India: Chemically Modified Oils Market 2023

Chemically Modified Oils Market Size in India

In 2021, the Indian chemically modified oils market decreased by -0.8% to $X, falling for the second consecutive year after two years of growth. Overall, the total consumption indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -3.7% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Chemically Modified Oils Production in India

In value terms, chemically modified oils production amounted to $X in 2021 estimated in export price. Overall, the total production indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +4.1% 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 decreased by -1.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 32%. Over the period under review, production reached the maximum level at $X in 2019; afterwards, it flattened through to 2021.

Chemically Modified Oils Exports

Exports from India

In 2021, after three years of decline, there was significant growth in overseas shipments of animal or vegetable fats and oils chemically modified, when their volume increased by 103% to X tons. Overall, exports posted a tangible expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 139% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, chemically modified oils exports surged to $X in 2021. Over the period under review, exports saw slight growth. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Belgium (X tons) was the main destination for chemically modified oils exports from India, accounting for a 25% share of total exports. Moreover, chemically modified oils exports to Belgium exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was taken by Malaysia (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Belgium totaled +23.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+8.4% per year) and Malaysia (-0.2% per year).

In value terms, the largest markets for chemically modified oils exported from India were Belgium ($X), the United States ($X) and Australia ($X), with a combined 45% share of total exports. These countries were followed by China, Malaysia, Italy, Japan, Vietnam, South Korea, Singapore, the Philippines, Saudi Arabia and the United Arab Emirates, which together accounted for a further 43%.

Among the main countries of destination, the Philippines, with a CAGR of +253.4%, saw the highest rates of growth with regard to the value of exports, 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, remaining constant against the previous year. In general, the export price, however, continues to indicate a pronounced decrease. The pace of growth appeared the most rapid in 2014 when the average export price increased by 56% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to Malaysia ($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 the Philippines (+15.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chemically Modified Oils Imports

Imports into India

In 2021, approx. X tons of animal or vegetable fats and oils chemically modified were imported into India; surging by 14% against the year before. In general, imports, however, recorded a noticeable setback. The most prominent rate of growth was recorded in 2018 when imports increased by 752% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, chemically modified oils imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2018 when imports increased by 418%. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Malaysia (X tons) was the main supplier of chemically modified oils to India, with a 91% share of total imports. Moreover, chemically modified oils imports from Malaysia exceeded the figures recorded by the second-largest supplier, Germany (X tons), more than tenfold. The third position in this ranking was held by the United States (X tons), with a 2.8% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia amounted to +95.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+11.2% per year) and the United States (+16.7% per year).

In value terms, Malaysia ($X) constituted the largest supplier of chemically modified oils to India, comprising 63% of total imports. The second position in the ranking was held by Germany ($X), with a 17% share of total imports. It was followed by the United States, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value from Malaysia totaled +101.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+10.7% per year) and the United States (+20.6% per year).

Import Prices by Country

The average chemically modified oils import price stood at $X per ton in 2021, jumping by 80% against the previous year. In general, import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, chemically modified oils import price increased by +121.5% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+42.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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