Central Asia: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Central Asia

After two years of growth, the Central Asian rapeseed oil market decreased by -48.9% to $X in 2022. Overall, consumption continues to indicate a mild downturn. As a result, consumption attained the peak level of $X, and then dropped dramatically in the following year.

Rapeseed Oil Production in Central Asia

In value terms, rapeseed oil production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, posted a buoyant increase. The pace of growth was the most pronounced in 2018 with an increase of 153% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Rapeseed Oil Exports

Exports in Central Asia

In 2022, shipments abroad of rapeseed oil increased by 78% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports enjoyed significant growth. The pace of growth was the most pronounced in 2018 with an increase of 194% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, rapeseed oil exports surged to $X in 2022. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 180% against the previous year. 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

In 2022, Kazakhstan (X tons) represented the major exporter of rapeseed oil in Central Asia, comprising 100% of total export.

Kazakhstan was also the fastest-growing in terms of the rapeseed oil exports, with a CAGR of +30.7% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) also remains the largest rapeseed oil supplier in Central Asia.

From 2012 to 2022, the average annual growth rate of value in Kazakhstan totaled +34.0%.

Export Prices by Country

The export price in Central Asia stood at $X per ton in 2022, surging by 12% against the previous year. Export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +2.5% 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 +74.7% against 2019 indices. The growth pace was the most rapid in 2021 when the export price increased by 32%. Over the period under review, the export prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Kazakhstan.

From 2012 to 2022, the rate of growth in terms of prices for Kazakhstan amounted to +2.5% per year.

Rapeseed Oil Imports

Imports in Central Asia

In 2022, supplies from abroad of rapeseed oil decreased by -20.9% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, showed significant growth. The pace of growth was the most pronounced in 2014 with an increase of 124%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, rapeseed oil imports fell dramatically to $X in 2022. In general, imports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 97% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then shrank significantly in the following year.

Imports by Country

In 2022, Tajikistan (X tons) represented the key importer of rapeseed oil, mixing up 74% of total imports. It was distantly followed by Uzbekistan (X tons), generating a 21% share of total imports. Kazakhstan (X tons) and Mongolia (X tons) followed a long way behind the leaders.

Tajikistan was also the fastest-growing in terms of the rapeseed oil imports, with a CAGR of +34.9% from 2012 to 2022. At the same time, Uzbekistan (+14.0%) and Mongolia (+6.7%) displayed positive paces of growth. By contrast, Kazakhstan (-2.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Tajikistan and Uzbekistan increased by +39 and +21 percentage points, respectively.

In value terms, Tajikistan ($X), Uzbekistan ($X) and Kazakhstan ($X) were the countries with the highest levels of imports in 2022, together accounting for 98% of total imports.

Among the main importing countries, Uzbekistan, with a CAGR of +35.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Central Asia stood at $X per ton in 2022, rising by 1.6% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 17% against the previous year. The level of import peaked 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 Uzbekistan ($X per ton), while Tajikistan ($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 (+18.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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