Vietnam: Vegetable Oils Market 2024

Vegetable Oils Market Size in Vietnam

In 2022, after two years of growth, there was significant decline in the Vietnamese vegetable oils market, when its value decreased by X% to $X. Overall, consumption recorded a perceptible contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Vegetable Oils Exports

Exports from Vietnam

In 2022, overseas shipments of vegetable fats and oils decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2013 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, vegetable oils exports contracted significantly to $X in 2022. In general, exports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for vegetable oils exports from Vietnam, accounting for a X% share of total exports. Moreover, vegetable oils exports to the Netherlands exceeded the volume sent to the second major destination, Tanzania (X tons), threefold.

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

In value terms, the Netherlands ($X) emerged as the key foreign market for vegetable fats and oils exports from Vietnam, comprising X% of total exports. The second position in the ranking was held by Guatemala ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the Netherlands totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (X% per year) and Tanzania (X% per year).

Export Prices by Country

The average vegetable oils export price stood at $X per ton in 2022, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2017 an increase of X%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Tanzania ($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 Cambodia (X%), while the prices for the other major destinations experienced a decline.

Vegetable Oils Imports

Imports into Vietnam

In 2022, after six years of growth, there was significant decline in overseas purchases of vegetable fats and oils, when their volume decreased by X% to X tons. In general, imports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of X%. Imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, vegetable oils imports dropped significantly to $X in 2022. Over the period under review, imports, however, enjoyed prominent growth. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then dropped notably in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest vegetable oils supplier to Vietnam, accounting for a X% share of total imports. Moreover, vegetable oils imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), fivefold. South Korea (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (X% per year) and South Korea (X% per year).

In value terms, China ($X) constituted the largest supplier of vegetable fats and oils to Vietnam, comprising X% of total imports. The second position in the ranking was held by Singapore ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (X% per year) and South Korea (X% per year).

Import Prices by Country

The average vegetable oils import price stood at $X per ton in 2022, reducing by X% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton, and then declined in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for China ($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 (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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