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Rapeseed oil is one of the most popular in the EU countries as well as in the USA.
This product contains beneficial unsaturated acids that improve cardiovascular function, lower blood cholesterol levels and can prevent the development of heart attacks and strokes. In addition, the production of crude unrefined oil is also justified from an economic point of view, because this product is often used as biofuel. The growing trend towards sustainable consumption makes virgin rapeseed oil a real competitor to olive and other oils. That is why this culture is widely cultivated all over the world.
Supply and demand for rapeseed oil from 2015-2020
The main producing countries of this product for many years have been Canada, India, China, the EU and Australia.
They are the top five leaders in terms of area of cultivation of this crop, sowing a total of 29.8 million hectares, or 85% of all world crops of this crop. Since 2015, the production of oil from rapeseed has increased by 12% to 68.2 million tons. Canada, China, as well as India, France and Ukraine remain the leaders in production.
In general, in the world, rapeseed oil began to be produced 23% more often, and now this product makes up 40% of the total seed production. In terms of exports, the total volume of crops increased by 41% (showed as much as 15 million tons), oils – by 87% (5.1 million tons), and meal – by 90% (to 6.9 million tons). Canada and China remain the suppliers of this product, but recently exports from the Middle Kingdom have decreased, which allowed Ukraine and European countries to become leaders in this market. Despite the requirements for documents, Ukrainian-made products continue to conquer world markets, therefore, the cultivation of this crop in our country is mainly exported.
Dynamics of prices for rapeseed oil from 2015-2020
According to statistics, since 2015, world prices for rapeseed oil continue to show growth. By 2020, the average value of the Rapeseed Oil Price Index was 93.2 points, which is 7.6% higher than at the beginning of the year and 50% higher than five years ago. At the same time, in the main producing countries, I predict a decrease in production volumes, which is to blame for the weather – heavy rains and flooding. Against this background, the cost of rapeseed oil continues to show growth, and this makes this product in demand on world markets. Eco-trends also make their own adjustments to the cost of this product, increasing its prices. Rapeseed oil continues to be in demand also in the biodiesel and food sectors of the EU. Thanks to this, the cultivation of this crop can be considered economically viable, and it makes sense for farmers to increase the acreage of rapeseed in Ukraine. In addition, since the beginning of 2020, Ukraine has increased the export of vegetable oils to the EU by 17%, which indicates a high demand for a local product among European buyers. So, in 2019-2020, the export of rapeseed from Ukraine amounted to a record 2.89 million tons, while the last time such a record was recorded only in 2008-2009.