Oil Crops - Austria

Austria

Gross production value in Oil Crops market is projected to amount to US$1.82bn in 2024. An annual growth rate of 3.02% is expected (CAGR 2024-2028), resulting in gross production value of US$2.05bn in 2028.
The import value in Oil Crops market is projected to amount to US$0.7bn in 2024. An annual growth rate of 11.05% is expected (CAGR 2024–2028).
The export value in Oil Crops market is projected to amount to US$0.4bn in 2024. An annual growth rate of 4.11% is expected (CAGR 2024–2028).

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

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Analyst Opinion

The demand for oil crops in Austria has been on the rise in recent years, driven by several factors.

Customer preferences: Consumers in Austria are increasingly interested in healthy and organic foods, which has led to a surge in demand for oil crops such as sunflower, rapeseed, and soybeans. These crops are used to produce a variety of healthy oils that are rich in nutrients and free from harmful chemicals.

Trends in the market: The trend towards healthy eating has also led to an increase in demand for plant-based products, including meat substitutes and dairy alternatives that are made from oil crops. This trend is expected to continue in the coming years, as more consumers become aware of the health benefits of plant-based diets.

Local special circumstances: Austria is a small country with a relatively small agricultural sector, which means that it relies heavily on imports to meet its demand for oil crops. However, the country has a strong tradition of organic farming, and many farmers are now switching to organic methods in order to meet the growing demand for organic oil crops.

Underlying macroeconomic factors: The global market for oil crops is also driving the growth of the market in Austria. The demand for these crops is increasing worldwide, driven by factors such as population growth, rising incomes, and changing diets. This is leading to a rise in prices for oil crops, which is encouraging farmers in Austria to increase production in order to take advantage of the higher prices.In conclusion, the oil crops market in Austria is growing due to a combination of factors, including changing customer preferences, global market trends, and local special circumstances. As the demand for healthy and organic foods continues to rise, it is likely that the market for oil crops will continue to grow 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.