May 19, 2025
IndexBox has just published a new report: China – Vegetable Fats And Oils – Market Analysis, Forecast, Size, Trends And Insights.
The vegetable oils market in China is anticipated to experience a slight increase in performance, with a projected CAGR of +2.5% from 2024 to 2035. This growth is attributed to the rising demand for vegetable oils in the country. The market volume is expected to reach 2.6M tons, while the market value is projected to reach $5.2B by the end of 2035.
Market Forecast
Driven by rising demand for vegetable oils in China, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market volume to 2.6M tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market value to $5.2B (in nominal wholesale prices) by the end of 2035.
Consumption
China’s Consumption of Vegetable Fats And Oils
In 2024, consumption of vegetable fats and oils increased by 4.4% to 2M tons, rising for the second consecutive year after seven years of decline. In general, consumption, however, showed a mild reduction. Vegetable oils consumption peaked at 2.3M tons in 2013; however, from 2014 to 2024, consumption remained at a lower figure.
The value of the vegetable oils market in China amounted to $3.9B in 2024, increasing by 6.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a slight decline. Over the period under review, the market attained the peak level at $4.7B in 2013; however, from 2014 to 2024, consumption failed to regain momentum.
Production
China’s Production of Vegetable Fats And Oils
In 2024, the amount of vegetable fats and oils produced in China shrank to 1.3M tons, which is down by -6.6% on 2023. Over the period under review, production showed a noticeable curtailment. The most prominent rate of growth was recorded in 2023 when the production volume increased by 15%. Vegetable oils production peaked at 2.2M tons in 2013; however, from 2014 to 2024, production stood at a somewhat lower figure.
In value terms, vegetable oils production fell modestly to $2.5B in 2024 estimated in export price. Overall, production showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 9.9%. Vegetable oils production peaked at $4.6B in 2013; however, from 2014 to 2024, production remained at a lower figure.
Imports
China’s Imports of Vegetable Fats And Oils
In 2024, the amount of vegetable fats and oils imported into China skyrocketed to 998K tons, jumping by 24% against 2023. In general, imports saw a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 130% against the previous year. Imports peaked in 2024 and are likely to continue growth in the near future.
In value terms, vegetable oils imports surged to $1.1B in 2024. Overall, imports recorded significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 168%. Imports peaked in 2024 and are expected to retain growth in the near future.
Imports By Country
In 2024, Indonesia (1M tons) was the main vegetable oils supplier to China, accounting for a 101% share of total imports. It was followed by Malaysia (33K tons), with a 3.3% share of total imports.
From 2013 to 2024, the average annual rate of growth in terms of volume from Indonesia amounted to +31.7%.
In value terms, Indonesia ($942M) constituted the largest supplier of vegetable fats and oils to China, comprising 89% of total imports. The second position in the ranking was taken by Malaysia ($94M), with an 8.9% share of total imports.
From 2013 to 2024, the average annual growth rate of value from Indonesia totaled +28.2%.
Import Prices By Country
In 2024, the average vegetable oils import price amounted to $1,061 per ton, rising by 4.8% against the previous year. In general, the import price, however, saw a noticeable downturn. The most prominent rate of growth was recorded in 2016 an increase of 32%. Over the period under review, average import prices hit record highs at $1,524 per ton in 2021; however, from 2022 to 2024, import prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($2,830 per ton), while the price for Indonesia amounted to $932 per ton.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Malaysia (+7.5%).
Exports
China’s Exports of Vegetable Fats And Oils
In 2024, the amount of vegetable fats and oils exported from China expanded rapidly to 299K tons, growing by 6% on the previous year. Overall, exports posted significant growth. The pace of growth was the most pronounced in 2020 when exports increased by 1,853% against the previous year. The exports peaked in 2024 and are likely to see gradual growth in years to come.
In value terms, vegetable oils exports expanded markedly to $486M in 2024. Over the period under review, exports posted a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 1,414%. The exports peaked in 2024 and are expected to retain growth in years to come.
Exports By Country
The Netherlands (318K tons) was the main destination for vegetable oils exports from China, accounting for a 107% share of total exports. Moreover, vegetable oils exports to the Netherlands exceeded the volume sent to the second major destination, Belgium (66K tons), fivefold.
From 2013 to 2024, the average annual rate of growth in terms of volume to the Netherlands amounted to +319.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+99.1% per year) and Malaysia (+145.2% per year).
In value terms, the Netherlands ($508M) remains the key foreign market for vegetable fats and oils exports from China, comprising 105% of total exports. The second position in the ranking was held by Belgium ($104M), with a 21% share of total exports.
From 2013 to 2024, the average annual growth rate of value to the Netherlands totaled +237.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+99.4% per year) and Malaysia (+137.2% per year).
Export Prices By Country
The average vegetable oils export price stood at $1,627 per ton in 2024, flattening at the previous year. In general, the export price, however, showed a perceptible decline. The pace of growth appeared the most rapid in 2021 an increase of 23% against the previous year. Over the period under review, the average export prices reached the peak figure at $2,203 per ton in 2013; however, from 2014 to 2024, the export prices stood at a somewhat lower figure.
Average prices varied noticeably for the major overseas markets. In 2024, amid the top suppliers, the country with the highest price was Malaysia ($1,643 per ton), while the average price for exports to Belgium ($1,579 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+0.1%), while the prices for the other major destinations experienced a decline.
