South-Eastern Asia: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in South-Eastern Asia

The Southeast Asian rapeseed oil market soared to $X in 2022, with an increase of 26% against the previous year. In general, consumption enjoyed a strong increase. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the near future.

Rapeseed Oil Production in South-Eastern Asia

In value terms, rapeseed oil production amounted to $X in 2022 estimated in export price. Overall, production enjoyed buoyant growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by 61% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Rapeseed Oil Exports

Exports in South-Eastern Asia

In 2022, the amount of rapeseed oil exported in South-Eastern Asia amounted to X tons, flattening at the year before. Overall, exports posted a strong increase. The most prominent rate of growth was recorded in 2016 when exports increased by 22% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, rapeseed oil exports fell to $X in 2022. Over the period under review, exports posted a strong increase. The most prominent rate of growth was recorded in 2021 when exports increased by 38%. As a result, the exports attained the peak of $X, and then reduced in the following year.

Exports by Country

In 2022, Malaysia (X tons) was the key exporter of rapeseed oil, constituting 86% of total exports. It was distantly followed by Singapore (X tons), generating a 10% share of total exports. Indonesia (X tons) took a minor share of total exports.

Malaysia was also the fastest-growing in terms of the rapeseed oil exports, with a CAGR of +8.6% from 2012 to 2022. At the same time, Indonesia (+6.1%) displayed positive paces of growth. Singapore experienced a relatively flat trend pattern. From 2012 to 2022, the share of Malaysia increased by +12 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest rapeseed oil supplier in South-Eastern Asia, comprising 81% of total exports. The second position in the ranking was held by Singapore ($X), with a 16% share of total exports.

In Malaysia, rapeseed oil exports expanded at an average annual rate of +6.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Singapore (+1.3% per year) and Indonesia (+4.1% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, which is down by -8.9% against the previous year. In general, the export price recorded a slight shrinkage. The most prominent rate of growth was recorded in 2021 when the export price increased by 39% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+1.9%), while the other leaders experienced a decline in the export price figures.

Rapeseed Oil Imports

Imports in South-Eastern Asia

In 2022, the amount of rapeseed oil imported in South-Eastern Asia totaled X tons, with an increase of 6.5% compared with 2021. Overall, imports posted a buoyant increase. The growth pace was the most rapid in 2016 when imports increased by 54% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, rapeseed oil imports amounted to $X in 2022. In general, imports recorded prominent growth. The pace of growth appeared the most rapid in 2016 when imports increased by 45% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

Malaysia represented the key importer of rapeseed oil in South-Eastern Asia, with the volume of imports resulting at X tons, which was near 52% of total imports in 2022. The Philippines (X tons) held the second position in the ranking, distantly followed by Singapore (X tons), Indonesia (X tons) and Vietnam (X tons). All these countries together took near 45% share of total imports. Thailand (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to rapeseed oil imports into Malaysia stood at +10.2%. At the same time, the Philippines (+36.8%), Thailand (+26.5%), Vietnam (+10.1%) and Indonesia (+6.8%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +36.8% from 2012-2022. Singapore experienced a relatively flat trend pattern. From 2012 to 2022, the share of the Philippines and Thailand increased by +21 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest rapeseed oil importing markets in South-Eastern Asia were Malaysia ($X), the Philippines ($X) and Singapore ($X), with a combined 84% share of total imports.

The Philippines, with a CAGR of +37.4%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, picking up by 3.5% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 40%. Over the period under review, import prices attained the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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