ASEAN: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in ASEAN

In 2022, the ASEAN chemically modified oils market decreased by -10.1% to $X for the first time since 2013, thus ending a eight-year rising trend. In general, consumption, however, enjoyed a strong increase. Over the period under review, the market attained the peak level at $X in 2021, and then declined in the following year.

Chemically Modified Oils Production in ASEAN

In value terms, chemically modified oils production reached $X in 2022 estimated in export price. The total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.0% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of 84%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Chemically Modified Oils Exports

Exports in ASEAN

After four years of growth, shipments abroad of animal or vegetable fats and oils chemically modified decreased by -21% to X tons in 2022. In general, exports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2015 with an increase of 344%. The volume of export peaked at X tons in 2021, and then fell dramatically in the following year.

In value terms, chemically modified oils exports contracted significantly to $X in 2022. Overall, exports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2015 when exports increased by 283% against the previous year. The level of export peaked at $X in 2021, and then fell significantly in the following year.

Exports by Country

Malaysia was the key exporting country with an export of around X tons, which accounted for 60% of total exports. Indonesia (X tons) took the second position in the ranking, distantly followed by Thailand (X tons) and Vietnam (X tons). All these countries together held approx. 37% share of total exports. Singapore (X tons) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to chemically modified oils exports from Malaysia stood at +9.4%. At the same time, Indonesia (+28.5%), Vietnam (+25.3%), Thailand (+18.6%) and Singapore (+8.4%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +28.5% from 2012-2022. Indonesia (+17 p.p.), Vietnam (+4.5 p.p.) and Thailand (+3.8 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia saw its share reduced by -12.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest chemically modified oils supplying countries in ASEAN were Malaysia ($X), Indonesia ($X) and Thailand ($X), together comprising 91% of total exports.

Among the main exporting countries, Indonesia, with a CAGR of +34.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, picking up by 2.1% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 35% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Indonesia ($X per ton) and Thailand ($X per ton), while Vietnam ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.9%), while the other leaders experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports in ASEAN

In 2022, purchases abroad of animal or vegetable fats and oils chemically modified decreased by -24.9% to X tons, falling for the second year in a row after seven years of growth. In general, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 162% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, chemically modified oils imports dropped to $X in 2022. Overall, imports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 136% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then dropped in the following year.

Imports by Country

Singapore was the largest importer of animal or vegetable fats and oils chemically modified in ASEAN, with the volume of imports resulting at X tons, which was near 64% of total imports in 2022. Malaysia (X tons) held a 26% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (8.5%).

Singapore was also the fastest-growing in terms of the animal or vegetable fats and oils chemically modified imports, with a CAGR of +71.9% from 2012 to 2022. At the same time, Malaysia (+47.4%) displayed positive paces of growth. By contrast, the Philippines (-5.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Singapore and Malaysia increased by +62 and +23 percentage points, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported animal or vegetable fats and oils chemically modified in ASEAN, comprising 73% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore amounted to +72.4%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+38.0% per year) and the Philippines (-3.4% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, with an increase of 22% against the previous year. Import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils import price increased by +104.5% against 2019 indices. The pace of growth was the most pronounced in 2021 when the import price increased by 39%. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+2.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform