South Africa: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in South Africa

The South African chemically modified oils market reduced modestly to $X in 2022, standing approx. at the previous year. In general, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 +63.6% against 2020 indices. As a result, consumption attained the peak level of $X, leveling off in the following year.

Chemically Modified Oils Production in South Africa

In value terms, chemically modified oils production rose slightly to $X in 2022 estimated in export price. In general, production, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2019 when the production volume increased by 24%. Chemically modified oils production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Chemically Modified Oils Exports

Exports from South Africa

In 2022, chemically modified oils exports from South Africa amounted to X tons, growing by 5.2% compared with the year before. Overall, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 285%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, chemically modified oils exports surged to $X in 2022. In general, exports recorded significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 417% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for chemically modified oils exports from South Africa, with a 90% share of total exports. Moreover, chemically modified oils exports to the Netherlands exceeded the volume sent to the second major destination, the UK (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands stood at +34.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+1.9% per year) and Austria (0.0% per year).

In value terms, the Netherlands ($X) remains the key foreign market for animal or vegetable fats and oils chemically modified exports from South Africa, comprising 89% of total exports. The second position in the ranking was held by the UK ($X), with a 5.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands totaled +38.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+7.7% per year) and Austria (0.0% per year).

Export Prices by Country

In 2022, the average chemically modified oils export price amounted to $X per ton, surging by 20% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 40%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Austria ($X per ton), while the average price for exports to the UK ($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 UK (+5.7%).

Chemically Modified Oils Imports

Imports into South Africa

After two years of growth, purchases abroad of animal or vegetable fats and oils chemically modified decreased by -39.3% to X tons in 2022. Overall, total imports indicated a modest increase from 2012 to 2022: its volume increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 74%. Imports peaked at X tons in 2021, and then contracted remarkably in the following year.

In value terms, chemically modified oils imports fell markedly to $X in 2022. Over the period under review, total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +31.8% against 2017 indices. The growth pace was the most rapid in 2021 when imports increased by 57% against the previous year. As a result, imports attained the peak of $X, and then contracted sharply in the following year.

Imports by Country

Belgium (X tons), India (X tons) and Botswana (X tons) were the main suppliers of chemically modified oils imports to South Africa, with a combined 52% share of total imports. Turkey, the United States, China, Lesotho, Germany, Australia and the UK lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +247.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), India ($X) and Turkey ($X) were the largest chemically modified oils suppliers to South Africa, together accounting for 61% of total imports.

In terms of the main suppliers, Turkey, with a CAGR of +249.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chemically modified oils import price stood at $X per ton in 2022, picking up by 16% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 20% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 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 the United States ($X per ton), while the price for Lesotho ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Botswana (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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