift in the agricultural oil market, with seed oils experiencing a 10% increase in sales, reaching 343 million liters, while olive oil sales dropped by 11%, totaling 309 million liters. This change is largely attributed to the rising price of olive oil, which surged by 45% on average due to high price competition and lower profitability for olive growers. Meanwhile, the market for sunflower oil, the most popular seed oil in Spain, saw a 5% increase, and refined seed oils 52%. However, sales of soybean and corn oils declined. The stable and potential future growth of the vegetable oil market is countered by uncertainties such as the tension between Ukraine and Russia, which could impact Spanish imports and the global supply chain. Factors like the pandemic's impact on the hotel industry, higher prices of agricultural raw materials, and various challenges in the production of soybean, palm, and other oils present a complex and unpredictable situation for the market.