Australia: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Australia

In 2022, the Australian refined rapeseed oil market decreased by -14.6% to $X, falling for the fourth year in a row after two years of growth. In general, consumption continues to indicate a relatively flat trend pattern. Refined rapeseed oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Refined Rapeseed Oil Production in Australia

In value terms, refined rapeseed oil production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 60%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Refined Rapeseed Oil Exports

Exports from Australia

Refined rapeseed oil exports from Australia expanded significantly to X tons in 2022, with an increase of 11% compared with the previous year. In general, exports showed a resilient increase. The growth pace was the most rapid in 2019 with an increase of 527% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, refined rapeseed oil exports skyrocketed to $X in 2022. Overall, exports showed a strong expansion. The growth pace was the most rapid in 2019 when exports increased by 415%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

New Zealand (X tons), the United States (X tons) and Taiwan (Chinese) (X tons) were the main destinations of refined rapeseed oil exports from Australia, with a combined 34% share of total exports. Indonesia, Malaysia, China, Japan, Singapore, Vanuatu, the Philippines and Fiji lagged somewhat behind, together comprising a further 7%.

From 2012 to 2022, the biggest increases were recorded for Vanuatu (with a CAGR of +741.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X), the United States ($X) and Taiwan (Chinese) ($X) constituted the largest markets for refined rapeseed oil exported from Australia worldwide, with a combined 36% share of total exports. Indonesia, China, Malaysia, Singapore, Vanuatu, Japan, the Philippines and Fiji lagged somewhat behind, together comprising a further 8.7%.

Vanuatu, with a CAGR of +652.3%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination 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 refined rapeseed oil export price amounted to $X per ton, with an increase of 23% against the previous year. Over the period under review, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined rapeseed oil export price increased by +49.7% against 2018 indices. The pace of growth appeared the most rapid in 2021 an increase of 39%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Rapeseed Oil Imports

Imports into Australia

In 2022, purchases abroad of refined rape, colza or mustard oil increased by 15% to X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, imports, however, saw a perceptible descent. The pace of growth appeared the most rapid in 2014 with an increase of 42%. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined rapeseed oil imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of refined rapeseed oil to Australia, with a 89% share of total imports. Moreover, refined rapeseed oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold. Canada (X tons) ranked third in terms of total imports 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 (+25.4% per year) and Canada (-46.6% per year).

In value terms, Malaysia ($X) constituted the largest supplier of refined rape, colza or mustard oil to Australia, comprising 85% of total imports. The second position in the ranking was taken by India ($X), with an 8.9% share of total imports. It was followed by the United States, with a 0.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+29.6% per year) and the United States (-14.0% per year).

Import Prices by Country

In 2022, the average refined rapeseed oil import price amounted to $X per ton, increasing by 30% against the previous year. In general, the import price showed a perceptible increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 32%. Over the period under review, average import prices reached the maximum in 2022 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 (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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