Oil Crops - Norway

Norway

Gross production value in Oil Crops market is projected to amount to US$1.01bn in 2024. An annual growth rate of 2.16% is expected (CAGR 2024-2028), resulting in gross production value of US$1.10bn in 2028.
The import value in Oil Crops market is projected to amount to US$334.5m in 2024. An annual growth rate of 7.05% is expected (CAGR 2024–2028).
The export value in Oil Crops market is projected to amount to US$1.4m in 2024. An annual growth rate of 10.34% is expected (CAGR 2024–2028).

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

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Analyst Opinion

The Oil Crops market in Norway has shown interesting trends and developments in recent years.

Customer preferences: Norwegian customers have shown an increasing demand for healthier food options, leading to a rise in demand for plant-based proteins. This has resulted in a growing interest in oil crops such as rapeseed and sunflower, which are rich sources of vegetable oil and protein.

Trends in the market: The production of oil crops in Norway has been increasing steadily in recent years, in response to the growing demand for plant-based proteins and vegetable oils. This has led to an increase in the number of farmers growing oil crops, as well as the establishment of new oilseed processing facilities in the country. Additionally, the Norwegian government has been promoting the use of domestically produced biofuels, which has further boosted the demand for oil crops.

Local special circumstances: Norway's climate and geography pose significant challenges to the cultivation of oil crops, as the country's short growing season and long periods of darkness limit the amount of sunlight that crops receive. However, the development of new varieties of oil crops that are better suited to Norway's climate, as well as advances in agricultural technology, have made it possible for farmers to grow oil crops more efficiently and effectively.

Underlying macroeconomic factors: The growth of the oil crops market in Norway is part of a larger trend towards sustainable agriculture and food production, which is being driven by concerns over climate change and the environmental impact of industrial agriculture. Additionally, the Norwegian government's support for domestic biofuels is part of a broader effort to reduce the country's dependence on fossil fuels and promote the development of renewable energy sources.

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.