South-Eastern Asia: Vegetable Oils Market 2024

Vegetable Oils Market Size in South-Eastern Asia

After two years of growth, the Southeast Asian vegetable oils market decreased by X% to $X in 2023. In general, consumption showed a noticeable curtailment. As a result, consumption attained the peak level of $X. From 2018 to 2023, the growth of the market failed to regain momentum.

Vegetable Oils Production in South-Eastern Asia

In value terms, vegetable oils production expanded sharply to $X in 2023 estimated in export price. Overall, production recorded a pronounced decrease. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2023, production growth remained at a lower figure.

Vegetable Oils Exports

Exports in South-Eastern Asia

In 2023, overseas shipments of vegetable fats and oils decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth appeared 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 failed to regain momentum.

In value terms, vegetable oils exports shrank remarkably to $X in 2023. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then dropped rapidly in the following year.

Exports by Country

In 2023, Malaysia (X tons) represented the largest exporter of vegetable fats and oils, mixing up X% of total exports. It was distantly followed by Indonesia (X tons), constituting 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 South-Eastern Asia, 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, Malaysia ($X) and Indonesia ($X) constituted the countries with the highest levels of exports in 2023.

In terms of the main exporting countries, Indonesia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2023, shrinking by X% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared 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 declined remarkably 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 amounted to $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 South-Eastern Asia

In 2023, the amount of vegetable fats and oils imported in South-Eastern Asia declined to X tons, waning by X% compared with the year before. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2023, imports remained at a lower figure.

In value terms, vegetable oils imports reduced notably to $X in 2023. Over the period under review, imports saw a mild decrease. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2023, imports remained at a lower figure.

Imports by Country

Malaysia was the largest importer of vegetable fats and oils in South-Eastern Asia, with the volume of imports accounting for X tons, which was approx. X% of total imports in 2023. 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.

From 2012 to 2023, average annual rates of growth with regard to vegetable oils imports into Malaysia stood at X%. 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 South-Eastern Asia, with a CAGR of X% from 2012-2023. By contrast, Thailand (X%) and Indonesia (X%) illustrated a downward trend over the same period. Malaysia (X p.p.), Vietnam (X p.p.), the Philippines (X p.p.) and Singapore (X p.p.) significantly strengthened its position in terms of the total imports, while Indonesia and Thailand saw its share reduced by X% and X% from 2012 to 2023, respectively.

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

From 2012 to 2023, the average annual rate of growth in terms of value in Malaysia totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Thailand (X% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2023, with a decrease of X% against the previous year. Overall, the import price showed a mild slump. The growth pace was the most rapid in 2022 when the import price increased by X%. As a result, import price reached the peak level of $X per ton, and then dropped dramatically 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