Asia: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Asia

The Asian rapeseed oil market shrank to $X in 2022, waning by -5.4% against the previous year. Overall, consumption continues to indicate a slight descent. The growth pace was the most rapid in 2020 when the market value increased by 8.3%. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Rapeseed Oil Production in Asia

In value terms, rapeseed oil production stood at $X in 2022 estimated in export price. In general, production saw a perceptible decrease. The growth pace was the most rapid in 2020 with an increase of 7.2%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Rapeseed Oil Exports

Exports in Asia

After three years of growth, overseas shipments of rapeseed oil decreased by -5.8% to X tons in 2022. Total exports indicated a remarkable increase from 2012 to 2022: its volume 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, exports increased by +52.4% against 2018 indices. The pace of growth appeared the most rapid in 2019 when exports increased by 27%. Over the period under review, the exports reached the maximum at X tons in 2021, and then declined in the following year.

In value terms, rapeseed oil exports shrank to $X in 2022. Overall, exports, however, showed a moderate increase. The pace of growth appeared the most rapid in 2021 when exports increased by 50%. As a result, the exports reached the peak of $X, and then contracted in the following year.

Exports by Country

The United Arab Emirates represented the major exporter of rapeseed oil in Asia, with the volume of exports recording X tons, which was near 70% of total exports in 2022. Malaysia (X tons) held the second position in the ranking, followed by Kazakhstan (X tons). All these countries together held approx. 21% share of total exports. The following exporters - Turkey (X tons) and Singapore (X tons) - each resulted at a 3.9% share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +4.9% from 2012 to 2022. At the same time, Turkey (+30.9%), Kazakhstan (+30.7%) and Malaysia (+8.6%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +30.9% from 2012-2022. Singapore experienced a relatively flat trend pattern. From 2012 to 2022, the share of Kazakhstan, Malaysia and Turkey increased by +6.5, +3 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest rapeseed oil supplier in Asia, comprising 62% of total exports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total exports. It was followed by Kazakhstan, with an 8% share.

In the United Arab Emirates, rapeseed oil exports expanded at an average annual rate of +3.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+6.7% per year) and Kazakhstan (+34.0% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, reducing by -3.4% against the previous year. In general, the export price recorded a mild curtailment. The pace of growth was the most pronounced in 2021 an increase of 33% against the previous year. Over the period under review, the export prices hit record highs 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 ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+2.5%), while the other leaders experienced more modest paces of growth.

Rapeseed Oil Imports

Imports in Asia

In 2022, overseas purchases of rapeseed oil decreased by -37.4% to X tons for the first time since 2016, thus ending a five-year rising trend. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 29%. Over the period under review, imports reached the peak figure at X tons in 2021, and then contracted remarkably in the following year.

In value terms, rapeseed oil imports shrank markedly to $X in 2022. Over the period under review, imports, however, posted tangible growth. The most prominent rate of growth was recorded in 2021 when imports increased by 45%. As a result, imports reached the peak of $X, and then reduced dramatically in the following year.

Imports by Country

China prevails in imports structure, finishing at X tons, which was approx. 69% of total imports in 2022. South Korea (X tons) held the second position in the ranking, followed by Malaysia (X tons). All these countries together held approx. 13% share of total imports. Israel (X tons), the Philippines (X tons), Hong Kong SAR (X tons) and Japan (X tons) followed a long way behind the leaders.

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%), Israel (+7.2%) and South Korea (+4.2%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in Asia, 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, Israel and the Philippines increased by +2.8, +2.5, +2.1 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported rapeseed oil in Asia, comprising 68% of total imports. The second position in the ranking was taken by South Korea ($X), with a 9.6% share of total imports. It was followed by Israel, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +1.6%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+7.4% per year) and Israel (+11.5% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, jumping by 31% against the previous year. Import price indicated a mild 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 +83.1% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 34% against the previous year. Over the period under review, import prices reached the maximum 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 Israel ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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