Colombia: Industrial Oleic Acid Market 2025

Industrial Oleic Acid Market Size in Colombia

The Colombian industrial oleic acid market surged to $X in 2021, picking up by 49% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a strong increase. Industrial oleic acid consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Industrial Oleic Acid Exports

Exports from Colombia

In 2021, overseas shipments of industrial oleic acid increased by 133% to X kg, rising for the third consecutive year after two years of decline. Over the period under review, exports, however, recorded a deep downturn. The growth pace was the most rapid in 2016 with an increase of 239% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, industrial oleic acid exports skyrocketed to $X in 2021. Overall, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2014 with an increase of 212%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Peru (X kg) was the main destination for industrial oleic acid exports from Colombia, with a 87% share of total exports. Moreover, industrial oleic acid exports to Peru exceeded the volume sent to the second major destination, Venezuela (X kg), more than tenfold. The third position in this ranking was held by Ecuador (X kg), with a 2.6% share.

From 2012 to 2021, the average annual growth rate of volume to Peru totaled +70.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-9.4% per year) and Ecuador (-15.6% per year).

In value terms, Peru ($X) remains the key foreign market for industrial oleic acid exports from Colombia, comprising 76% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 16% share of total exports. It was followed by Switzerland, with a 3.4% share.

From 2012 to 2021, the average annual growth rate of value to Peru stood at +80.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-7.9% per year) and Switzerland (0.0% per year).

Export Prices by Country

In 2021, the average industrial oleic acid export price amounted to $X per ton, with an increase of 4.8% against the previous year. Over the period under review, the export price, however, showed a pronounced descent. The pace of growth was the most pronounced in 2014 when the average export price increased by 19% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Argentina ($X per ton), while the average price for exports to Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Argentina (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Industrial Oleic Acid Imports

Imports into Colombia

In 2021, the amount of industrial oleic acid imported into Colombia surged to X tons, picking up by 22% on the previous year's figure. In general, imports recorded a strong increase. The most prominent rate of growth was recorded in 2015 when imports increased by 811% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, industrial oleic acid imports skyrocketed to $X in 2021. Over the period under review, imports posted a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 442%. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

Indonesia (X tons), Argentina (X tons) and China (X tons) were the main suppliers of industrial oleic acid imports to Colombia, together comprising 53% of total imports. These countries were followed by Germany, Malaysia and the United States, which together accounted for a further 4%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +19.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Argentina ($X) and Germany ($X) were the largest industrial oleic acid suppliers to Colombia, with a combined 54% share of total imports.

Indonesia, with a CAGR of +18.9%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average industrial oleic acid import price amounted to $X per ton, with an increase of 39% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :