ASEAN: Vegetable Oils Market 2024

Vegetable Oils Market Size in ASEAN

In 2023, after two years of growth, there was significant decline in the ASEAN vegetable oils market, when its value decreased by X% to $X. Over the period under review, consumption showed a noticeable decline. As a result, consumption attained the peak level of $X. From 2018 to 2023, the growth of the market remained at a somewhat lower figure.

Vegetable Oils Production in ASEAN

In value terms, vegetable oils production expanded markedly to $X in 2023 estimated in export price. In general, production showed a pronounced shrinkage. The growth pace was the most rapid in 2017 with an increase of X%. As a result, production attained the peak level of $X. From 2018 to 2023, production growth remained at a somewhat lower figure.

Vegetable Oils Exports

Exports in ASEAN

In 2023, after two years of growth, there was significant decline in overseas shipments of vegetable fats and oils, when their volume decreased by X% to X tons. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2018 to 2023, the growth of the exports remained at a lower figure.

In value terms, vegetable oils exports contracted significantly to $X in 2023. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of export peaked at $X in 2022, and then contracted dramatically in the following year.

Exports by Country

In 2023, Malaysia (X tons) represented the major exporter of vegetable fats and oils, committing X% of total exports. It was distantly followed by Indonesia (X tons), creating a X% share of total exports.

Exports from Malaysia decreased 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. Indonesia (X p.p.) significantly strengthened its position in terms of the total exports, while Malaysia saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, the largest vegetable oils supplying countries in ASEAN were Malaysia ($X) and Indonesia ($X).

Indonesia, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

In 2023, the export price in ASEAN amounted to $X per ton, with a decrease of X% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X% against the previous year. The level of export peaked at $X per ton in 2022, and then reduced markedly in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%).

Vegetable Oils Imports

Imports in ASEAN

Vegetable oils imports contracted to X tons in 2023, declining by X% against the previous year. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X%. The volume of import peaked at X tons in 2017; however, from 2018 to 2023, imports failed to regain momentum.

In value terms, vegetable oils imports shrank notably to $X in 2023. Overall, imports showed a mild setback. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Malaysia (X tons) represented the largest importer of vegetable fats and oils, constituting X% of total imports. Vietnam (X tons) ranks second in terms of the total imports with a X% share, followed by Thailand (X%), the Philippines (X%) and Singapore (X%). Indonesia (X tons) followed a long way behind the leaders.

Imports into Malaysia increased at an average annual rate of X% from 2012 to 2023. At the same time, Vietnam (X%), the Philippines (X%) and Singapore (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of X% from 2012-2023. By contrast, Thailand (X%) and Indonesia (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Malaysia, Vietnam, the Philippines and Singapore increased by X, X, X and X percentage points, respectively.

In value terms, Malaysia ($X) constitutes the largest market for imported vegetable fats and oils in ASEAN, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports. It was followed by Thailand, with a X% share.

In Malaysia, vegetable oils imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Vietnam (X% per year) and Thailand (X% per year).

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 continues to indicate a slight setback. The most prominent rate of growth was recorded in 2022 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton, and then declined remarkably in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform