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EU Olive Oil Production to Gain 13% Through 2030 on High Export Demand

olive oil

EU Olive Oil Production to Gain 13% Through 2030 on High Export Demand

IndexBox has just published a new report: ‘EU – Olive Oil (Virgin) – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

High prices and growing demand in the olive oil market have spurred investments to expand and mechanize plantations that will automate the production process. This will enable increased production in the EU from a projected 2.2M tonnes in 2021 to 2.3M tonnes by 2025. Thanks to rising demand from Asia, top European exporters – Spain, Italy and Portugal – will be able to boost shipments.

Key Trends and Insights

High prices for olive oil in 2020-2021 have prompted an influx of investments to expand plantation sizes in Spain, Italy and Portugal. Olive oil production is becoming completely mechanized from planting trees to harvesting the product. This facilitates minimizing waste and achieving high quality and that improves profitability. Based on projections from the EU Agricultural Outlook 2021-31, IndexBox calculates that in 2021 EU olive oil production will total 2.2M tonnes, then by 2025 increase to 2.3M tonnes and in the following years, it will steadfastly grow to reach 2.5M tonnes by 2031. In Greece, land allocated for plantations will be reduced, however, the country will retain its status as one of the leading exporters.

Climate change, drought and water scarcity will be the key negative factors hindering production growth. To mitigate that, new olive tree varieties that are more resistant to extreme weather conditions will be introduced for new plantations and to replace current ones.

Consumption per capita of olive oil in EU countries, excluding Italy, Spain, Portugal and Greece, will rise about 4% annually, but remain relatively low (1.3 kg/person by 2025). At the same time, the arithmetic mean of per capita consumption in Italy, Spain, Portugal and Greece will decline from 9.3 kg/person in 2021 to 8.9 kg/person in 2025.

Demand from non-European countries is growing and thus driving a projected increase in the total EU olive oil shipments to outside the union from an estimated 860K tonnes in 2021 to 949K tonnes in 2025. The main gains in exports come from those countries without domestic production. In these cases, the main focus is on shipments of high-quality bottled and organic olive oil.

Portugal and Spain should significantly solidify their leadership positions in global exports thanks to heightened demand in Asia-Pacific as well as potentially increased shipments to Brazil. Spain is the largest olive oil supplier with a market share of 43% of global exports. Growing competition from producers in the southern hemisphere is forecast to not significantly influence the EU’s position on the international market.

Virgin Olive Oil Exports in the EU

In 2020, the amount of virgin olive oil exported in the EU expanded to 1.5M tonnes, growing by 11% against 2019 figures. In value terms, supplies reached $5.2B (IndexBox estimates).

Spain represented the major exporting country with an export of about 852K tonnes, which accounted for 56% of total exports. It was distantly followed by Italy (311K tonnes), Portugal (177K tonnes) and Greece (165K tonnes), together creating a 43% share of total supplies.

In value terms, Spain ($2.5B), Italy ($1.4B) and Portugal ($569M) appeared to be the countries with the highest levels of exports in 2020, together comprising 87% of total exports. Greece lagged somewhat behind, accounting for a further 10%.

In 2020, the virgin olive oil export price in the EU amounted to $3,371 per tonne, falling by -6.2% against the previous year. There were significant differences in the average prices amongst the major exporting countries. In 2020, the country with the highest price was Italy ($4,481 per tonne), while Spain ($2,960 per tonne) was amongst the lowest.

Source: IndexBox Platform

corn

Corn Prices to Lose 10% in 2022, U.S. Exports Double to $16.5B

IndexBox has just published a new report: ‘U.S. – Maize – Market Analysis, Forecast, Size, Trends and Insights. Here is a summary of the report’s key findings.

In 2022, the average annual maize price is forecast to drop by 10% y-o-y due to higher global production and lower demand from Asia, after growing by 57% y-o-y to $260 per tonne last year. Thanks to rising corn prices and increased demand for feed grains in Canada, U.S. maize export sales reached $16.5B in January-October 2021, doubling compared to the same period a year earlier.

According to World Bank’s data, the average annual corn price grew by 57% y-o-y to $260 per tonne in 2021. This year, it is expected to decrease by 10% y-o-y with higher output and lower demand for feed use in Asia. At the same time, this forecast is subject to several risks, including explosive energy and fertilizer prices, high freight rates, biofuel policies and weather conditions.

Rising corn prices and high demand for feed grains in Canada stimulated the growth of export value from the U.S. Throughout January-October 2021, total U.S. maize supplies reached 60M tonnes, expanding by 30% compared to the same previous year. In value terms, American corn exports grew twofold, reaching a record $16.5B. USDA predicts that U.S. maize sales to Canada will rise ninefold, surpassing 3M tonnes in 2022. High prices for feed barley in Canada are set to propel the growth of demand for substitutes, including corn.

World’s Largest Corn Suppliers

In 2020, the volume of maize exported worldwide rose notably to 169M tonnes, picking up by 6.4% compared with the previous year’s figure. In value terms, supplies stood at $36.4B.

The shipments of the four significant maize exporters, namely the U.S., Brazil, Argentina and Ukraine, represented more than two-thirds of global volume. Romania (5.7M tonnes), France (4.5M tonnes), Hungary (4M tonnes) and Bulgaria (2.6M tonnes) held a minor share of total exports.

In value terms, the U.S. ($9.6B), Argentina ($6.4B) and Brazil ($5.9B) constituted the countries with the highest levels of supplies in 2020, with a combined 60% share of global exports. These countries were followed by Ukraine, France, Romania, Hungary and Bulgaria, which accounted for 24%.

U.S. Corn Exports in 2020

Maize exports from the U.S. soared to 52M tonnes in 2020, increasing 25% against 2019 figures. In value terms, supplies skyrocketed to $9.6B (IndexBox estimates).

Mexico (15M tonnes), Japan (10M tonnes) and China (6.9M tonnes) were the main destinations of maize exports from the U.S., with a combined 62% share of total volume.

In value terms, the largest markets for maize supplied from the U.S. were Mexico ($2.7B), Japan ($1.9B) and China ($1.2B), together accounting for 61% of total exports.

Source: IndexBox Platform

seasonal tier

Fortifying the Supply Chain Against Seasonal Challenges: 7 Scenarios

As the seasons change, so do the risks businesses face. That’s true of any industry, but these seasonal challenges can be even more impactful in a sector as complex and interconnected as the supply chain.

Resilience is key to success in an increasingly competitive industry. Supply chains must anticipate and prepare for shifting seasonal obstacles to become as resilient as possible. With that in mind, here are seven common seasonal scenarios supply chains should plan for.

1.  Demand Shifts

One of the most consistent seasonal challenges supply chains face is shifting demand. For many logistics companies, like UPS, peak season lies between November and January, while others are busier in the summer. Regardless of when it occurs, supply chains face uneven demand throughout the year, which can be disruptive.

Failure to adapt to these shifts quickly or accurately can result in shortages, delays or surpluses. The solution to this challenge is to promote more transparency throughout the supply chain and its partners. Logistics companies must communicate quickly and thoroughly with their clients and vice versa to reveal demand shifts as they occur.

Data analytics can help predict future seasonal demand shifts based on historical trends. Supply chains can utilize Internet of Things (IoT) sensors to gather this data and predictive analytics algorithms to analyze it and stay on top of these changes.

2.  Extreme Temperatures

Another seasonal challenge supply chains must account for is extreme temperatures in the winter and summer. Heat and cold add urgency to operations by endangering sensitive shipments and raising maintenance concerns.

Since most trailers aren’t temperature-controlled, extreme cold and heat could damage products if they take too long to ship. Logistics companies can mitigate this risk by prioritizing time-sensitive shipments like these and employing climate-controlled trailers. IoT trackers can help monitor product health to inform any needed route changes, which is especially helpful in food supply chains.

Supply chain organizations must also ensure all vehicles meet high maintenance standards as temperatures shift. Extreme heat and cold take a toll on trucks, so businesses may have to schedule upkeep more often to prevent breakdowns.

3. High Rainfall and Flooding

Supply chains may have to deal with high rainfall in some areas during spring and summer. This can make road transportation risky, limiting drivers’ visibility and reducing trucks’ grip on the road. It can also lead to flooding in extreme cases, further delaying shipments and damaging goods.

Logistics companies must ensure they train drivers on how to be safe in the rain. Telematics systems can help monitor speed and behavior to enforce driving policies. Supply chain managers can also incorporate weather analytics into their route planning to help drivers avoid heavy rain if possible.

Supply chains with locations near coasts, lakes or rivers should assess their flooding risk. Facilities in high-risk areas should install early warning systems and flood barriers.

4. Winter Storms

Winter storms bring snow and ice, and these conditions can also threaten supply chains. Ice will expand inside cracks in the road, creating potholes and making roads slippery, and snow may limit air travel.

Like with many weather conditions, winter storm preparedness starts with monitoring. Supply chains that see a storm approaching should develop a contingency plan if one route becomes inaccessible. Companies may need to ship items from a different warehouse as roads and airports shut down.

Communication is also essential. Every point along the logistics network should communicate with others about developing road conditions and incoming storms. That allows supply chains to respond faster to inclement weather.

5. Increased Traffic

Some seasonal challenges have more to do with behavior trends than weather threats. Increasing traffic in the warmer months can be an obstacle since 71.6% of all freight in the U.S. travels by truck. Ground shipments will likely take longer to reach their destination, and vehicles may face more hazards from other drivers.

Most traffic peaks occur in warmer months, with August consistently featuring the most miles traveled and July falling close behind. Supply chain organizations should prepare for increased transit in these months and give themselves more time for road shipments than usual. Adjusting shipment methods to prefer shorter routes can also help.

A significant portion of addressing traffic delays is managing clients’ expectations. Logistics providers may not be able to deliver on quick shipment times, so they shouldn’t promise them during peak months.

6. Fluctuating Workforces

The supply chain industry faces a fluctuating workforce throughout the year. Some months may be more challenging to find workers than others, making expansion or adjusting to meet seasonal demands more difficult.

The number of young people looking for work increases dramatically between April and July as schools and colleges let out. These may be the best times of year for supply chains to hire new workers, but they may struggle to acquire them in the fall by comparison. Understanding the context behind these shifts can inform more effective hiring decisions.

Seasonal availability may increase in the summer, but if supply chains want permanent workers, they should favor new college graduates. Hiring in the summer will give companies a broader pool of applicants to choose from, making it easier to expand.

7. Shifting Maintenance Needs

Equipment maintenance needs will also shift between seasons. Proactive maintenance is essential any time of year, but different components will wear at varying speeds depending on the weather. Understanding these uneven repair needs can help companies plan more effective maintenance schedules.

For example, dirt, insects and other contaminants may accumulate in truck engines faster during the summer. Consequently, logistics companies may have to schedule oil and filter changes more frequently in the warmer months. Similarly, since vehicle batteries consume twice as much power to start in the cold, battery checks may have to be more frequent in the winter.

Supply chain organizations should review these repair needs to create maintenance schedules that vary between seasons. Using IoT devices to enable predictive maintenance, which alerts workers to repair concerns in real-time, may be even more effective. That way, companies can address issues as they become a concern but before they become a bigger problem.

Create a Supply Chain for all Seasons

Changing weather and shifting human behavior can challenge supply chains if they don’t prepare for it. However, if logistics companies understand how their obstacles change throughout the year, they can become as resilient as possible.

These seven scenarios are not the only seasonal challenges supply chains may face, but they are common threats. Businesses that prepare to mitigate these obstacles ahead of time can maintain peak efficiency regardless of the season.

coconut

Coconut Oil Price Rally to Continue in 2022 on Boosting Demand

IndexBox has just published a new report: ‘World – Coconut (Copra) Oil – Market Analysis, Forecast, Size, Trends and Insights‘. Here is a summary of the report’s key findings.

Coconut oil prices will grow moderately this year, following the fundamental trend relevant to all vegetable oils. The average annual coconut oil price is set to grow by 2.3% y-o-y to $1,674 per tonne in 2022 due to limited supply and rising logistic costs.

The average annual coconut oil price is forecast to rise by 2.3% y-o-y to $1,674 per tonne in 2022 (IndexBox calculates based on World Bank’s data). In 2021, the average annual coconut oil price soared by 62% y-o-y to $1,636 per tonne. Limited supply and high freight rates were the main drivers of that increase. Rising prices for other vegetable oils that follow the same fundamental trend also contribute to the price growth of coconut oil.

According to IndexBox estimates based on USDA data, global coconut oil production declined approximately by -0.6% y-o-y to 3.5M tonnes in 2021 owing to unfavourable weather and Covid-related labour shortages in Malaysia and Argentina. At the same time, the demand for coconut oil remained strong, which shattered the market balance and propelled prices.

Global Coconut Oil Imports

In 2020, global imports of coconut oil rose slightly to 2.2M tonnes, surging by 2.1% on the previous year. In value terms, supplies rose sharply to $2.5B (IndexBox estimates).

The U.S. (454K tonnes), the Netherlands (336K tonnes), Malaysia (240K tonnes), China (163K tonnes) and Germany (158K tonnes) represented roughly 62% of global coconut oil imports. Italy (85K tonnes), Sri Lanka (73K tonnes), France (62K tonnes), South Korea (48K tonnes), Belgium (42K tonnes), Spain (42K tonnes), Indonesia (41K tonnes) and Japan (37K tonnes) took a relatively small share of total volume.

In value terms, the largest coconut oil importing markets worldwide were the U.S. ($565M), the Netherlands ($296M) and Malaysia ($217M), with a combined 43% share of global international purchases. These countries were followed by Germany, China, Sri Lanka, Italy, France, Belgium, South Korea, Japan, Indonesia and Spain, which together accounted for a further 32%.

Top Largest Coconut Oil Suppliers Worldwide

In 2020, the Philippines (627K tonnes) and Indonesia (578K tonnes) were the key exporters of coconut oil, together amounting to near 65% of global exports. The Netherlands (220K tonnes) occupied a 12% share (based on tonnes) of total supplies, which put it in secon place, followed by Malaysia (11%). Papua New Guinea (32K tonnes) followed a long way behind the leaders.

In value terms, the Philippines ($774M), Indonesia ($546M) and the Netherlands ($268M) were the countries with the highest levels of exports in 2020, together accounting for 70% of global exports. Malaysia and Papua New Guinea lagged somewhat behind, together comprising a further 11%.

Source: IndexBox Platform 

ammonium

U.S. Ammonium Sulphate Imports Reach 803K Tonnes

IndexBox has just published a new report: ‘U.S. – Ammonium Sulphate – Market Analysis, Forecast, Size, Trends And Insights‘. Here is a summary of the report’s key findings.

U.S. Ammonium Sulphate Imports

Ammonium sulphate imports into the U.S. soared to 803K tonnes in 2020, with an increase of 63% against the year before. In value terms, purchases skyrocketed to $178M (IndexBox estimates).

Canada (432K tonnes) constituted the largest ammonium sulphate supplier to the U.S., with a 54% share of total imports. Moreover, ammonium sulphate imports from Canada exceeded the figures recorded by the second-largest supplier, Belgium (128K tonnes), threefold. The third position in this ranking was occupied by the Netherlands (85K tonnes), with a 11% share.

In value terms, Canada ($110M) constituted the largest supplier of ammonium sulphate to the U.S., comprising 61% of total supplies. The second position in the ranking was occupied by Belgium ($22M), with a 12% share of total value. It was followed by the Netherlands, with a 9.6% share.

In 2020, the supplies from Canada and the Netherlands grew twofold and threefold, respectively. Imports from Belgium rose by 10.5% y/y.

The average ammonium sulphate import price amounted to $222 per tonne in 2020, remaining relatively stable against the previous year. Average prices varied somewhat amongst the major supplying countries. In 2020, the countries with the highest prices were Canada ($253 per tonne) and Germany ($216 per tonne), while the price for Belgium ($170 per tonne) and Russia ($170 per tonne) were amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by Canada, while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

laboratory reagents

Germany’s Composite Laboratory Reagent Imports Surpass $3.8B, Peaking over the Last Decade

IndexBox has just published a new report: ‘Germany – Composite Diagnostic Or Laboratory Reagents – Market Analysis, Forecast, Size, Trends And Insights’. Here is a summary of the report’s key findings.

In 2020, Germany’s composite laboratory reagent imports peaked at $3.8B, steadily growing with an average annual rate of +3.8% over the past decade. The U.S., South Korea and the U.K. constitute the largest supplying countries in value terms. South Korea emerged as the fastest-growing supplier in 2020, ramping up the shipments to Germany by +56% y-o-y.

Composite Laboratory Reagent Imports into Germany

In 2020, composite laboratory reagent imports into Germany amounted to 41K tonnes, picking up by +4.8% compared with the previous year. In value terms, imports rose from $3.6B to $3.8B (IndexBox estimates). The total import value increased at an average annual rate of +3.8% over the last decade.

The U.S. ($1.9B) constituted the largest supplier of composite laboratory reagents to Germany, comprising 50% of total imports. The second position in the ranking was occupied by South Korea ($639M), with a 17% share of total imports. It was followed by the UK, with a 9.9% share.

Compared to other countries, South Korea and the U.S. recorded the highest spikes in composite laboratory reagent exports to Germany, increasing the supplies by 56% y-o-y and +51.6% y-o-y, respectively. In comparison, purchases from the UK increased by +10.7% y-o-y.

In physical terms, the U.S. (15K tonnes), the Netherlands (7.6K tonnes) and China (4.7K tonnes) were the leading suppliers of composite laboratory reagent imports to Germany, with a combined 66% share of total imports. These countries were followed by Japan, the UK, South Korea and Ireland, which together accounted for a further 24%.

The average composite laboratory reagent import price stood at $93,303 per tonne in 2020, stabilizing against the previous year. There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was South Korea ($280,230 per tonne), while the price for the Netherlands ($41,843 per tonne) was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by South Korea, while the prices for the other significant suppliers experienced more modest paces of growth.

Source: IndexBox Platform

U.S. Gelatin Imports Rise 5% to $300M

IndexBox has just published a new report: ‘U.S. – Bone Glues and Gelatin – Market Analysis, Forecast, Size, Trends and Insights‘. Here is a summary of the report’s key findings.

The U.S., the largest importer in the global gelatin market, boosted purchases from Argentina, Germany, France and India in 2021, while shipments from China dropped dramatically.

The U.S. continues to ramp up gelatine and bone glues imports. From January to October 2021, the supplies to America rose by 6.7% to 39.4K tonnes or 5% in value to $271M.

Compared to the same period in 2020, purchases from Brazil rose modestly by 3.5% to $87M, while shipments from Argentina ($18M), Germany ($18M), France ($8M) and India ($8M) showed double-digit growth, although they were lower in volume. Shipments from China ($16M) and the UK ($15M) dropped sharply by -30% and -13%, respectively, while the value of imports from Canada ($28M) remained nearly unchanged.

The U.S. remains the largest importer of gelatin and bone glues worldwide. The share of American purchases in the global import volume is estimated at 15.2%.

U.S. Imports of Gelatin and Bone Glues

In 2020, the amount of bone glues and gelatin imported into the U.S. was estimated at 51K tonnes, stabilizing in 2019. in value terms, bone glues and gelatin purchases expanded to $320M (IndexBox estimates).

Brazil (17K tonnes) constituted the largest bone glue and gelatin supplier to the U.S., accounting for a 33%-share of total imports. Moreover, bone glues and gelatin imports from Brazil exceeded the figures recorded by the second-largest supplier, Canada (5.8K tonnes), threefold. China (4.8K tonnes) ranked third in total volume with a 9.5% share.

In value terms, Brazil ($108M) constituted the largest supplier of bone glues and gelatin to the U.S., comprising 34% of total imports. The second position in the ranking was occupied by Canada ($35M), with an 11% share of total imports. It was followed by China, with an 8.2% share.

In 2020, the value of supplies from Brazil rose by +15.9% y-o-y. The remaining providers recorded the following growth rates: Canada (+3.2% y-o-y) and China (-10.4% y-o-y).

The average bone glues and gelatin import price stood at $6,281 per tonne in 2020, rising by 2.9% against the previous year. There were significant differences in the average prices amongst the major supplying countries. The country with the highest price was Germany ($8,502 per tonne), while the price for the Netherlands ($4,053 per tonne) was amongst the lowest. The most notable rate of growth in terms of prices was attained by the Netherlands, while the prices for the other significant suppliers experienced more modest paces of growth.

Source: IndexBox Platform

bottled water

U.S. Bottled Water Imports to Hit Record $800M This Year

IndexBox has just published a new report: ‘U.S. – Bottled Waters – Market Analysis, Forecast, Size, Trends and Insights. Here is a summary of the report’s key findings.

From January to October 2021, American bottled water imports soared by 33% compared to the same period last year, reaching 1B tonnes. The purchases gained 8% to $672M in value terms and are expected to peak at $800M by the end of this year, setting a new record. Italy, Fiji and France are the major suppliers, accounting for 72% of the total imports.

U.S. Bottled Water Imports 

From January to October 2021, the U.S. imported 1B tonnes of bottled water worth $672M. Compared to the same period of the last year, purchases increased by 33% in physical terms and by 8% in value terms.

In 2020, bottled water imports fell to 1.1M tonnes, with a decrease of -11.5% compared with the year before. In value terms, bottled water imports declined slightly to $763M (IndexBox estimates) last year.

Italy (336K tonnes), Fiji (248K tonnes), and France (239K tonnes) were the leading suppliers of bottled water imports to the U.S., with a combined 72% share of total imports. Mexico, Canada and Iceland lagged somewhat behind, comprising a further 21%.

In value terms, the largest bottled water suppliers to the U.S. were Italy ($277M), France ($167M) and Fiji ($118M), together comprising 74% of total imports. These countries were followed by Mexico, Iceland and Canada, which accounted for a further 17%.

The average bottled water import price stood at $666 per tonne in 2020, surging by 10% against the previous year. There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was Italy ($824 per tonne), while the price for Canada ($203 per tonne) was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by Canada, while the prices for the other significant suppliers experienced more modest paces of growth.

Source: IndexBox Platform

shrimp

Shrimp Prices to Soar in 2022 on Rising Logistical Costs

IndexBox has just published a new report: ‘World – Frozen Crustaceans – Market Analysis, Forecast, Size, Trends And Insights‘. Here is a summary of the report’s key findings.

This year, the average annual shrimp price is forecast to soar by 7% y-o-y to $15 per kg. High freight rates, the rising cost of marine fuels and boosting global demand for crustaceans remain the critical reasons for the price increases. In 2021, the average annual shrimp price ($12.7 per kg) was approximately 10% higher than in 2020. 

High freight rates, the rising cost of marine fuels, and logistical disruptions, including bottlenecks at seaports and shortages of lorry drivers in the U.S. and Europe, will further propel wholesale prices. According to the World Banks’ October forecast, the average annual shrimp price is set to soar by 7% y-o-y to $15 per kg in 2022. Demand for shrimp is expected to boost at the fastest rates in East and Western Europe and the U.S.

In 2021, the average annual shrimp price ($12.7 per kg) was approximately 10% higher than in 2020. Rising logistic expenditures were the main driver for that spike. From O1 to Q3 of 2021, international freight costs from Asia to North America for 20-foot and 40-foot containers rose by 500-700% (at $13K and $20K, respectively) due to shortages of frozen food containers (FAO estimates).

Despite that, global shrimp trade remained stable due to increased imports in the western markets. Demand in Europe is strong as the HoReCa sector resumed its work. During H1 2021, shrimp imports in the EU reached a 5-year record at 367K tonnes, rising by 16% against the same period of the previous year. Russia, Ukraine, the UK and Northern Ireland also experienced a sharp spike in shrimp purchases. The U.S., the world’s largest market for crustaceans, imported 404K tonnes of shrimp worth $3.4B in H1 2021, which was 30% more in terms of tonnage than a year earlier.

Global Shrimp Exports

In 2020, approx. 3.3M tonnes of shrimp were exported worldwide, waning by -3.6% compared with the previous year’s figure. In value terms, shrimp supplies reduced to $24.5B.

Ecuador (692K tonnes) and India (580K tonnes) represented roughly 39% of global exports of shrimp in 2020. Viet Nam (383K tonnes) took a 12% share (based on tonnes) of total supplies, which put it in second place, followed by Indonesia (7.3%) and China (4.9%). The following exporters – Thailand (144K tonnes), Argentina (129K tonnes), Greenland (118K tonnes), Denmark (95K tonnes), the Netherlands (85K tonnes) and Canada (52K tonnes) – together made up 19% of total volume.

