ASEAN: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in ASEAN

The ASEAN refined rapeseed oil market rose slightly to $X in 2023, growing by X% against the previous year. In general, consumption, however, recorded a pronounced reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Refined Rapeseed Oil Production in ASEAN

In value terms, refined rapeseed oil production totaled $X in 2023 estimated in export price. Overall, production, however, continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Refined Rapeseed Oil Exports

Exports in ASEAN

Refined rapeseed oil exports totaled X tons in 2023, with an increase of X% on 2022. Total exports indicated a buoyant increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2021 indices. The most prominent rate of growth was recorded in 2016 with an increase of X%. The volume of export peaked in 2023 and is expected to retain growth in the near future.

In value terms, refined rapeseed oil exports fell significantly to $X in 2023. Overall, exports showed pronounced growth. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2022, and then contracted sharply in the following year.

Exports by Country

Malaysia prevails in exports structure, accounting for X tons, which was approx. X% of total exports in 2023. It was distantly followed by Singapore (X tons), mixing up a X% share of total exports. Indonesia (X tons) followed a long way behind the leaders.

Exports from Malaysia increased at an average annual rate of X% from 2012 to 2023. At the same time, Indonesia (X%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of X% from 2012-2023. By contrast, Singapore (X%) illustrated a downward trend over the same period. While the share of Malaysia (X p.p.) and Indonesia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Singapore (X p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) remains the largest refined rapeseed oil supplier in ASEAN, comprising X% of total exports. The second position in the ranking was taken by Singapore ($X), with an X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Malaysia totaled X%. In the other countries, the average annual rates were as follows: Singapore (X% per year) and Indonesia (X% per year).

Export Prices by Country

In 2023, the export price in ASEAN amounted to $X per ton, dropping by X% against the previous year. In general, the export price continues to indicate a mild reduction. The pace of growth was the most pronounced in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2022, and then dropped significantly in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced a decline in the export price figures.

Refined Rapeseed Oil Imports

Imports in ASEAN

In 2023, refined rapeseed oil imports in ASEAN dropped sharply to X tons, with a decrease of X% against the previous year's figure. Over the period under review, imports, however, posted a buoyant expansion. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2023, imports failed to regain momentum.

In value terms, refined rapeseed oil imports dropped remarkably to $X in 2023. Overall, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of import peaked at $X in 2022, and then dropped dramatically in the following year.

Imports by Country

The Philippines (X tons) and Malaysia (X tons) represented roughly X% of total imports in 2023. Singapore (X tons) ranks next in terms of the total imports with a X% share, followed by Indonesia (X%) and Vietnam (X%). Thailand (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Philippines (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined rapeseed oil importing markets in ASEAN were the Philippines ($X), Malaysia ($X) and Singapore ($X), with a combined X% share of total imports.

The Philippines, with a CAGR of X%, recorded 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

The import price in ASEAN stood at $X per ton in 2023, dropping by X% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by X%. The level of import peaked at $X per ton in 2022, and then declined remarkably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per ton), while Singapore ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform