Pakistan: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Pakistan

The Pakistani rapeseed oil market expanded markedly to $X in 2022, picking up by 7.6% against the previous year. Over the period under review, 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 -6.3% against 2020 indices. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Rapeseed Oil Production in Pakistan

In value terms, rapeseed oil production rose sharply to $X in 2022 estimated in export price. In general, the total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 -8.4% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 63% against the previous year. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Rapeseed Oil Exports

Exports from Pakistan

After two years of growth, shipments abroad of rapeseed oil decreased by -67% to X tons in 2022. In general, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 1,639% against the previous year. As a result, the exports attained the peak of X tons, and then dropped sharply in the following year.

In value terms, rapeseed oil exports contracted dramatically to $X in 2022. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 1,423%. As a result, the exports attained the peak of $X, and then shrank remarkably in the following year.

Exports by Country

Afghanistan (X tons) was the main destination for rapeseed oil exports from Pakistan, with a 43% share of total exports. Moreover, rapeseed oil exports to Afghanistan exceeded the volume sent to the second major destination, the UK (X tons), twofold. Sri Lanka (X tons) ranked third in terms of total exports with a 7.8% share.

From 2012 to 2022, the average annual growth rate of volume to Afghanistan stood at +66.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+49.1% per year) and Sri Lanka (+40.4% per year).

In value terms, Afghanistan ($X), the UK ($X) and Sri Lanka ($X) were the largest markets for rapeseed oil exported from Pakistan worldwide, with a combined 62% share of total exports. The United States, Japan, South Korea, Sweden and the United Arab Emirates lagged somewhat behind, together comprising a further 22%.

In terms of the main countries of destination, Japan, with a CAGR of +127.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average rapeseed oil export price amounted to $X per ton, surging by 17% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average export price increased by 20%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to South Korea ($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 the United States (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Rapeseed Oil Imports

Imports into Pakistan

In 2022, the amount of rapeseed oil imported into Pakistan soared to X tons, picking up by 129% compared with 2021 figures. Overall, imports showed strong growth. The pace of growth appeared the most rapid in 2016 when imports increased by 140%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, rapeseed oil imports surged to $X in 2022. In general, imports showed a strong expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 123% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Canada (X tons), Singapore (X tons) and the United Arab Emirates (X tons) were the main suppliers of rapeseed oil imports to Pakistan, together comprising 48% of total imports. Spain, Italy and Malaysia lagged somewhat behind, together comprising a further 6.5%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +67.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest rapeseed oil suppliers to Pakistan were Canada ($X), the United Arab Emirates ($X) and Singapore ($X), together comprising 35% of total imports. Spain, Italy and Malaysia lagged somewhat behind, together comprising a further 8.5%.

Spain, with a CAGR of +66.5%, saw 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

In 2022, the average rapeseed oil import price amounted to $X per ton, reducing by -23% against the previous year. In general, the import price continues to indicate a abrupt descent. The growth pace was the most rapid in 2021 an increase of 54% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Italy ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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