Asia: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in Asia

The Asian crude rapeseed oil market reduced to $X in 2022, waning by -8.3% against the previous year. Overall, consumption recorded a pronounced decrease. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Crude Rapeseed Oil Production in Asia

In value terms, crude rapeseed oil production totaled $X in 2022 estimated in export price. Over the period under review, production showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2015 when the production volume increased by 69%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Crude Rapeseed Oil Exports

Exports in Asia

After three years of growth, shipments abroad of crude rape, colza or mustard oil decreased by -10.1% to X tons in 2022. Total exports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.4% 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 +60.3% against 2018 indices. The growth pace was the most rapid in 2019 with an increase of 38% against the previous year. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, crude rapeseed oil exports rose modestly to $X in 2022. Over the period under review, exports, however, recorded a perceptible expansion. The pace of growth appeared the most rapid in 2021 with an increase of 52% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Exports by Country

In 2022, the United Arab Emirates (X tons) was the key exporter of crude rape, colza or mustard oil, making up 83% of total exports. It was distantly followed by Kazakhstan (X tons), creating an 11% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude rapeseed oil exports from the United Arab Emirates stood at +3.2%. At the same time, Kazakhstan (+35.3%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing exporter exported in Asia, with a CAGR of +35.3% from 2012-2022. Kazakhstan (+11 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -10.3% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest crude rapeseed oil supplier in Asia, comprising 81% of total exports. The second position in the ranking was taken by Kazakhstan ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates stood at +3.2%.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, rising by 17% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by 30%. Over the period under review, the export prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Kazakhstan ($X per ton), while the United Arab Emirates totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+3.3%).

Crude Rapeseed Oil Imports

Imports in Asia

After four years of growth, purchases abroad of crude rape, colza or mustard oil decreased by -44.5% to X tons in 2022. In general, imports continue to indicate a slight downturn. The most prominent rate of growth was recorded in 2018 when imports increased by 27% against the previous year. The volume of import peaked at X tons in 2021, and then reduced notably in the following year.

In value terms, crude rapeseed oil imports dropped dramatically to $X in 2022. Overall, imports, however, recorded a modest expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 43%. As a result, imports attained the peak of $X, and then fell sharply in the following year.

Imports by Country

China was the major importer of crude rape, colza or mustard oil in Asia, with the volume of imports reaching X tons, which was approx. 81% of total imports in 2022. It was distantly followed by South Korea (X tons), making up a 10% share of total imports. The following importers - Taiwan (Chinese) (X tons) and Japan (X tons) - each accounted for a 3.7% share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of crude rape, colza or mustard oil. At the same time, South Korea (+3.9%) and Japan (+2.5%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia, with a CAGR of +3.9% from 2012-2022. Taiwan (Chinese) experienced a relatively flat trend pattern. While the share of South Korea (+3.9 p.p.) and China (+1.9 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported crude rape, colza or mustard oil in Asia, comprising 80% of total imports. The second position in the ranking was taken by South Korea ($X), with an 11% share of total imports. It was followed by Taiwan (Chinese), with a 2.2% share.

In China, crude rapeseed oil imports expanded at an average annual rate of +1.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+7.0% per year) and Taiwan (Chinese) (+3.4% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, growing by 38% against the previous year. Import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude rapeseed oil import price increased by +92.7% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in South Korea ($X per ton) and Japan ($X per ton), while China ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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