Eastern Asia: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in Eastern Asia

In 2022, the East Asian margarine and shortening market increased by 13% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in years to come.

Margarine And Shortening Production in Eastern Asia

In value terms, margarine and shortening production dropped to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 20%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Margarine And Shortening Exports

Exports in Eastern Asia

In 2022, approx. X tons of margarine and shortening were exported in Eastern Asia; which is down by -5% against 2021 figures. Over the period under review, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 17%. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, margarine and shortening exports expanded slightly to $X in 2022. Total exports indicated a measured expansion 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, exports increased by +62.2% against 2015 indices. The most prominent rate of growth was recorded in 2021 with an increase of 20%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

China was the key exporter of margarine and shortening in Eastern Asia, with the volume of exports accounting for X tons, which was near 45% of total exports in 2022. Taiwan (Chinese) (X tons) held a 22% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (14%), Japan (14%) and Hong Kong SAR (4.8%).

Exports from China increased at an average annual rate of +1.8% from 2012 to 2022. At the same time, South Korea (+7.8%) and Japan (+3.0%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +7.8% from 2012-2022. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-14.5%) illustrated a downward trend over the same period. China (+7.6 p.p.), South Korea (+7.4 p.p.) and Japan (+3.5 p.p.) significantly strengthened its position in terms of the total exports, while Hong Kong SAR saw its share reduced by -18% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest margarine and shortening supplier in Eastern Asia, comprising 44% of total exports. The second position in the ranking was taken by Japan ($X), with a 20% share of total exports. It was followed by Taiwan (Chinese), with a 16% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +5.1%. In the other countries, the average annual rates were as follows: Japan (+0.8% per year) and Taiwan (Chinese) (+3.5% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, picking up by 10% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, 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 Hong Kong SAR (+6.7%), while the other leaders experienced more modest paces of growth.

Margarine And Shortening Imports

Imports in Eastern Asia

For the sixth consecutive year, Eastern Asia recorded growth in supplies from abroad of margarine and shortening, which increased by 18% to X tons in 2022. Over the period under review, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 82% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, margarine and shortening imports soared to $X in 2022. In general, imports saw a prominent expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 81% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

China dominates imports structure, recording X tons, which was approx. 93% of total imports in 2022. South Korea (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the margarine and shortening imports, with a CAGR of +11.8% from 2012 to 2022. At the same time, South Korea (+5.7%) and Taiwan (Chinese) (+2.9%) displayed positive paces of growth. China (+10 p.p.) significantly strengthened its position in terms of the total imports, while South Korea and Taiwan (Chinese) saw its share reduced by -1.9% and -2% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported margarine and shortening in Eastern Asia, comprising 85% of total imports. The second position in the ranking was taken by South Korea ($X), with an 8.2% share of total imports.

In China, margarine and shortening imports increased at an average annual rate of +14.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+11.3% per year) and Taiwan (Chinese) (+4.1% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, rising by 28% against the previous year. Import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.7% 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 +62.4% against 2019 indices. The pace of growth appeared the most rapid in 2016 when the import price increased by 53% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the import prices remained at a somewhat lower figure.

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 South Korea ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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