South-Eastern Asia: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in South-Eastern Asia

The Southeast Asian refined olive oil market reduced to $X in 2022, which is down by -2% against the previous year. In general, consumption recorded a perceptible contraction. The pace of growth appeared the most rapid in 2017 when the market value increased by 8.5%. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in South-Eastern Asia

In value terms, refined olive oil production contracted modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a pronounced contraction. The pace of growth was the most pronounced in 2017 with an increase of 16% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Olive Oil Exports

Exports in South-Eastern Asia

In 2022, approx. X tons of refined olive oil were exported in South-Eastern Asia; falling by -25.2% against 2021 figures. Overall, exports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 313% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined olive oil exports reduced dramatically to $X in 2022. Over the period under review, exports recorded a drastic downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 431%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Singapore (X tons) represented the key exporter of refined olive oil, constituting 52% of total exports. Vietnam (X tons) ranks second in terms of the total exports with a 23% share, followed by Malaysia (18%) and Thailand (5.9%).

From 2012 to 2022, average annual rates of growth with regard to refined olive oil exports from Singapore stood at -10.9%. At the same time, Vietnam (+15.3%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +15.3% from 2012-2022. By contrast, Thailand (-12.7%) and Malaysia (-22.3%) illustrated a downward trend over the same period. While the share of Vietnam (+22 p.p.) and Singapore (+13 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-35.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest refined olive oil supplier in South-Eastern Asia, comprising 58% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 19% share of total exports. It was followed by Vietnam, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore amounted to -9.7%. In the other countries, the average annual rates were as follows: Malaysia (-12.4% per year) and Vietnam (+13.8% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, surging by 4.4% against the previous year. Export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined olive oil export price increased by +37.4% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the export price increased by 29%. Over the period under review, the export prices hit record highs at $X per ton in 2017; afterwards, it flattened through to 2022.

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 Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+12.8%), while the other leaders experienced more modest paces of growth.

Refined Olive Oil Imports

Imports in South-Eastern Asia

In 2022, imports of refined olive oil in South-Eastern Asia stood at X tons, picking up by 4.9% on the previous year's figure. In general, imports, however, saw a slight slump. The growth pace was the most rapid in 2019 with an increase of 8% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, refined olive oil imports rose significantly to $X in 2022. The total import value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 15%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

The Philippines (X tons) and Thailand (X tons) represented roughly 60% of total imports in 2022. Malaysia (X tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (12%), Vietnam (7.7%) and Indonesia (5.6%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of +11.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), the Philippines ($X) and Singapore ($X) were the countries with the highest levels of imports in 2022, with a combined 71% share of total imports. Malaysia, Vietnam and Indonesia lagged somewhat behind, together comprising a further 27%.

Vietnam, with a CAGR of +11.8%, saw the highest growth rate of the value of imports, in terms of 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

In 2022, the import price in South-Eastern Asia amounted to $X per ton, increasing by 7.3% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2021 an increase of 14% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 Thailand ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+6.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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