Australia: Vegetable Oils Market 2024

Vegetable Oils Market Size in Australia

The Australian vegetable oils market surged to $X in 2022, with an increase of X% against the previous year. Overall, consumption, however, continues to indicate a deep reduction. Vegetable oils consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Vegetable Oils Production in Australia

In value terms, vegetable oils production expanded rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a perceptible setback. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Vegetable Oils Exports

Exports from Australia

For the third consecutive year, Australia recorded decline in shipments abroad of vegetable fats and oils, which decreased by X% to X tons in 2022. In general, exports, however, showed tangible growth. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, vegetable oils exports contracted sharply to $X in 2022. Over the period under review, exports, however, recorded slight growth. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons), the UK (X tons) and the Philippines (X tons) were the main destinations of vegetable oils exports from Australia, with a combined X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), the UK ($X) and the Philippines ($X) were the largest markets for vegetable oils exported from Australia worldwide, together comprising X% of total exports.

The Philippines, with a CAGR of X%, 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

The average vegetable oils export price stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable decline. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to the UK ($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 Bangladesh (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into Australia

In 2022, after two years of decline, there was growth in purchases abroad of vegetable fats and oils, when their volume increased by X% to X tons. In general, imports, however, recorded a drastic downturn. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, vegetable oils imports expanded markedly to $X in 2022. Over the period under review, imports, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of vegetable oils to Australia, with a X% share of total imports. Moreover, vegetable oils imports from Malaysia exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was held by India (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and India (X% per year).

In value terms, Malaysia ($X) constituted the largest supplier of vegetable fats and oils to Australia, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with a X% share of total imports. It was followed by Sweden, with a X% 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: the United States (X% per year) and Sweden (X% per year).

Import Prices by Country

In 2022, the average vegetable oils import price amounted to $X per ton, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sweden ($X per ton), while the price for the United States ($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 prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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