Vietnam: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in Vietnam

The Vietnamese margarine and shortening market contracted notably to $X in 2022, waning by -37.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a deep setback. Margarine and shortening consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Margarine And Shortening Exports

Exports from Vietnam

In 2022, after ten years of growth, there was decline in shipments abroad of margarine and shortening, when their volume decreased by less than 0.1% to X tons. In general, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of 529% against the previous year. The exports peaked at X tons in 2021, and then shrank modestly in the following year.

In value terms, margarine and shortening exports shrank modestly to $X in 2022. Over the period under review, exports, however, posted a significant increase. The growth pace was the most rapid in 2016 when exports increased by 429% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then contracted in the following year.

Exports by Country

Cambodia (X tons) was the main destination for margarine and shortening exports from Vietnam, with a 79% share of total exports. Moreover, margarine and shortening exports to Cambodia exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X tons), fourfold. The third position in this ranking was held by China (X tons), with a 0.1% share.

From 2012 to 2022, the average annual growth rate of volume to Cambodia stood at +82.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+156.3% per year) and China (-4.0% per year).

In value terms, Cambodia ($X) emerged as the key foreign market for margarine and shortening exports from Vietnam, comprising 79% of total exports. The second position in the ranking was held by Lao People's Democratic Republic ($X), with a 19% share of total exports. It was followed by China, with a 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cambodia totaled +80.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+157.6% per year) and China (-6.0% per year).

Export Prices by Country

In 2022, the average margarine and shortening export price amounted to $X per ton, standing approx. at the previous year. Over the period under review, the export price saw a pronounced slump. The most prominent rate of growth was recorded in 2020 an increase of 17% against the previous year. Over the period under review, the average export prices attained the maximum 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 foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Lao People's Democratic Republic ($X per ton) and Cambodia ($X per ton), while the average price for exports to New Zealand ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (+0.5%), while the prices for the other major destinations experienced a decline.

Margarine And Shortening Imports

Imports into Vietnam

In 2022, approx. X tons of margarine and shortening were imported into Vietnam; with a decrease of -17.2% compared with 2021. Over the period under review, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.0% 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 +26.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 52% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, margarine and shortening imports fell remarkably to $X in 2022. Overall, imports, however, showed a pronounced increase. The most prominent rate of growth was recorded in 2021 with an increase of 89%. As a result, imports reached the peak of $X, and then fell sharply in the following year.

Imports by Country

Indonesia (X tons), Malaysia (X tons) and South Korea (X tons) were the main suppliers of margarine and shortening imports to Vietnam, with a combined 74% share of total imports. Australia, Singapore, Hong Kong SAR and Japan lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +42.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest margarine and shortening suppliers to Vietnam were Indonesia ($X), Malaysia ($X) and South Korea ($X), with a combined 73% share of total imports. Australia, Singapore, Japan and Hong Kong SAR lagged somewhat behind, together comprising a further 18%.

Japan, with a CAGR of +38.1%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 2022, the average margarine and shortening import price amounted to $X per ton, dropping by -7.6% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 24%. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Hong Kong SAR ($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 (+1.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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