Eastern Asia: Oleo Oils Market 2024

Oleo Oils Market Size in Eastern Asia

In 2021, the East Asian oleo oils market increased by 4.3% to $X, rising for the fifth consecutive year after two years of decline. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +9.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +31.7% against 2016 indices. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Oleo Oils Production in Eastern Asia

In value terms, oleo oils production dropped slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 8% against the previous year. As a result, production attained the peak level of $X, and then fell slightly in the following year.

Oleo Oils Exports

Exports in Eastern Asia

In 2021, after three years of growth, there was significant decline in shipments abroad of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil, when their volume decreased by -25.5% to X tons. Over the period under review, exports continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2020 when exports increased by 12%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, oleo oils exports fell markedly to $X in 2021. In general, exports faced a abrupt decrease. The pace of growth was the most pronounced in 2019 with an increase of 7.5%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

South Korea was the major exporter of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil in Eastern Asia, with the volume of exports finishing at X tons, which was near 54% of total exports in 2021. Taiwan (Chinese) (X tons) took a 29% share (based on physical terms) of total exports, which put it in second place, followed by Japan (17%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Japan (with a CAGR of +15.1%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest oleo oils supplying countries in Eastern Asia were Taiwan (Chinese) ($X), South Korea ($X) and Japan ($X), together accounting for 99% of total exports.

South Korea, with a CAGR of +8.2%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, surging by 3.4% against the previous year. Overall, the export price, however, saw a noticeable reduction. The pace of growth was the most pronounced in 2016 when the export price increased by 24% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Taiwan (Chinese) ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.9%), while the other leaders experienced a decline in the export price figures.

Oleo Oils Imports

Imports in Eastern Asia

Oleo oils imports skyrocketed to X tons in 2021, increasing by 34% compared with the previous year. In general, imports, however, continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2017 with an increase of 184% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, oleo oils imports surged to $X in 2021. Over the period under review, imports, however, showed a deep reduction. The pace of growth was the most pronounced in 2017 when imports increased by 176% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, South Korea (X tons) was the main importer of lard stearin, lard oil, oleostearin, oleo-oil and tallow oil, making up 64% of total imports. Macao SAR (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Japan (6.7%), China (6.7%) and Taiwan (Chinese) (5%). Hong Kong SAR (X tons) followed a long way behind the leaders.

South Korea was also the fastest-growing in terms of the lard stearin, lard oil, oleostearin, oleo-oil and tallow oil imports, with a CAGR of +10.2% from 2012 to 2021. At the same time, Macao SAR (+6.8%) displayed positive paces of growth. By contrast, Japan (-12.7%), Taiwan (Chinese) (-14.9%), China (-20.9%) and Hong Kong SAR (-25.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of South Korea and Macao SAR increased by +50 and +9.9 percentage points, respectively.

In value terms, South Korea ($X) constitutes the largest market for imported lard stearin, lard oil, oleostearin, oleo-oil and tallow oil in Eastern Asia, comprising 62% of total imports. The second position in the ranking was taken by Japan ($X), with a 12% share of total imports. It was followed by Macao SAR, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in South Korea amounted to +22.8%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-9.0% per year) and Macao SAR (+7.2% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, growing by 15% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the import price increased by 91% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Japan ($X per ton), while Macao SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+11.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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