South Africa: Vegetable Oils Market 2024

Vegetable Oils Market Size in South Africa

For the third year in a row, the South African vegetable oils market recorded decline in sales value, which decreased by X% to $X in 2022. In general, consumption showed a abrupt decline. The most prominent rate of growth was recorded in 2019 when the market value increased by X% against the previous year. Vegetable oils consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Vegetable Oils Production in South Africa

In value terms, vegetable oils production declined to $X in 2022 estimated in export price. Over the period under review, production saw a deep contraction. The pace of growth was the most pronounced in 2013 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Vegetable Oils Exports

Exports from South Africa

In 2022, shipments abroad of vegetable fats and oils increased by X% to X tons, rising for the second year in a row after two years of decline. In general, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, vegetable oils exports skyrocketed to $X in 2022. Overall, exports recorded a buoyant increase. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Zambia (X tons) was the main destination for vegetable oils exports from South Africa, with a X% share of total exports. Moreover, vegetable oils exports to Zambia exceeded the volume sent to the second major destination, Zimbabwe (X tons), twofold. Democratic Republic of the Congo (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Zambia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zimbabwe (X% per year) and Democratic Republic of the Congo (X% per year).

In value terms, Zambia ($X) remains the key foreign market for vegetable fats and oils exports from South Africa, comprising X% of total exports. The second position in the ranking was held by Zimbabwe ($X), with a X% share of total exports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Zambia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zimbabwe (X% per year) and France (X% per year).

Export Prices by Country

In 2022, the average vegetable oils export price amounted to $X per ton, approximately mirroring the previous year. In general, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable oils export price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton, leveling off in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Mozambique ($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 Botswana (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Oils Imports

Imports into South Africa

In 2022, approx. X tons of vegetable fats and oils were imported into South Africa; waning by X% against the year before. In general, imports continue to indicate a noticeable curtailment. The pace of growth was the most pronounced in 2018 when imports increased by X%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, vegetable oils imports reached $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and India (X tons) were the main suppliers of vegetable oils imports to South Africa, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of X%), while imports for the other leaders experienced a decline.

In value terms, Malaysia ($X), Indonesia ($X) and India ($X) constituted the largest vegetable oils suppliers to South Africa, with a combined X% share of total imports.

In terms of the main suppliers, India, with a CAGR of X%, recorded the highest growth rate of 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 vegetable oils import price stood at $X per ton in 2022, jumping by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($X per ton) and Indonesia ($X per ton), while the price for Malaysia ($X per ton) and Singapore ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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