Malaysia: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Malaysia

In 2022, the Malaysian fish fat and oil market decreased by -15.9% to $X for the first time since 2016, thus ending a five-year rising trend. Overall, the total consumption indicated a pronounced increase from 2012 to 2022: its value 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, consumption increased by +14.2% against 2015 indices. Over the period under review, the market reached the maximum level at $X in 2021, and then declined significantly in the following year.

Production of Fish Fats And Oils in Malaysia

In value terms, fish fat and oil production totaled $X in 2022 estimated in export price. In general, production enjoyed a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 31% against the previous year. Fish fat and oil production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Fish Fats And Oils

Exports from Malaysia

In 2022, the amount of fish fats and oils exported from Malaysia surged to X tons, growing by 346% compared with the previous year. Over the period under review, exports posted prominent growth. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, fish fat and oil exports skyrocketed to $X in 2022. Overall, exports posted a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for fish fat and oil exports from Malaysia, with a 93% share of total exports. It was followed by Hong Kong SAR (X tons), with a 2% share of total exports. The third position in this ranking was held by New Zealand (X tons), with a 1.5% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at +20.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+23.0% per year) and New Zealand (+24.8% per year).

In value terms, China ($X) remains the key foreign market for fish fats and oils exports from Malaysia, comprising 88% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 5.6% share of total exports. It was followed by Vietnam, with a 0.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled +26.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+17.0% per year) and Vietnam (-6.2% per year).

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2022, rising by 34% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+5.2%), while the prices for the other major destinations experienced a decline.

Imports of Fish Fats And Oils

Imports into Malaysia

After two years of growth, supplies from abroad of fish fats and oils decreased by -37.5% to X tons in 2022. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 83% against the previous year. As a result, imports attained the peak of X tons, and then fell markedly in the following year.

In value terms, fish fat and oil imports declined markedly to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 81% against the previous year. As a result, imports reached the peak of $X, and then shrank significantly in the following year.

Imports by Country

Chile (X tons), New Zealand (X tons) and the Philippines (X tons) were the main suppliers of fish fat and oil imports to Malaysia, together accounting for 40% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Philippines (with a CAGR of +70.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest fish fat and oil suppliers to Malaysia were Thailand ($X), the Philippines ($X) and Indonesia ($X), with a combined 27% share of total imports. Mauritania, New Zealand, Chile, Oman, Norway, India, Morocco, Japan, Peru and Vietnam lagged somewhat behind, together accounting for a further 39%.

Oman, with a CAGR of +59.3%, recorded the highest growth rate of 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

The average fish fat and oil import price stood at $X per ton in 2022, growing by 12% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 17%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Chile ($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 (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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