South Africa: Chemically Modified Oils Market 2023

Chemically Modified Oils Market Size in South Africa

The South African chemically modified oils market skyrocketed to $X in 2021, with an increase of 33% against the previous year. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Chemically Modified Oils Production in South Africa

In value terms, chemically modified oils production fell notably to $X in 2021 estimated in export price. In general, the total production indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +51.0% against 2016 indices. The growth pace was the most rapid in 2020 with an increase of 47%. As a result, production reached the peak level of $X, and then plummeted in the following year.

Chemically Modified Oils Exports

Exports from South Africa

In 2021, approx. X tons of animal or vegetable fats and oils chemically modified were exported from South Africa; which is down by -66.4% against 2020 figures. Over the period under review, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 284% against the previous year. As a result, the exports reached the peak of X tons, and then dropped remarkably in the following year.

In value terms, chemically modified oils exports dropped notably to $X in 2021. In general, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 417% against the previous year. As a result, the exports attained the peak of $X, and then declined significantly in the following year.

Exports by Country

The Netherlands (X tons) was the main destination for chemically modified oils exports from South Africa, with a 91% share of total exports. Moreover, chemically modified oils exports to the Netherlands exceeded the volume sent to the second major destination, the UK (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to the Netherlands stood at +38.3%.

In value terms, the Netherlands ($X) emerged as the key foreign market for chemically modified oils exports from South Africa, comprising 92% of total exports. The second position in the ranking was taken by the UK ($X), with a 6.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the Netherlands stood at +40.1%.

Export Prices by Country

In 2021, the average chemically modified oils export price amounted to $X per ton, jumping by 41% against the previous year. In general, the export price, however, saw a perceptible decline. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2021, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to the UK amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+2.8%).

Chemically Modified Oils Imports

Imports into South Africa

In 2021, purchases abroad of animal or vegetable fats and oils chemically modified increased by 43% to X tons, rising for the second year in a row after four years of decline. In general, imports posted a prominent increase. The pace of growth appeared the most rapid in 2015 when imports increased by 74% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, chemically modified oils imports soared to $X in 2021. Overall, total imports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +82.8% against 2017 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Botswana (X tons), Belgium (X tons) and India (X tons) were the main suppliers of chemically modified oils imports to South Africa, with a combined 70% share of total imports. These countries were followed by China, Turkey, the United States, Australia, the UK and Germany, which together accounted for a further 26%.

From 2012 to 2021, the biggest increases were in Turkey (with a CAGR of +330.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), Turkey ($X) and the United States ($X) were the largest chemically modified oils suppliers to South Africa, together accounting for 59% of total imports.

Turkey, with a CAGR of +340.7%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average chemically modified oils import price stood at $X per ton in 2021, picking up by 7.5% against the previous year. In general, the import price, however, showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 when the average import price increased by 19%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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