Asia-Pacific: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Asia-Pacific

The Asia-Pacific rapeseed oil market reduced to $X in 2022, which is down by -6.7% against the previous year. Over the period under review, consumption continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2020 when the market value increased by 9.9%. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Rapeseed Oil Production in Asia-Pacific

In value terms, rapeseed oil production rose modestly to $X in 2022 estimated in export price. Overall, production showed a pronounced reduction. The most prominent rate of growth was recorded in 2020 with an increase of 9.8%. Over the period under review, production reached the peak level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Rapeseed Oil Exports

Exports in Asia-Pacific

In 2022, the amount of rapeseed oil exported in Asia-Pacific amounted to X tons, increasing by 4.1% on 2021 figures. Total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.8% 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 +151.6% against 2018 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 118%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, rapeseed oil exports surged to $X in 2022. Overall, exports saw a strong increase. The most prominent rate of growth was recorded in 2019 when exports increased by 84%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Australia was the largest exporting country with an export of around X tons, which amounted to 61% of total exports. It was distantly followed by Malaysia (X tons), achieving a 26% share of total exports. Singapore (X tons), Japan (X tons), India (X tons) and Bangladesh (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to rapeseed oil exports from Australia stood at +6.2%. At the same time, Japan (+21.0%), India (+14.0%), Bangladesh (+12.2%) and Malaysia (+8.6%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +21.0% from 2012-2022. Singapore experienced a relatively flat trend pattern. While the share of Malaysia (+5.9 p.p.), Australia (+2.4 p.p.) and Japan (+2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Singapore (-2.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) remains the largest rapeseed oil supplier in Asia-Pacific, comprising 63% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 20% share of total exports. It was followed by Singapore, with a 4% share.

In Australia, rapeseed oil exports increased at an average annual rate of +10.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+6.7% per year) and Singapore (+1.3% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, rising by 16% against the previous year. Export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil export price increased by +72.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 33% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+5.1%), while the other leaders experienced more modest paces of growth.

Rapeseed Oil Imports

Imports in Asia-Pacific

In 2022, after five years of growth, there was significant decline in purchases abroad of rapeseed oil, when their volume decreased by -38.5% to X tons. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 29% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then dropped sharply in the following year.

In value terms, rapeseed oil imports plummeted to $X in 2022. Overall, imports, however, enjoyed a slight expansion. The pace of growth appeared the most rapid in 2021 with an increase of 44%. As a result, imports attained the peak of $X, and then fell notably in the following year.

Imports by Country

China dominates imports structure, recording X tons, which was approx. 72% of total imports in 2022. South Korea (X tons) ranks second in terms of the total imports with an 8.7% share, followed by Malaysia (4.9%). The following importers - New Zealand (X tons), the Philippines (X tons), Hong Kong SAR (X tons) and Japan (X tons) - together made up 9.5% of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of rapeseed oil. At the same time, the Philippines (+36.8%), Malaysia (+10.2%), New Zealand (+4.8%) and South Korea (+4.2%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +36.8% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-5.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia, South Korea and the Philippines increased by +3, +2.8 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported rapeseed oil in Asia-Pacific, comprising 70% of total imports. The second position in the ranking was taken by South Korea ($X), with a 9.9% share of total imports. It was followed by New Zealand, with a 4.3% share.

In China, rapeseed oil imports expanded at an average annual rate of +1.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+7.4% per year) and New Zealand (+6.7% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, picking up by 32% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil import price increased by +83.6% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 34%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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