ASEAN: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in ASEAN

The ASEAN margarine and shortening market expanded remarkably to $X in 2022, rising by 7.6% against the previous year. The total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.9% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Margarine And Shortening Production in ASEAN

In value terms, margarine and shortening production stood at $X in 2022 estimated in export price. Over the period under review, production saw a strong expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 93%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Margarine And Shortening Exports

Exports in ASEAN

In 2022, shipments abroad of margarine and shortening increased by 4.1% to X tons, rising for the second year in a row after two years of decline. Total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +41.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 36% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, margarine and shortening exports skyrocketed to $X in 2022. Overall, exports saw a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 76% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Indonesia represented the major exporter of margarine and shortening in ASEAN, with the volume of exports finishing at X tons, which was approx. 80% of total exports in 2022. It was distantly followed by Malaysia (X tons), comprising a 14% share of total exports. Singapore (X tons) took a relatively small share of total exports.

Indonesia was also the fastest-growing in terms of the margarine and shortening exports, with a CAGR of +7.9% from 2012 to 2022. At the same time, Singapore (+6.5%) and Malaysia (+1.7%) displayed positive paces of growth. Indonesia (+9.7 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia saw its share reduced by -8.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) remains the largest margarine and shortening supplier in ASEAN, comprising 77% of total exports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total exports.

In Indonesia, margarine and shortening exports expanded at an average annual rate of +10.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+3.0% per year) and Singapore (+6.2% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, jumping by 17% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The pace of growth was the most pronounced in 2021 an increase of 30%. Over the period under review, the export prices reached the peak figure in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+2.4%), while the other leaders experienced mixed trends in the export price figures.

Margarine And Shortening Imports

Imports in ASEAN

In 2022, the amount of margarine and shortening imported in ASEAN expanded remarkably to X tons, rising by 5.5% compared with the previous year. In general, imports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 33%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, margarine and shortening imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 45% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

The purchases of the four major importers of margarine and shortening, namely Singapore, Thailand, Vietnam and the Philippines, represented more than two-thirds of total import. It was distantly followed by Indonesia (X tons), generating a 6.8% share of total imports. The following importers - Malaysia (X tons) and Myanmar (X tons) - each recorded an 8.1% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +19.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Thailand ($X) and the Philippines ($X) constituted the countries with the highest levels of imports in 2022, together comprising 67% of total imports.

In terms of the main importing countries, Singapore, with a CAGR of +13.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, increasing by 14% against the previous year. Overall, the import price showed a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Myanmar ($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 (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform