Asia: Vegetable Oils Market 2024

Vegetable Oils Market Size in Asia

In 2022, the Asian vegetable oils market increased by X% to $X, rising for the third year in a row after two years of decline. In general, consumption, however, saw a noticeable shrinkage. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Vegetable Oils Production in Asia

In value terms, vegetable oils production reached $X in 2022 estimated in export price. Overall, production, however, continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2020 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Vegetable Oils Exports

Exports in Asia

In 2022, vegetable oils exports in Asia amounted to X tons, increasing by X% compared with 2021 figures. Over the period under review, exports continue to indicate a mild increase. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, vegetable oils exports rose markedly to $X in 2022. Overall, exports recorded slight growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

In 2022, Malaysia (X tons) represented the major exporter of vegetable fats and oils, achieving X% of total exports. Indonesia (X tons) took the second position in the ranking, distantly followed by China (X tons). All these countries together held near X% share of total exports.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of vegetable fats and oils. At the same time, China (X%) and Indonesia (X%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Indonesia and China increased by X and X percentage points, respectively.

In value terms, Malaysia ($X), Indonesia ($X) and China ($X) were the countries with the highest levels of exports in 2022, together comprising X% of total exports.

China, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, leveling off at the previous year. In general, 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 X% against the previous year. 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.

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 China ($X per ton), while Malaysia ($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 (X%), while the other leaders experienced a decline in the export price figures.

Vegetable Oils Imports

Imports in Asia

In 2022, supplies from abroad of vegetable fats and oils increased by X% to X tons, rising for the second consecutive year after two years of decline. Total imports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, vegetable oils imports soared to $X in 2022. Total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

China represented the key importing country with an import of about X tons, which amounted to X% of total imports. Malaysia (X tons) took the second position in the ranking, distantly followed by Vietnam (X tons). All these countries together held approx. X% share of total imports. The following importers - Thailand (X tons), Afghanistan (X tons), Uzbekistan (X tons), the Philippines (X tons), Singapore (X tons), South Korea (X tons), Turkey (X tons), Iran (X tons) and Saudi Arabia (X tons) - together made up X% of total imports.

Imports into China increased at an average annual rate of X% from 2012 to 2022. At the same time, Malaysia (X%), South Korea (X%), the Philippines (X%), Vietnam (X%), Singapore (X%), Iran (X%) and Uzbekistan (X%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2022. Turkey experienced a relatively flat trend pattern. By contrast, Thailand (X%), Saudi Arabia (X%) and Afghanistan (X%) illustrated a downward trend over the same period. While the share of China (X p.p.), Malaysia (X p.p.), Uzbekistan (X p.p.), Vietnam (X p.p.), the Philippines (X p.p.) and South Korea (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Thailand (X p.p.) and Afghanistan (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported vegetable fats and oils in Asia, comprising X% of total imports. The second position in the ranking was taken by Malaysia ($X), with an X% share of total imports. It was followed by Thailand, with a X% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Thailand (X% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, growing by X% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. Over the period under review, import prices reached the peak figure at $X per ton in 2012; afterwards, it flattened through to 2022.

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

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

Source: IndexBox Platform

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