Malaysia: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Malaysia

The Malaysian refined soybean oil market soared to $X in 2023, with an increase of X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level in 2023 and is expected to retain growth in the near future.

Refined Soybean Oil Production in Malaysia

In value terms, refined soybean oil production expanded to $X in 2023 estimated in export price. In general, production saw a mild decline. The pace of growth appeared the most rapid in 2021 with an increase of X%. Refined soybean oil production peaked at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Malaysia

Refined soybean oil exports from Malaysia declined to X tons in 2023, which is down by X% compared with the previous year's figure. In general, exports showed a mild decline. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2023, the growth of the exports failed to regain momentum.

In value terms, refined soybean oil exports reduced markedly to $X in 2023. Overall, exports showed a mild decline. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. As a result, the exports attained the peak of $X, and then plummeted in the following year.

Exports by Country

Australia (X tons), the Philippines (X tons) and Indonesia (X tons) were the main destinations of refined soybean oil exports from Malaysia, with a combined X% share of total exports. Singapore, Fiji, New Zealand, Papua New Guinea, Vietnam, Hong Kong SAR, Myanmar and Madagascar lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Fiji (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), the Philippines ($X) and Indonesia ($X) were the largest markets for refined soybean oil exported from Malaysia worldwide, together comprising X% of total exports. Singapore, Fiji, New Zealand, Papua New Guinea, Vietnam, Hong Kong SAR, Myanmar and Madagascar lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Fiji, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2023, the average refined soybean oil export price amounted to $X per ton, dropping by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2022, and then shrank significantly in the following year.

Average prices varied somewhat for the major foreign markets. In 2023, amid the top suppliers, the countries with the highest prices were Madagascar ($X per ton) and Singapore ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) and Papua New Guinea ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports into Malaysia

In 2023, after five years of growth, there was significant decline in supplies from abroad of refined soybean oil and its fractions, when their volume decreased by X% to X tons. Over the period under review, imports, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2022, and then dropped significantly in the following year.

In value terms, refined soybean oil imports declined dramatically to $X in 2023. In general, imports, however, saw prominent growth. The pace of growth appeared the most rapid in 2018 with an increase of X%. Imports peaked at $X in 2022, and then dropped remarkably in the following year.

Imports by Country

Thailand (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of refined soybean oil imports to Malaysia, with a combined X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for China (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil suppliers to Malaysia were China ($X), Thailand ($X) and Taiwan (Chinese) ($X), with a combined X% share of total imports.

In terms of the main suppliers, China, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average refined soybean oil import price amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by X%. The import price peaked at $X per ton in 2022, and then fell significantly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Belgium (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform