ASEAN: Oleo Oils Market 2024

Oleo Oils Market Size in ASEAN

In 2021, the ASEAN oleo oils market decreased by -2.2% to $X for the first time since 2018, thus ending a two-year rising trend. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Oleo Oils Production in ASEAN

In value terms, oleo oils production fell to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 95%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Oleo Oils Exports

Exports in ASEAN

In 2021, shipments abroad of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil decreased by -39.1% to X tons, falling for the fifth consecutive year after two years of growth. Over the period under review, exports faced a abrupt contraction. The most prominent rate of growth was recorded in 2015 with an increase of 6,469%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, oleo oils exports dropped remarkably to $X in 2021. In general, exports recorded a abrupt slump. The most prominent rate of growth was recorded in 2015 with an increase of 6,825% against the previous year. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Singapore (X tons) represented the main exporter of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil, achieving 58% of total exports. It was distantly followed by Malaysia (X tons), the Philippines (X tons) and Indonesia (X tons), together comprising a 41% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to oleo oils exports from Singapore stood at +9.0%. At the same time, the Philippines (+31.6%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +31.6% from 2012-2021. By contrast, Malaysia (-23.4%) and Indonesia (-30.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Singapore and the Philippines increased by +52 and +11 percentage points, respectively.

In value terms, Singapore ($X), Malaysia ($X) and the Philippines ($X) constituted the countries with the highest levels of exports in 2021, with a combined 95% share of total exports.

Singapore, with a CAGR of +9.4%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, with an increase of 9.8% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 67% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Malaysia ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+5.3%), while the other leaders experienced mixed trends in the export price figures.

Oleo Oils Imports

Imports in ASEAN

Oleo oils imports soared to X tons in 2021, with an increase of 34% compared with 2020 figures. Overall, imports saw prominent growth. The most prominent rate of growth was recorded in 2014 when imports increased by 54% against the previous year. The volume of import peaked in 2021 and is likely to continue growth in years to come.

In value terms, oleo oils imports skyrocketed to $X in 2021. Total imports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +76.5% against 2015 indices. The pace of growth was the most pronounced in 2018 with an increase of 29%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Indonesia (X tons) was the main importer of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil, mixing up 68% of total imports. It was distantly followed by Malaysia (X tons) and Singapore (X tons), together constituting a 27% share of total imports. Thailand (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to oleo oils imports into Indonesia stood at +16.8%. At the same time, Singapore (+31.0%), Malaysia (+20.2%) and Thailand (+7.7%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +31.0% from 2012-2021. From 2012 to 2021, the share of Indonesia, Malaysia and Singapore increased by +32, +13 and +4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported lard stearin, lard oil, oleostearin, oleo-oil and tallow oil in ASEAN, comprising 64% of total imports. The second position in the ranking was held by Malaysia ($X), with a 14% share of total imports. It was followed by Singapore, with a 12% share.

In Indonesia, oleo oils imports expanded at an average annual rate of +14.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+12.4% per year) and Singapore (+34.8% per year).

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, which is down by -3.9% against the previous year. Over the period under review, the import price showed a noticeable decrease. The pace of growth was the most pronounced in 2013 when the import price increased by 7.2% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+2.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform