Eastern Asia: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Eastern Asia

In 2022, the East Asian chemically modified oils market decreased by -13.1% to $X, falling for the second year in a row after four years of growth. Over the period under review, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Chemically Modified Oils Production in Eastern Asia

In value terms, chemically modified oils production rose modestly to $X in 2022 estimated in export price. The total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.6% 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 -1.8% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 24%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chemically Modified Oils Exports

Exports in Eastern Asia

For the seventh year in a row, Eastern Asia recorded growth in shipments abroad of animal or vegetable fats and oils chemically modified, which increased by 33% to X tons in 2022. Over the period under review, exports showed a significant increase. The growth pace was the most rapid in 2017 with an increase of 90% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, chemically modified oils exports surged to $X in 2022. Overall, exports recorded significant growth. The growth pace was the most rapid in 2017 when exports increased by 109%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

China prevails in exports structure, accounting for X tons, which was approx. 89% of total exports in 2022. It was distantly followed by Japan (X tons), creating a 5.5% share of total exports. Taiwan (Chinese) (X tons) and South Korea (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the animal or vegetable fats and oils chemically modified exports, with a CAGR of +47.2% from 2012 to 2022. At the same time, Taiwan (Chinese) (+15.7%), South Korea (+15.7%) and Japan (+14.7%) displayed positive paces of growth. China (+52 p.p.) significantly strengthened its position in terms of the total exports, while South Korea, Taiwan (Chinese) and Japan saw its share reduced by -6.1%, -9.8% and -22.6% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest chemically modified oils supplier in Eastern Asia, comprising 90% of total exports. The second position in the ranking was taken by Japan ($X), with a 5.3% share of total exports. It was followed by Taiwan (Chinese), with a 2% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +41.7%. In the other countries, the average annual rates were as follows: Japan (+17.6% per year) and Taiwan (Chinese) (+9.9% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, picking up by 22% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by 39%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in South Korea ($X per ton) and China ($X per ton), while Taiwan (Chinese) ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.6%), while the other leaders experienced a decline in the export price figures.

Chemically Modified Oils Imports

Imports in Eastern Asia

In 2022, supplies from abroad of animal or vegetable fats and oils chemically modified decreased by -32.3% to X tons for the first time since 2017, thus ending a four-year rising trend. Total imports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when imports increased by 31%. Over the period under review, imports attained the maximum at X tons in 2021, and then reduced notably in the following year.

In value terms, chemically modified oils imports reduced to $X in 2022. Overall, imports, however, recorded a moderate expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 30% against the previous year. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, South Korea (X tons) was the largest importer of animal or vegetable fats and oils chemically modified, generating 62% of total imports. It was distantly followed by China (X tons), Hong Kong SAR (X tons) and Japan (X tons), together making up a 37% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to chemically modified oils imports into South Korea stood at +1.3%. At the same time, Hong Kong SAR (+13.8%) and China (+3.6%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +13.8% from 2012-2022. By contrast, Japan (-4.6%) illustrated a downward trend over the same period. While the share of Hong Kong SAR (+5.9 p.p.) and China (+3.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-6.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) constitutes the largest market for imported animal or vegetable fats and oils chemically modified in Eastern Asia, comprising 55% of total imports. The second position in the ranking was held by China ($X), with a 25% share of total imports. It was followed by Japan, with a 12% share.

In South Korea, chemically modified oils imports expanded at an average annual rate of +5.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+7.5% per year) and Japan (-0.7% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, with an increase of 39% against the previous year. Import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils import price increased by +98.4% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Japan ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+4.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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