Global imports of rapeseed in the 2022-23 season can reach up to 18.5 million tons. This is 3 million tons more than in the previous season.
Such data are provided by the German edition of OilWorld.
The main driver of the process of increasing import volumes is the growth in demand in China, which is one of the world’s leading importers of almost all categories of agricultural products.
However, experts say, in the near future we can expect a weakening of demand from China, because significant stocks of both rapeseed and rapeseed oil have already accumulated there.
Who are the main producers of rapeseed in the world?
We are talking about only 7 countries: the European Union, Canada, China, India, Australia, Russia, Ukraine.
In total, they produce over 90% of all rapeseed on the planet. Total for the 2022-23 season. about 87 million tons of rapeseed were produced in the world, according to a German publication.
In general, rapeseed is a fairly popular oilseed crop, which is second only to soybeans and occupies about 13% of the world oilseed market.
Russia is a prominent player in this market, but rapeseed exports are currently banned until the end of February 2024.
Who are the main importers of rapeseed?
These are the European Union, China, Japan, Mexico, the United Arab Emirates: they account for over 80% of world imports.
As you can see, the EU and China are on the list of both the largest producers and the largest importers of rapeseed, which means that their own production is still not enough to cover the high level of domestic demand.
As for the exporters of this crop, here the primacy clearly belongs to Canada, whose share is 50-80%.
Australia follows with a share of about 30%.
But Russia owns only about 3% of the world rapeseed market, although there is a lot of room for growth.
The fact that Russian rapeseed does not contain GMOs significantly increases its attractiveness for the Chinese market, as a result, almost all Russian-made rapeseed is imported to China.
What are the prospects for the rapeseed market?
In the 2022-2023 season we can observe a serious increase in world production of rapeseed: by 17%, or by 12 million tons.
The main countries that have increased production volumes are Canada, the EU, Australia, Russia, and Ukraine.
Canada, for example, has dramatically improved its performance from last year, in which it was hit hard by drought.
Australia, like Russia, is increasing the volume of rapeseed production from year to year evenly, and for quite a long time. In general, there is every reason to believe that rapeseed production in the world will continue to grow in the future.
