ASEAN: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in ASEAN

The ASEAN rapeseed oil market soared to $X in 2022, increasing by 26% against the previous year. Over the period under review, consumption showed a buoyant increase. The level of consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Rapeseed Oil Production in ASEAN

In value terms, rapeseed oil production expanded significantly to $X in 2022 estimated in export price. In general, production continues to indicate a resilient expansion. The pace of growth was the most pronounced in 2015 when the production volume increased by 61%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Rapeseed Oil Exports

Exports in ASEAN

In 2022, the amount of rapeseed oil exported in ASEAN reached X tons, remaining relatively unchanged against the year before. In general, exports showed a resilient increase. The growth pace was the most rapid in 2016 with an increase of 22% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, rapeseed oil exports contracted to $X in 2022. Over the period under review, exports saw a strong expansion. The pace of growth was the most pronounced in 2021 with an increase of 38%. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

In 2022, Malaysia (X tons) was the main exporter of rapeseed oil, making up 86% of total exports. It was distantly followed by Singapore (X tons), creating a 10% share of total exports. Indonesia (X tons) took a little share of total exports.

Malaysia was also the fastest-growing in terms of the rapeseed oil exports, with a CAGR of +8.6% from 2012 to 2022. At the same time, Indonesia (+6.1%) displayed positive paces of growth. Singapore experienced a relatively flat trend pattern. While the share of Malaysia (+12 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Singapore (-11.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest rapeseed oil supplier in ASEAN, comprising 81% of total exports. The second position in the ranking was held by Singapore ($X), with a 16% share of total exports.

In Malaysia, rapeseed oil exports expanded at an average annual rate of +6.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (+1.3% per year) and Indonesia (+4.1% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, waning by -8.9% against the previous year. Over the period under review, the export price recorded a mild curtailment. The most prominent rate of growth was recorded in 2021 an increase of 39%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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 Singapore (+1.9%), while the other leaders experienced a decline in the export price figures.

Rapeseed Oil Imports

Imports in ASEAN

In 2022, approx. X tons of rapeseed oil were imported in ASEAN; growing by 6.5% compared with the year before. Overall, imports showed a strong increase. The pace of growth was the most pronounced in 2016 when imports increased by 54% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, rapeseed oil imports expanded rapidly to $X in 2022. Over the period under review, imports showed strong growth. The growth pace was the most rapid in 2016 when imports increased by 45%. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Imports by Country

Malaysia was the major importing country with an import of about X tons, which reached 52% of total imports. It was distantly followed by the Philippines (X tons), Singapore (X tons), Indonesia (X tons) and Vietnam (X tons), together committing a 45% share of total imports. Thailand (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to rapeseed oil imports into Malaysia stood at +10.2%. At the same time, the Philippines (+36.8%), Thailand (+26.5%), Vietnam (+10.1%) and Indonesia (+6.8%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +36.8% from 2012-2022. Singapore experienced a relatively flat trend pattern. From 2012 to 2022, the share of the Philippines and Thailand increased by +21 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest rapeseed oil importing markets in ASEAN were Malaysia ($X), the Philippines ($X) and Singapore ($X), together accounting for 84% of total imports.

In terms of the main importing countries, the Philippines, with a CAGR of +37.4%, 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, with an increase of 3.5% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 40%. The level of import peaked in 2022 and is likely to see steady growth in years to come.

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 ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform