China: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in China

In 2022, the Chinese margarine and shortening market increased by 37% to $X, rising for the sixth year in a row after two years of decline. In general, consumption showed strong growth. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the immediate term.

Margarine And Shortening Production in China

In value terms, margarine and shortening production amounted to $X in 2022 estimated in export price. Over the period under review, the total production indicated a measured expansion from 2012 to 2022: its value 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, production decreased by -0.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 111%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Margarine And Shortening Exports

Exports from China

In 2022, shipments abroad of margarine and shortening was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 20%. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, margarine and shortening exports amounted to $X in 2022. Overall, total exports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 with an increase of 22%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

South Korea (X tons) was the main destination for margarine and shortening exports from China, with a 23% share of total exports. Moreover, margarine and shortening exports to South Korea exceeded the volume sent to the second major destination, the Philippines (X tons), threefold. The United States (X tons) ranked third in terms of total exports with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea totaled +8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+24.7% per year) and the United States (+12.1% per year).

In value terms, the largest markets for margarine and shortening exported from China were South Korea ($X), the United States ($X) and the Philippines ($X), together comprising 44% of total exports. Myanmar, Vietnam, New Zealand, the UK, Mongolia, Australia, Russia, Cambodia, Peru and Spain lagged somewhat behind, together accounting for a further 21%.

Among the main countries of destination, Peru, with a CAGR of +131.9%, saw the highest growth rate of 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 margarine and shortening export price stood at $X per ton in 2022, picking up by 9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.2%. The growth pace was the most rapid in 2017 an increase of 15% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Russia ($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 Cambodia (+12.6%), while the prices for the other major destinations experienced more modest paces of growth.

Margarine And Shortening Imports

Imports into China

In 2022, margarine and shortening imports into China soared to X tons, rising by 17% compared with 2021. In general, imports showed a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of 115%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, margarine and shortening imports skyrocketed to $X in 2022. Overall, imports saw a strong expansion. The pace of growth was the most pronounced in 2021 when imports increased by 113%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Indonesia (X tons) was the main margarine and shortening supplier to China, accounting for a 96% share of total imports. It was followed by Malaysia (X tons), with a 2.6% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Indonesia amounted to +12.6%.

In value terms, Indonesia ($X) constituted the largest supplier of margarine and shortening to China, comprising 90% of total imports. The second position in the ranking was held by Malaysia ($X), with a 3.2% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Indonesia amounted to +15.6%.

Import Prices by Country

In 2022, the average margarine and shortening import price amounted to $X per ton, jumping by 27% against the previous year. Over the period under review, import price indicated a noticeable expansion 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, margarine and shortening import price increased by +81.2% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by 74% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Indonesia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+2.6%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :