Japan: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Japan

The Japanese chemically modified oils market contracted slightly to $X in 2022, almost unchanged from the previous year. Overall, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.2% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Chemically Modified Oils Production in Japan

In value terms, chemically modified oils production shrank modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 -2.8% against 2019 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 27%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Chemically Modified Oils Exports

Exports from Japan

In 2022, after four years of growth, there was significant decline in shipments abroad of animal or vegetable fats and oils chemically modified, when their volume decreased by -10.2% to X tons. Overall, exports, however, showed a resilient increase. The growth pace was the most rapid in 2016 with an increase of 75%. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, chemically modified oils exports surged to $X in 2022. In general, exports, however, showed a remarkable increase. The pace of growth was the most pronounced in 2016 when exports increased by 83%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Singapore (X tons), South Korea (X tons) and Malaysia (X tons) were the main destinations of chemically modified oils exports from Japan, with a combined 85% share of total exports. Austria, the Netherlands and Portugal lagged somewhat behind, together comprising a further 12%.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of +126.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chemically modified oils exported from Japan were Singapore ($X), South Korea ($X) and Malaysia ($X), with a combined 83% share of total exports. Austria, the Netherlands and Portugal lagged somewhat behind, together accounting for a further 12%.

Austria, with a CAGR of +185.5%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chemically modified oils export price stood at $X per ton in 2022, growing by 40% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% 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 export price increased by +102.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 51%. The export price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Austria ($X per ton) and Portugal ($X per ton), while the average price for exports to the Netherlands ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Austria (+26.3%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Japan

In 2022, imports of animal or vegetable fats and oils chemically modified into Japan rose sharply to X tons, increasing by 14% on the year before. Over the period under review, imports, however, continue to indicate a noticeable curtailment. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, chemically modified oils imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Malaysia (X tons), Taiwan (Chinese) (X tons) and China (X tons) were the main suppliers of chemically modified oils imports to Japan, together accounting for 87% of total imports. South Korea, the United States and India lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +22.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Taiwan (Chinese) ($X) and China ($X) appeared to be the largest chemically modified oils suppliers to Japan, with a combined 80% share of total imports.

China, with a CAGR of +29.6%, saw the highest rates of growth with regard to 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 2022, the average chemically modified oils import price amounted to $X per ton, rising by 33% against the previous year. In general, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +4.1% 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 +95.5% against 2015 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 supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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