In value terms, the largest shrimp supplying countries worldwide were India ($4.3B), Ecuador ($3.9B) and Viet Nam ($3.5B), together accounting for 48% of global exports. Indonesia, China, Thailand, the Netherlands, Argentina, Greenland, Denmark and Canada lagged somewhat behind, together accounting for a further 34%.

Among the main exporting countries, Indonesia (+18.6%) saw the highest growth rate with regard to the value of exports, while shipments for the other global leaders experienced more modest paces of growth in 2020.

Top Largest Shrimp Importers in 2020

The U.S. (749K tonnes) and China (609K tonnes) were the key importers of shrimp across the globe, together comprising 44% of global purchases. Japan (212K tonnes) ranks next in the total imports with a 6.8% share, followed by Spain (5%). The following importers – France (114K tonnes), South Korea (98K tonnes), Denmark (98K tonnes), the Netherlands (85K tonnes), the UK (77K tonnes), Italy (73K tonnes), Germany (71K tonnes), Russia (57K tonnes) and Canada (50K tonnes) – together made up 23% of global volume.

In value terms, the largest shrimp importing markets worldwide were the U.S. ($6.7B), China ($3.5B) and Japan ($2.1B), with a combined 52% share of total supplies. Spain, France, the UK, the Netherlands, Germany, South Korea, Denmark, Italy, Canada and Russia lagged somewhat behind, together comprising a further 29%.

Source: IndexBox Platform

soybean

Soybean Oil Prices to Gain 4% in 2022 Due to Boosting Demand for Biofuels

IndexBox has just published a new report: ‘World – Soybean Oil – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

In 2022, soybean oil prices are forecast to rise by nearly 4% to $1,425 per tonne, driven by boosting demand for biofuels. In 2021, the average annual soybean oil price skyrocketed, rising 65% y-o-y to $1,385 per tonne. India remains the world’s largest soybean oil importer, while Argentina holds the position of the leading global supplier. 

Soybean Oil Price Forecast 2022

According to the World Bank’s October forecast, the average annual soybean oil price is set to grow by nearly 4% to $1,425 per tonne in 2022. Rising demand for biofuels, especially in Asia, will be the key driver of that increase.

In 2021, the average annual soybean oil price soared by 65% y-o-y, from $838 per tonne to $1,385 per tonne. The most rapid price growth was recorded in Q3, instigated by weather-related production shortfalls in South America, strong demand in China, and high freight rates.

Soybean Oil Imports 

In 2020, overseas soybean oil purchases increased by 7.5% to 13M tonnes, rising for the second year in a row after three years of decline. In value terms, soybean oil imports expanded notably to $10.3B (IndexBox estimates).

India was the major importing country with a purchase volume of around 3.7M tonnes, which resulted in 28% of global supplies. China (963K tonnes) held the second position in the ranking, followed by Algeria (670K tonnes) and Bangladesh (666K tonnes). All these countries together took near 17% share of total imports. Morocco (547K tonnes), Mauritania (537K tonnes), Peru (521K tonnes), South Korea (390K tonnes), Colombia (378K tonnes), Venezuela (373K tonnes), Egypt (243K tonnes), Poland (229K tonnes) and Nepal (215K tonnes) followed a long way behind the leaders.

In value terms, India ($3B) constitutes the largest market for imported soybean oil worldwide, comprising 29% of global imports. The second position in the ranking was occupied by China ($725M), with a 7% share of the total value. It was followed by Algeria, with a 4.6% share.

Top Largest Soybean Oil Exporters

In 2020, Argentina (5.3M tonnes) was the key exporter of soybean oil, constituting 42% of total exports. It was distantly followed by the U.S. (1,238K tonnes), Brazil (1,110K tonnes), Paraguay (631K tonnes), the Netherlands (615K tonnes) and Russia (611K tonnes), together creating a 33% share of global shipments. Spain (387K tonnes), Bolivia (377K tonnes), Ukraine (302K tonnes), Turkey (208K tonnes) and Germany (192K tonnes) held relatively small shares of the total volume.

In value terms, Argentina ($3.7B) remains the largest soybean oil supplier worldwide, comprising 39% of global exports. The second position in the ranking was occupied by the U.S. ($979M), with a 10% share of total supplies. It was followed by Brazil, with an 8% share.

Source: IndexBox Platform