China: Chemically Modified Oils Market 2023

Chemically Modified Oils Market Size in China

In 2021, after four years of growth, there was significant decline in the Chinese chemically modified oils market, when its value decreased by -18% to $X. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then reduced notably in the following year.

Chemically Modified Oils Production in China

In value terms, chemically modified oils production fell to $X in 2021 estimated in export price. In general, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +70.8% against 2016 indices. The pace of growth was the most pronounced in 2020 with an increase of 24%. As a result, production attained the peak level of $X, and then fell in the following year.

Chemically Modified Oils Exports

Exports from China

For the sixth year in a row, China recorded growth in shipments abroad of animal or vegetable fats and oils chemically modified, which increased by 25% to X tons in 2021. Over the period under review, exports recorded significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 201% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, chemically modified oils exports soared to $X in 2021. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 188% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Spain (X tons) was the main destination for chemically modified oils exports from China, with a 38% share of total exports. Moreover, chemically modified oils exports to Spain exceeded the volume sent to the second major destination, the Netherlands (X tons), twofold. The third position in this ranking was taken by Singapore (X tons), with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Spain amounted to +201.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+96.3% per year) and Singapore (+112.5% per year).

In value terms, the largest markets for chemically modified oils exported from China were Spain ($X), the Netherlands ($X) and Singapore ($X), with a combined 74% share of total exports.

Spain, with a CAGR of +145.4%, recorded the highest growth rate of the value of exports, in terms of 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 39% against the previous year. Over the period under review, the export price, however, recorded a abrupt decrease. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Thailand ($X per ton), while the average price for exports to South Korea ($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 Thailand (-0.9%), while the prices for the other major destinations experienced a decline.

Chemically Modified Oils Imports

Imports into China

For the fourth consecutive year, China recorded growth in purchases abroad of animal or vegetable fats and oils chemically modified, which increased by 12% to X tons in 2021. Overall, imports enjoyed strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 46%. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, chemically modified oils imports surged to $X in 2021. In general, imports posted a prominent expansion. The pace of growth appeared the most rapid in 2020 with an increase of 42%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest chemically modified oils supplier to China, accounting for a 59% share of total imports. Moreover, chemically modified oils imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was held by Vietnam (X tons), with a 5% share.

From 2012 to 2021, the average annual growth rate of volume from Indonesia amounted to +50.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+5.4% per year) and Vietnam (+43.7% per year).

In value terms, Indonesia ($X), Malaysia ($X) and the United States ($X) constituted the largest chemically modified oils suppliers to China, with a combined 77% share of total imports. These countries were followed by Vietnam, which accounted for a further 3%.

Vietnam, with a CAGR of +53.5%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average chemically modified oils import price amounted to $X per ton, increasing by 8% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 46%. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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