Russia's share in the global vegetable oil market has grown to 8.5%

Published Jan 21, 2025

Tridge summary

By the end of 2024, Russia remained the third-largest global exporter of vegetable oil, holding an 8.5% market share, as reported by OleoScope analysts. The country excelled in exporting sunflower, rapeseed, and soybean oils, capturing a 20% share in these categories. Overall oil exports grew by 8% to 7.29 million tons, driven by a surge in sunflower oil exports, although rapeseed oil exports dropped by 30%. While plant meal exports stayed consistent, oilseed exports declined by 37% due to protective duties, which in turn increased domestic processing capacity utilization to a record 89%. Despite a 4% decrease in export value due to falling global prices, particularly impacting the rapeseed sector, total oil and fat product exports rose by 5% to 11.7 million tons.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

At the end of 2024, Russia retained third place in the world in terms of vegetable oil exports, the country's share in the global market increased by 1%, to 8.5%, according to analysts from the OleoScope agency. At the same time, our country is the leader with a 20% share in total supplies of sunflower, rapeseed and soybean oils. Analysts estimate the volume of oil exports at 7.29 million tons, 8% more than in 2023. In particular, sunflower oil supplies increased by 24%, to 5.46 million tons, soybean oil - by 2%, to 691 thousand tons, rapeseed oil - decreased by 30%, to 1.13 million tons. Russia's share in the global export of these oils amounted to 36%, 6% and 15%, respectively, according to OleoScope. Exports of plant meals remained approximately at the 2023 level, having decreased by 0.37%, to 4.02 million tons. At the same time, shipments of sunflower meal increased by 12% and reached 2.73 million tons, soybean meal added 4%, to 842 thousand tons, but rapeseed meal fell by ...

Source: AgroInvestor