Chile: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Chile

The Chilean chemically modified oils market skyrocketed to $X in 2022, surging by 35% against the previous year. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -17.9% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Chemically Modified Oils Production in Chile

In value terms, chemically modified oils production rose slightly to $X in 2022 estimated in export price. In general, production recorded a strong expansion. The pace of growth appeared the most rapid in 2013 when the production volume increased by 40%. Chemically modified oils production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Chemically Modified Oils Exports

Exports from Chile

In 2022, shipments abroad of animal or vegetable fats and oils chemically modified decreased by -10.7% to X tons for the first time since 2011, thus ending a ten-year rising trend. In general, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2013 when exports increased by 268%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then shrank in the following year.

In value terms, chemically modified oils exports skyrocketed to $X in 2022. Over the period under review, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 270% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

The Netherlands (X tons) was the main destination for chemically modified oils exports from Chile, accounting for a 52% share of total exports. Moreover, chemically modified oils exports to the Netherlands exceeded the volume sent to the second major destination, Finland (X tons), twofold. Germany (X tons) ranked third in terms of total exports with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands totaled +91.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+104.6% per year) and Germany (+42.5% per year).

In value terms, the largest markets for chemically modified oils exported from Chile were the Netherlands ($X), Finland ($X) and Germany ($X), together comprising 83% of total exports.

In terms of the main countries of destination, Finland, with a CAGR of +177.6%, 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

The average chemically modified oils export price stood at $X per ton in 2022, with an increase of 33% against the previous year. Overall, the export price posted a buoyant increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 44%. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see steady growth in the immediate term.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Finland ($X per ton) and the Czech Republic ($X per ton), while the average price for exports to Germany ($X per ton) and France ($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 Finland (+35.7%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Chile

For the third year in a row, Chile recorded growth in overseas purchases of animal or vegetable fats and oils chemically modified, which increased by 42% to X tons in 2022. Overall, imports recorded a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 290% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, chemically modified oils imports soared to $X in 2022. In general, imports recorded a resilient increase. The pace of growth was the most pronounced in 2021 when imports increased by 256% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Argentina (X tons) constituted the largest chemically modified oils supplier to Chile, accounting for a 85% share of total imports. Moreover, chemically modified oils imports from Argentina exceeded the figures recorded by the second-largest supplier, Bolivia (X tons), more than tenfold. The third position in this ranking was taken by the United States (X tons), with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Argentina stood at +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Bolivia (+195.2% per year) and the United States (+54.4% per year).

In value terms, Argentina ($X) constituted the largest supplier of animal or vegetable fats and oils chemically modified to Chile, comprising 75% of total imports. The second position in the ranking was held by the United States ($X), with a 15% share of total imports. It was followed by Bolivia, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value from Argentina stood at +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+58.4% per year) and Bolivia (+266.7% per year).

Import Prices by Country

In 2022, the average chemically modified oils import price amounted to $X per ton, surging by 27% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 52% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bolivia (+24.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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