Refined rapeseed oil: market and forecasts for the second half of 2024

Refined rapeseed oil holds a leading position in the global edible oil market due to its numerous advantages, including its neutral taste, high content of unsaturated fatty acids, and wide culinary and industrial applications. It is preferred both in home cooking and in the food and biofuel industries. Below we will discuss in detail the key aspects of production, major producers and price forecasts for refined rapeseed oil for the second half of 2024.

Refined rapeseed oil is one of the most popular edible oils in the world, prized for its neutral taste, high content of healthy unsaturated fatty acids and versatile use in cooking. It is used for:

  • Frying: Canola oil has a high smoke point, reaching about 240°C. This makes it an ideal choice for high-temperature frying, while ensuring health safety by minimizing the risk of harmful compounds. It is therefore preferred both in households and in restaurants and other catering establishments, where temperature stability and quality of the final product are required.
  • Baking: The neutral taste of refined canola oil makes it an excellent ingredient for baking. It does not adversely affect the taste of food, which is especially important in baked goods, where we want to preserve the natural flavor of the ingredients. In addition, its fatty texture contributes to the retention of moisture in cakes and pastries, which is key to achieving the right texture and consistency.
  • Sauces and dressings: Canola oil emulsifies easily with other ingredients to create smooth and creamy sauces and dressings. Thanks to its neutral taste, it can be used as a base ingredient in a wide variety of recipes, while adding nutritional value and maintaining the high quality of the final product.
  • Margarines and vegetable fats: It is an essential ingredient in the production of margarines, bread greases and other vegetable fats. Thanks to its stability and versatile application, it is widely used in the food industry, where high-quality and long-lasting fats are needed.
  • Biofuels: Refined rapeseed oil can be processed into biodiesel, making it an important raw material in the production of alternative fuels for diesel engines. This functionality further increases its importance in the market, affecting the diversity of applications and the stability of demand for this agricultural product.

The production process for refined rapeseed oil involves several steps:

  • Pressing: rapeseed is pressed to obtain crude oil.
  • Refining: Crude oil is purified of impurities and undesirable substances using physical and chemical processes such as de-sliming, enzymatic deactivation, degumming, bleaching and deodorization.
  • Extrusion: the purified oil is subjected to a solvent evaporation process to remove residual volatiles.
  • Packaging: the finished oil is packed into bottles, cans or other packaging and distributed to consumers.

The largest producers of refined rapeseed oil on each continent are:


  • Germany is one of the largest producers of refined rapeseed oil in Europe, thanks to its large rapeseed acreage and developed processing industry.
  • Ukraine is one of the leading producers of rapeseed oil in Europe. The country has significantly increased its production capacity in recent years, becoming one of the world’s largest rapeseed oil exporters. Ukraine, thanks to its favorable climatic and soil conditions and developed agricultural technology, plays a key role in the European and global rapeseed oil market.
  • France is one of the largest producers of refined rapeseed oil in Europe. The country has extensive rapeseed acreage and an advanced processing industry.
  • Poland is also a significant producer of rapeseed oil in Europe. Rapeseed is one of Poland’s main oil crops, and the country has a well-developed vegetable oil processing sector.
  • The UK also plays an important role in the production of refined rapeseed oil. Cultivation of rapeseed is popular in many regions of the country, and British processing companies produce large quantities of rapeseed oil for the domestic market and for export.


  • China is the largest producer of refined rapeseed oil in Asia, due to its large cultivated areas and high domestic demand for vegetable oils.

North America

  • Canada, particularly the province of Saskatchewan, is the continent’s leading producer of canola oil. Canada is also one of the world’s largest exporters of the oil.

South America

  • In South America, Brazil is a major producer of canola oil, although canola oil production there is smaller compared to other regions.

Australia and Oceania

  • Australia is a major producer of rapeseed oil in the region, with large areas of rapeseed and a developed processing infrastructure.


  • Canola oil production in Africa is relatively small compared to other continents. There is no clearly dominant producer on the continent, but rapeseed cultivation and rapeseed oil production are gradually developing in some countries in northern and southern Africa.

Refined rapeseed oil price forecast for the second half of 2024

The forecast takes into account several key factors that could affect the stability and direction of prices for this commodity on the world market:

  • Raw material availability: Global rapeseed yields projected for 2024 are generally good. Abundant harvests in major producer countries such as the European Union (especially Poland, Germany, France), Canada (Manitoba, Saskatchewan), and China (Heilongjiang, Jilin) are likely to increase the supply of refined rapeseed oil. An increase in supply usually puts downward pressure on prices.
  • Demand for refined rapeseed oil: Stable demand for refined rapeseed oil in the food, industrial (e.g., margarine production, bakery lubricants) and biofuel sectors will be a key factor in stabilizing prices. Growing interest in alternative fuels such as biodiesel may further support demand for this vegetable oil.
  • Competition with other vegetable oils: Prices of other vegetable oils, such as soybean oil and palm oil, will have a significant impact on the price of refined rapeseed oil. The competitiveness of these products on the world market may affect the price elasticity of rapeseed oil, especially in the context of exchange and substitution between different types of vegetable oils by producers and consumers.
  • Macroeconomic factors: Currency fluctuations and the overall global economic situation will have a significant impact on refined rapeseed oil prices. Fluctuations in the value of currencies may introduce uncertainty and volatility in commodity markets, which could translate into fluctuations in rapeseed oil prices.

Taking into account the above factors, refined rapeseed oil prices for the second half of 2024 are forecast to follow a generally stable trend, with some possible fluctuations in the short term depending on the intensity of supply and demand and the volatility of macroeconomic conditions. Stable demand from various industry sectors and potentially good rapeseed harvests in major production markets may act as stabilizing factors, although the possibility of unforeseen changes in the global market that may affect the price of this commodity should be taken into account.

On the other hand, rapeseed oil prices in the second half of 2024 may increase slightly due to limited supply and rising consumption, but the increase will depend on many variables, including production of other vegetable oils and global weather conditions.

MBF Group SA is a proven and reliable importer of refined oils from Eastern European countries such as Belarus and Ukraine. The company offers high-quality oils, including rapeseed and sunflower, in both refined and unrefined versions. MBF Group SA boasts documented deliveries to entities in Poland, Germany, France and Slovakia.

Thanks to its extensive experience in purchasing in eastern markets, as well as flexible terms of cooperation and attractive prices, the company has won the trust of many customers. Deliveries are made by various modes of transportation, including tank cars, rail cars and ships, and settlements are made on favorable terms for customers.