Vietnam: Sesame Oil Market 2024

Sesame Oil Market Size in Vietnam

In 2021, the Vietnamese sesame oil market increased by 26% to $X, rising for the third year in a row after three years of decline. Over the period under review, consumption, however, showed a mild shrinkage. Sesame oil consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Sesame Oil Production in Vietnam

In value terms, sesame oil production shrank to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a noticeable slump. The growth pace was the most rapid in 2015 when the production volume increased by 32%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Sesame Oil Exports

Exports from Vietnam

In 2021, overseas shipments of sesame oil decreased by -9% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 32% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, sesame oil exports reduced to $X in 2021. In general, total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -13.1% against 2018 indices. The growth pace was the most rapid in 2017 when exports increased by 30% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for sesame oil exports from Vietnam, accounting for a 86% share of total exports. Moreover, sesame oil exports to Japan exceeded the volume sent to the second major destination, South Korea (X tons), ninefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan totaled -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+276.9% per year) and Lao People's Democratic Republic (0.0% per year).

In value terms, Japan ($X) remains the key foreign market for sesame oil exports from Vietnam, comprising 90% of total exports. The second position in the ranking was taken by South Korea ($X), with an 8.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Japan stood at +2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+262.3% per year) and Lao People's Democratic Republic (0.0% per year).

Export Prices by Country

In 2021, the average sesame oil export price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the last nine years, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2019 when the average export price increased by 15%. The export price peaked at $X per ton in 2020, and then fell modestly in the following year.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while the average price for exports to Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+3.7%).

Sesame Oil Imports

Imports into Vietnam

For the fifth consecutive year, Vietnam recorded growth in overseas purchases of sesame oil, which increased by 86% to X tons in 2021. Over the period under review, imports recorded a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, sesame oil imports expanded markedly to $X in 2021. In general, imports recorded a resilient expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 52%. Imports peaked in 2021 and are likely to continue growth in the near future.

Imports by Country

China (X tons), India (X tons) and Singapore (X tons) were the main suppliers of sesame oil imports to Vietnam, with a combined 80% share of total imports.

From 2012 to 2021, the biggest increases were in Singapore (with a CAGR of +94.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Singapore ($X) constituted the largest sesame oil suppliers to Vietnam, with a combined 80% share of total imports.

Singapore, with a CAGR of +84.2%, recorded the highest growth rate of the value of imports, among 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 2021, the average sesame oil import price amounted to $X per ton, waning by -41.4% against the previous year. Overall, the import price showed a slight curtailment. The most prominent rate of growth was recorded in 2013 when the average import price increased by 28%. Over the period under review, average import prices reached the peak figure at $X per ton in 2020, and then shrank notably in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from India ($X per ton) and Japan ($X per ton), while the price for Myanmar ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-1.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :