Oil Crops - Australia

Australia

Gross production value in Oil Crops market is projected to amount to €2.19bn in 2024. An annual growth rate of 3.16% is expected (CAGR 2024-2028), resulting in gross production value of €2.48bn in 2028.
The import value in Oil Crops market is projected to amount to €57.0m in 2024. An annual growth rate of 2.43% is expected (CAGR 2024–2028).
The export value in Oil Crops market is projected to amount to €1.5bn in 2024. An annual growth rate of 7.50% is expected (CAGR 2024–2028).

Key regions: Germany, Spain, Italy, Brazil, United States

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Analyst Opinion

Australia, known for its vast and diverse landscape, is a major producer of various agricultural commodities. Among these commodities, oil crops have been gaining significant attention in recent years.

Customer preferences: Consumers worldwide are becoming more health-conscious, leading to a rise in demand for healthier food options. This trend has led to an increased demand for oil crops, as they are a rich source of healthy fats such as omega-3 and omega-6 fatty acids. Additionally, the growing popularity of plant-based diets has also contributed to the demand for oil crops.

Trends in the market: The oil crops market in Australia has been growing steadily over the years, with canola and soybean being the most widely produced crops. Australia is the second-largest exporter of canola globally, and the growing demand for canola oil in the Asia-Pacific region has been a significant driver of growth in the Australian canola market. The soybean market has also been growing, with an increasing number of farmers shifting from other crops to soybean due to its high profitability.

Local special circumstances: Australia's climate and soil conditions are well-suited for oil crop production, making it an ideal location for oil crop farming. Additionally, the Australian government has implemented various policies and initiatives to support the growth of the agricultural sector, including the oil crops market. For instance, the government has provided funding for research and development in the oil crops sector, which has led to the development of new and more resilient varieties of oil crops.

Underlying macroeconomic factors: The growth of the oil crops market in Australia is also influenced by global macroeconomic factors such as trade policies and exchange rates. The devaluation of the Australian dollar has made Australian oil crops more affordable for international buyers, leading to an increase in exports. However, the ongoing trade tensions between the US and China have resulted in a decline in demand for Australian oil crops from China, which is one of Australia's largest export markets.In conclusion, the oil crops market in Australia has been growing steadily in response to changing consumer preferences and favorable local conditions. With the support of government policies and initiatives, the Australian oil crops market is well-positioned to continue its growth trajectory in the coming years.

Methodology

Data coverage:

The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.