Australia: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Australia

The Australian rapeseed oil market shrank modestly to $X in 2022, leveling off at the previous year. Over the period under review, consumption showed a perceptible decline. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Rapeseed Oil Production in Australia

In value terms, rapeseed oil production expanded slightly to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 28% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Rapeseed Oil Exports

Exports from Australia

In 2022, approx. X tons of rapeseed oil were exported from Australia; surging by 5.1% compared with the previous year. Overall, exports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2019 when exports increased by 1,106%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, rapeseed oil exports soared to $X in 2022. Over the period under review, exports saw buoyant growth. The pace of growth was the most pronounced in 2019 with an increase of 792% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

New Zealand (X tons), Taiwan (Chinese) (X tons) and the United States (X tons) were the main destinations of rapeseed oil exports from Australia, together accounting for 29% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +63.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for rapeseed oil exported from Australia were New Zealand ($X), Taiwan (Chinese) ($X) and the United States ($X), together comprising 30% of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +67.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average rapeseed oil export price amounted to $X per ton, growing by 31% against the previous year. Over the period under review, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.8% 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 +101.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 39%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were China ($X per ton) and the Philippines ($X per ton), while the average price for exports to New Zealand ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.

Rapeseed Oil Imports

Imports into Australia

In 2022, after two years of decline, there was significant growth in purchases abroad of rapeseed oil, when their volume increased by 8.9% to X tons. Over the period under review, imports, however, recorded a perceptible slump. The most prominent rate of growth was recorded in 2014 with an increase of 41% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, rapeseed oil imports soared to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of rapeseed oil to Australia, accounting for a 88% share of total imports. Moreover, rapeseed oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold. The third position in this ranking was taken by Canada (X tons), with a 0.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+25.9% per year) and Canada (-46.6% per year).

In value terms, Malaysia ($X) constituted the largest supplier of rapeseed oil to Australia, comprising 84% of total imports. The second position in the ranking was held by India ($X), with a 9.3% share of total imports. It was followed by Canada, with a 0.5% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+30.0% per year) and Canada (-42.9% per year).

Import Prices by Country

In 2022, the average rapeseed oil import price amounted to $X per ton, picking up by 32% against the previous year. Over the period under review, the import price continues to indicate a moderate expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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