MERCOSUR: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in MERCOSUR

The MERCOSUR chemically modified oils market contracted slightly to $X in 2022, waning by -2% against the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Chemically Modified Oils Production in MERCOSUR

In value terms, chemically modified oils production dropped to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 when the production volume increased by 28%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Chemically Modified Oils Exports

Exports in MERCOSUR

In 2022, shipments abroad of animal or vegetable fats and oils chemically modified increased by 1.7% to X tons, rising for the fifth year in a row after two years of decline. The total export volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 23%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, chemically modified oils exports soared to $X in 2022. Overall, exports saw tangible growth. The pace of growth was the most pronounced in 2021 when exports increased by 78% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Argentina (X tons) and Chile (X tons) prevails in exports structure, together making up 83% of total exports. It was distantly followed by Brazil (X tons), achieving a 6.6% share of total exports. The following exporters - Colombia (X tons) and Peru (X tons) - each accounted for an 8.6% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Peru (with a CAGR of +71.0%), while the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Chile ($X) and Brazil ($X) constituted the countries with the highest levels of exports in 2022, together comprising 91% of total exports. Peru and Colombia lagged somewhat behind, together accounting for a further 6.9%.

Peru, with a CAGR of +65.7%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in MERCOSUR amounted to $X per ton, picking up by 14% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 44% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+5.0%), while the other leaders experienced mixed trends in the export price figures.

Chemically Modified Oils Imports

Imports in MERCOSUR

In 2022, imports of animal or vegetable fats and oils chemically modified in MERCOSUR surged to X tons, rising by 20% on the year before. Overall, imports, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2018 with an increase of 59%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, chemically modified oils imports soared to $X in 2022. In general, imports, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2021 with an increase of 80%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Chile prevails in imports structure, reaching X tons, which was approx. 62% of total imports in 2022. Brazil (X tons) took the second position in the ranking, followed by Ecuador (X tons), Colombia (X tons) and Paraguay (X tons). All these countries together took near 30% share of total imports. The following importers - Peru (X tons) and Venezuela (X tons) - together made up 5.7% of total imports.

From 2012 to 2022, average annual rates of growth with regard to chemically modified oils imports into Chile stood at +8.7%. At the same time, Paraguay (+50.4%), Ecuador (+22.1%), Brazil (+6.8%) and Colombia (+1.9%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +50.4% from 2012-2022. By contrast, Peru (-6.0%) and Venezuela (-36.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Chile, Brazil, Ecuador, Paraguay and Colombia increased by +53, +8.2, +7.6, +5.6 and +4.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X) constitutes the largest market for imported animal or vegetable fats and oils chemically modified in MERCOSUR, comprising 55% of total imports. The second position in the ranking was taken by Brazil ($X), with a 16% share of total imports. It was followed by Colombia, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value in Chile amounted to +9.7%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+7.8% per year) and Colombia (-1.2% per year).

Import Prices by Country

In 2022, the import price in MERCOSUR amounted to $X per ton, surging by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2021 an increase of 19%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

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 Brazil ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+0.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform