The growth driver was sunflower oil, which occupies 79% of all vegetable oils produced in Russia. With the heavy sunflower harvest in 2019 (+20% vs 2018), sunflower oil production reached 5.8 million tonnes (+18% compared to the 2018/2019 season). For calendar 2020, Russia produced 5.8 million tonnes of sunflower oil, up 11% year-on-year.
How much oil is produced in Russia in 2020?
3% 3.0 mn tonnes production of consumer oil and fat products in Russia in 2020 Over the previous three years, the production of consumer fats and oil products in Russia remained at more or less the same level, but in 2020 it grew by 3% ¨C to 3.0 million tonnes. Rusagro estimates that all product categories contributed to this growth.
How has Russia’s invasion of Ukraine impacted edible oil prices?
Russia¡¯s invasion of Ukraine has sparked a global shortage of sunflower oil that has in turn pushed prices of other edible oils to record highs, hitting food makers and consumers already grappling with inflation. Ukraine is a major producer of sunflower oil, making up over 47% of the world¡¯s exports, according to research firm Mintec.
What is the growth driver of vegetable oil production in Russia?
In the 2019/2020 season, the production of vegetable oil increased by 17% and reached 7.3 million tonnes. The growth driver was sunflower oil, which occupies 79% of all vegetable oils produced in Russia.