Brazil: Chemically Modified Oils Market 2023

Chemically Modified Oils Market Size in Brazil

After five years of growth, the Brazilian chemically modified oils market decreased by -6.8% to $X in 2021. Overall, consumption, however, saw a relatively flat trend pattern. Chemically modified oils consumption peaked at $X in 2020, and then dropped in the following year.

Chemically Modified Oils Production in Brazil

In value terms, chemically modified oils production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by 12% against the previous year. As a result, production attained the peak level of $X, and then declined in the following year.

Chemically Modified Oils Exports

Exports from Brazil

In 2021, exports of animal or vegetable fats and oils chemically modified from Brazil skyrocketed to X tons, growing by 49% on the previous year. Over the period under review, exports recorded resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, chemically modified oils exports skyrocketed to $X in 2021. Overall, exports saw measured growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), Mexico (X tons) and Peru (X tons) were the main destinations of chemically modified oils exports from Brazil, with a combined 61% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +70.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chemically modified oils exported from Brazil were the United States ($X), Mexico ($X) and Peru ($X), together accounting for 61% of total exports. These countries were followed by Uruguay, Turkey, Egypt, Colombia, Chile, Russia, Saint Lucia, El Salvador and the Netherlands, which together accounted for a further 25%.

Russia, with a CAGR of +62.7%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average chemically modified oils export price amounted to $X per ton, increasing by 26% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Chile ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+12.2%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into Brazil

In 2021, imports of animal or vegetable fats and oils chemically modified into Brazil declined notably to X tons, with a decrease of -20.5% against 2020. Overall, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 221%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, chemically modified oils imports surged to $X in 2021. In general, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 41%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Argentina (X tons) constituted the largest chemically modified oils supplier to Brazil, with a 66% share of total imports. Moreover, chemically modified oils imports from Argentina exceeded the figures recorded by the second-largest supplier, Belgium (X tons), fivefold. The third position in this ranking was held by the United States (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Argentina stood at +15.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+11.0% per year) and the United States (+4.0% per year).

In value terms, Argentina ($X) constituted the largest supplier of chemically modified oils to Brazil, comprising 48% of total imports. The second position in the ranking was held by the United States ($X), with a 24% share of total imports. It was followed by Belgium, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Argentina totaled +14.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.4% per year) and Belgium (+10.9% per year).

Import Prices by Country

In 2021, the average chemically modified oils import price amounted to $X per ton, with an increase of 46% against the previous year. Overall, the import price, however, recorded a mild shrinkage. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+42.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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