Eastern Asia: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Eastern Asia

In 2022, the East Asian rapeseed oil market decreased by -12% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2020 with an increase of 9.6%. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Rapeseed Oil Production in Eastern Asia

In value terms, rapeseed oil production totaled $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt slump. The pace of growth was the most pronounced in 2014 when the production volume increased by 8.9%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Rapeseed Oil Exports

Exports in Eastern Asia

In 2022, overseas shipments of rapeseed oil increased by 36% to X tons, rising for the second consecutive year after three years of decline. In general, exports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2017 when exports increased by 178% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, rapeseed oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a perceptible decline. The growth pace was the most rapid in 2017 when exports increased by 127%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Japan (X tons) represented the major exporter of rapeseed oil, comprising 66% of total exports. China (X tons) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Hong Kong SAR (14%).

Japan was also the fastest-growing in terms of the rapeseed oil exports, with a CAGR of +21.0% from 2012 to 2022. China (-9.7%) and Hong Kong SAR (-17.9%) illustrated a downward trend over the same period. Japan (+61 p.p.) significantly strengthened its position in terms of the total exports, while China and Hong Kong SAR saw its share reduced by -10.3% and -42.4% from 2012 to 2022, respectively.

In value terms, Japan ($X) remains the largest rapeseed oil supplier in Eastern Asia, comprising 62% of total exports. The second position in the ranking was taken by China ($X), with a 22% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Japan totaled +19.8%. The remaining exporting countries recorded the following average annual rates of exports growth: China (-6.0% per year) and Hong Kong SAR (-14.1% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, picking up by 13% against the previous year. Export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil export price increased by +121.2% against 2017 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 34% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while Japan ($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 (+4.7%), while the other leaders experienced mixed trends in the export price figures.

Rapeseed Oil Imports

Imports in Eastern Asia

In 2022, after five years of growth, there was significant decline in overseas purchases of rapeseed oil, when their volume decreased by -41% to X tons. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 52%. The volume of import peaked at X tons in 2021, and then contracted significantly in the following year.

In value terms, rapeseed oil imports shrank notably to $X in 2022. Over the period under review, imports, however, posted a mild expansion. The most prominent rate of growth was recorded in 2018 with an increase of 50% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell markedly in the following year.

Imports by Country

In 2022, China (X tons) represented the major importer of rapeseed oil, mixing up 84% of total imports. It was distantly followed by South Korea (X tons), comprising a 10% share of total imports. The following importers - Hong Kong SAR (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) - each accounted for a 6.1% share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of rapeseed oil. At the same time, South Korea (+4.2%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +4.2% from 2012-2022. Japan and Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-5.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of South Korea increased by +3.2 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported rapeseed oil in Eastern Asia, comprising 82% of total imports. The second position in the ranking was taken by South Korea ($X), with a 12% share of total imports. It was followed by Hong Kong SAR, with a 2.6% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +1.6%. In the other countries, the average annual rates were as follows: South Korea (+7.4% per year) and Hong Kong SAR (-2.5% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, with an increase of 34% against the previous year. Import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rapeseed oil import price increased by +86.2% against 2019 indices. As a result, import price attained 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 ($X per ton), while Taiwan (Chinese) ($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 (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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