Asia-Pacific: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Asia-Pacific

In 2022, the Asia-Pacific chemically modified oils market decreased by -8.5% to $X, falling for the third consecutive year after six years of growth. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 -10.8% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Chemically Modified Oils Production in Asia-Pacific

In value terms, chemically modified oils production shrank slightly to $X in 2022 estimated in export price. The total production indicated pronounced growth from 2012 to 2022: its value 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, production decreased by -0.2% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 23% against the previous year. As a result, production attained the peak level of $X; afterwards, it flattened through to 2022.

Chemically Modified Oils Exports

Exports in Asia-Pacific

Chemically modified oils exports rose significantly to X tons in 2022, increasing by 6.7% compared with 2021. Overall, exports posted prominent growth. The pace of growth appeared the most rapid in 2015 when exports increased by 147%. The volume of export peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, chemically modified oils exports soared to $X in 2022. Over the period under review, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 104%. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Exports by Country

China was the key exporter of animal or vegetable fats and oils chemically modified in Asia-Pacific, with the volume of exports finishing at X tons, which was approx. 56% of total exports in 2022. Malaysia (X tons) ranks second in terms of the total exports with a 21% share, followed by Indonesia (7.5%). The following exporters - Japan (X tons), Thailand (X tons), Vietnam (X tons) and Taiwan (Chinese) (X tons) - together made up 10% of total exports.

China was also the fastest-growing in terms of the animal or vegetable fats and oils chemically modified exports, with a CAGR of +47.2% from 2012 to 2022. At the same time, Indonesia (+28.5%), Vietnam (+25.3%), Thailand (+18.6%), Taiwan (Chinese) (+15.7%), Japan (+14.7%) and Malaysia (+9.4%) displayed positive paces of growth. From 2012 to 2022, the share of China and Indonesia increased by +50 and +3.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest chemically modified oils supplier in Asia-Pacific, comprising 62% of total exports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total exports. It was followed by Indonesia, with a 7.7% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +41.7%. In the other countries, the average annual rates were as follows: Malaysia (+9.3% per year) and Indonesia (+34.8% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, growing by 17% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.7% 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 export price increased by +85.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 36%. Over the period under review, the export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in China ($X per ton) and Japan ($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 Asia-Pacific

In 2022, purchases abroad of animal or vegetable fats and oils chemically modified decreased by -21.3% to X tons, falling for the second year in a row after seven years of growth. Overall, imports, however, saw prominent growth. The most prominent rate of growth was recorded in 2014 when imports increased by 59% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, chemically modified oils imports dropped to $X in 2022. In general, imports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2014 with an increase of 57% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then shrank in the following year.

Imports by Country

Singapore was the major importing country with an import of about X tons, which accounted for 44% of total imports. It was distantly followed by Afghanistan (X tons), Malaysia (X tons) and the Philippines (X tons), together generating a 47% share of total imports. South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +71.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constitutes the largest market for imported animal or vegetable fats and oils chemically modified in Asia-Pacific, comprising 55% of total imports. The second position in the ranking was taken by Afghanistan ($X), with a 16% share of total imports. It was followed by Malaysia, with a 12% share.

In Singapore, chemically modified oils imports expanded at an average annual rate of +72.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Afghanistan (+7.4% per year) and Malaysia (+38.0% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, with an increase of 18% against the previous year. Import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% 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 +76.7% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 31% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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