Description
China’s Edible Oil Import Overview
Edible vegetable oil refers to vegetable oil made from edible vegetable oilseeds or vegetable crude oil. Among them, soybean, rapeseed, palm and peanut oil are the four major edible vegetable oil consumption types in China.
According to CRI’s analysis, the consumption of these four types accounts for about 90% of China’s edible vegetable oil consumption. In terms of market supply structure, in recent years, soybean oil has become the most dominant vegetable oil supplied domestically, due to the low price of imported soybeans and large crushing profits, with a share of 43%; followed by rapeseed oil, with a share of 22%.
The production of edible vegetable oil in China declined from 59.318 million tons in 2016 to 46.254 million tons in 2019 in successive years, and the production rebounded to 49.18 million tons in 2020, with a CAGR of -4.58%.
According to CRI’s analysis, edible vegetable oil in China is mainly used in the food processing industry, food service industry and other industries closely related to the residents’ diet, and the consumer groups are mainly individual (household) consumers, food processors and caterers, but different types of edible vegetable oil also have different consumer groups.
China’s apparent consumption of edible vegetable oil witnessed a continuous decline from 2016 to 2018 before the apparent demand for edible vegetable oil had shown modest growth since 2018.
In terms of market segments, consumption in rapeseed and soybean oil is larger and maintains an overall growth trend. In 2020, China’s consumption of peanut, rapeseed and soybean oil was 3.175 million tons, 15.130 million tons, and 18.596 million tons respectively.
China’s domestic edible vegetable oil production cannot fully address the demand for the domestic market. Therefore, Chinese companies will meet the market need by edible oil import. China’s edible vegetable oil import volume continued to rise from 5.54 million tons in 2016 to 9.834 million tons in 2020, with a CAGR of 15.43%.
In 2021, from January to August, China imported 8.217 million tons of edible vegetable oil, up 14.4% YOY, and the import value was USD 8.09 billion, up 54.2% YOY.
CRI expects that China will continue to import large quantities of edible oil each year from 2022 to 2030.
Topics covered
- Economic and policy environment of China’s edible vegetable oil imports
- Status and major sources of edible vegetable oil in China, 2013-2020
- Analysis on China’s major edible vegetable oil importers
- Key driving forces and market opportunities for China’s edible vegetable oil imports
- Forecast on key driving forces, challenges and opportunities for China’s edible vegetable oil import, 2021-2031
- Major participants in China’s edible vegetable oil import market and their competitive benchmarks
- Forecast on the revenue of China’s edible vegetable oil import market, 2021-2031
- Strategies adopted by the major market participants for increasing their market share in the industry
- Forecast on the segment to dominate the edible vegetable oil import market in 2031
- Competitive advantages of the major participants in the edible vegetable oil import market
- Impact of COVID-19 on China’s edible vegetable oil imports
- Major restrictions over the growth of China’s edible vegetable oil imports
- Analysis on the status of China’s imported oilseed crops
Global Edible Oils and Fats Research Report- Forecast to 2023
