Malaysia: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Malaysia

In 2022, the Malaysian rapeseed oil market decreased by -4.7% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption posted a perceptible expansion. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Rapeseed Oil Production in Malaysia

In value terms, rapeseed oil production expanded sharply to $X in 2022 estimated in export price. Over the period under review, production saw a buoyant increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 61% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Rapeseed Oil Exports

Exports from Malaysia

In 2022, rapeseed oil exports from Malaysia amounted to X tons, approximately mirroring the previous year. Over the period under review, exports recorded a resilient increase. The pace of growth was the most pronounced in 2016 with an increase of 20% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, rapeseed oil exports declined to $X in 2022. Overall, exports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 38% against the previous year. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

New Zealand (X tons) was the main destination for rapeseed oil exports from Malaysia, accounting for a 38% share of total exports. Moreover, rapeseed oil exports to New Zealand exceeded the volume sent to the second major destination, the Philippines (X tons), twofold. Australia (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to New Zealand stood at +9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+20.8% per year) and Australia (-0.1% per year).

In value terms, New Zealand ($X) remains the key foreign market for rapeseed oil exports from Malaysia, comprising 38% of total exports. The second position in the ranking was held by the Philippines ($X), with a 17% share of total exports. It was followed by Australia, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to New Zealand totaled +7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+17.1% per year) and Australia (-2.4% per year).

Export Prices by Country

The average rapeseed oil export price stood at $X per ton in 2022, reducing by -14.9% against the previous year. In general, the export price saw a mild slump. The most prominent rate of growth was recorded in 2021 an increase of 42% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Vietnam ($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 Singapore (+0.1%), while the prices for the other major destinations experienced a decline.

Rapeseed Oil Imports

Imports into Malaysia

In 2022, approx. X tons of rapeseed oil were imported into Malaysia; flattening at 2021 figures. Over the period under review, imports continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2016 with an increase of 75%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, rapeseed oil imports declined rapidly to $X in 2022. Overall, imports saw resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 66%. Over the period under review, imports reached the maximum at $X in 2021, and then reduced notably in the following year.

Imports by Country

In 2022, Canada (X tons) constituted the largest supplier of rapeseed oil to Malaysia, accounting for a 48% share of total imports. Moreover, rapeseed oil imports from Canada exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), twofold. Australia (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Canada amounted to +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+17.0% per year) and Australia (+3.0% per year).

In value terms, the largest rapeseed oil suppliers to Malaysia were Canada ($X), the United Arab Emirates ($X) and Australia ($X), with a combined 79% share of total imports. Japan, Bangladesh, Belgium, Ukraine and the United States lagged somewhat behind, together comprising a further 16%.

Bangladesh, with a CAGR of +44.7%, recorded the highest growth rate of the value of imports, among 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 rapeseed oil import price stood at $X per ton in 2022, dropping by -16.9% against the previous year. Overall, the import price saw a slight decrease. The pace of growth appeared the most rapid in 2021 an increase of 50%. As a result, import price attained the peak level of $X per ton, and then dropped sharply in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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