Southern Asia: Chemically Modified Oils Market 2023

Chemically Modified Oils Market Size in Southern Asia

In 2021, the South Asian chemically modified oils market decreased by -2.9% to $X, falling for the second year in a row after six years of growth. The total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -6.1% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Chemically Modified Oils Production in Southern Asia

In value terms, chemically modified oils production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of 27% against the previous year. The level of production peaked at $X in 2019; afterwards, it flattened through to 2021.

Chemically Modified Oils Exports

Exports in Southern Asia

In 2021, the amount of animal or vegetable fats and oils chemically modified exported in Southern Asia reduced to X tons, which is down by -7.2% against 2020. In general, exports saw a abrupt contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 51% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, chemically modified oils exports expanded sharply to $X in 2021. Overall, exports continue to indicate a noticeable decline. The pace of growth was the most pronounced in 2017 when exports increased by 31% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Pakistan was the key exporter of animal or vegetable fats and oils chemically modified in Southern Asia, with the volume of exports finishing at X tons, which was near 70% of total exports in 2021. It was distantly followed by India (X tons), constituting a 29% share of total exports.

Exports from Pakistan decreased at an average annual rate of -9.7% from 2012 to 2021. At the same time, India (+4.8%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +4.8% from 2012-2021. While the share of India (+20 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Pakistan (-19.8 p.p.) displayed negative dynamics.

In value terms, the largest chemically modified oils supplying countries in Southern Asia were Pakistan ($X) and India ($X).

India, with a CAGR of +1.6%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per ton, rising by 19% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.0%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while Pakistan amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+1.8%).

Chemically Modified Oils Imports

Imports in Southern Asia

In 2021, chemically modified oils imports in Southern Asia shrank significantly to X tons, declining by -20.5% compared with the previous year. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 69% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, chemically modified oils imports fell dramatically to $X in 2021. In general, imports, however, posted a modest increase. The growth pace was the most rapid in 2017 with an increase of 51% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Afghanistan prevails in imports structure, reaching X tons, which was near 91% of total imports in 2021. It was distantly followed by Sri Lanka (X tons), comprising a 5.7% share of total imports. India (X tons) held a relatively small share of total imports.

Afghanistan experienced a relatively flat trend pattern with regard to volume of imports of animal or vegetable fats and oils chemically modified. At the same time, Sri Lanka (+4.5%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +4.5% from 2012-2021. By contrast, India (-3.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Sri Lanka increased by +1.8 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Afghanistan ($X) constitutes the largest market for imported animal or vegetable fats and oils chemically modified in Southern Asia, comprising 87% of total imports. The second position in the ranking was taken by Sri Lanka ($X), with a 7.8% share of total imports.

In Afghanistan, chemically modified oils imports increased at an average annual rate of +1.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Sri Lanka (+7.6% per year) and India (-2.4% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2021, growing by 4.4% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2015 when the import price increased by 9.6% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sri Lanka (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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