May 18, 2025
IndexBox has just published a new report: Asia – Crude Rape, Colza Or Mustard Oil – Market Analysis, Forecast, Size, Trends And Insights.
The article discusses the expected increase in market consumption and value of crude rapeseed oil in Asia, with a forecasted CAGR of +0.8% in volume and +1.8% in value from 2024 to 2035. By the end of 2035, the market volume is projected to reach 12M tons and the market value is expected to reach $19.5B in nominal prices.
Market Forecast
Driven by rising demand for crude rapeseed oil in Asia, 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 +0.8% for the period from 2024 to 2035, which is projected to bring the market volume to 12M tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.8% for the period from 2024 to 2035, which is projected to bring the market value to $19.5B (in nominal wholesale prices) by the end of 2035.
ConsumptionAsia’s Consumption of Crude Rape, Colza Or Mustard Oil
In 2024, crude rapeseed oil consumption in Asia contracted to 11M tons, shrinking by -4.3% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. The volume of consumption peaked at 11M tons in 2014; however, from 2015 to 2024, consumption remained at a lower figure.
The value of the crude rapeseed oil market in Asia totaled $16.1B in 2024, approximately mirroring 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). The market value increased at an average annual rate of +2.1% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $16.5B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.
Consumption By Country
The countries with the highest volumes of consumption in 2024 were China (5.4M tons), India (3M tons) and Japan (916K tons), with a combined 89% share of total consumption. Pakistan and Bangladesh lagged somewhat behind, together accounting for a further 5.6%.
From 2013 to 2024, the biggest increases were recorded for Bangladesh (with a CAGR of +8.3%), while consumption for the other leaders experienced more modest paces of growth.
In value terms, the largest crude rapeseed oil markets in Asia were China ($7.5B), India ($5.9B) and Japan ($935M), together comprising 89% of the total market. Pakistan and Bangladesh lagged somewhat behind, together accounting for a further 6.1%.
Among the main consuming countries, Bangladesh, with a CAGR of +11.9%, saw the highest rates of growth with regard to market size over the period under review, while market for the other leaders experienced more modest paces of growth.
The countries with the highest levels of crude rapeseed oil per capita consumption in 2024 were Japan (7.4 kg per person), China (3.8 kg per person) and India (2.1 kg per person).
From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Bangladesh (with a CAGR of +7.2%), while consumption for the other leaders experienced more modest paces of growth.
ProductionAsia’s Production of Crude Rape, Colza Or Mustard Oil
In 2024, production of crude rape, colza or mustard oil decreased by less than 0.1% to 8.8M tons, falling for the second consecutive year after three years of growth. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 12% against the previous year. As a result, production attained the peak volume of 10M tons. From 2015 to 2024, production growth remained at a lower figure.
In value terms, crude rapeseed oil production totaled $14B in 2024 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 25%. Over the period under review, production reached the peak level at $15.8B in 2022; however, from 2023 to 2024, production failed to regain momentum.
Production By Country
The countries with the highest volumes of production in 2024 were China (3.5M tons), India (3M tons) and Japan (913K tons), together accounting for 85% of total production. The United Arab Emirates, Pakistan and Bangladesh lagged somewhat behind, together accounting for a further 11%.
From 2013 to 2024, the biggest increases were recorded for Bangladesh (with a CAGR of +8.4%), while production for the other leaders experienced more modest paces of growth.
ImportsAsia’s Imports of Crude Rape, Colza Or Mustard Oil
In 2024, approx. 2.1M tons of crude rape, colza or mustard oil were imported in Asia; waning by -19.2% compared with the previous year’s figure. Overall, imports, however, showed a tangible expansion. The pace of growth appeared the most rapid in 2023 when imports increased by 94% against the previous year. As a result, imports reached the peak of 2.6M tons, and then dropped markedly in the following year.
In value terms, crude rapeseed oil imports dropped markedly to $2.2B in 2024. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 41%. The level of import peaked at $3B in 2023, and then dropped remarkably in the following year.
Imports By Country
China dominates imports structure, reaching 1.9M tons, which was near 88% of total imports in 2024. It was distantly followed by South Korea (117K tons), comprising a 5.5% share of total imports. Malaysia (54K tons) held a little share of total imports.
From 2013 to 2024, average annual rates of growth with regard to crude rapeseed oil imports into China stood at +2.1%. At the same time, South Korea (+5.7%) and Malaysia (+1.9%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia, with a CAGR of +5.7% from 2013-2024. While the share of South Korea (+1.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, China ($1.9B) constitutes the largest market for imported crude rape, colza or mustard oil in Asia, comprising 86% of total imports. The second position in the ranking was held by South Korea ($126M), with a 5.8% share of total imports.
From 2013 to 2024, the average annual growth rate of value in China was relatively modest. In the other countries, the average annual rates were as follows: South Korea (+4.5% per year) and Malaysia (+0.1% per year).
Import Prices By Country
In 2024, the import price in Asia amounted to $1,017 per ton, shrinking by -11.7% against the previous year. Overall, the import price continues to indicate a mild setback. The pace of growth appeared the most rapid in 2022 when the import price increased by 41% against the previous year. As a result, import price reached the peak level of $1,589 per ton. From 2023 to 2024, the import prices remained at a somewhat lower figure.
Average prices varied noticeably amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was South Korea ($1,079 per ton), while China ($996 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Korea (-1.2%), while the other leaders experienced a decline in the import price figures.
ExportsAsia’s Exports of Crude Rape, Colza Or Mustard Oil
In 2024, the amount of crude rape, colza or mustard oil exported in Asia dropped to 384K tons, shrinking by -8.1% compared with 2023 figures. Total exports indicated a moderate expansion from 2013 to 2024: its volume increased at an average annual rate of +3.4% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +7.0% against 2022 indices. The growth pace was the most rapid in 2019 when exports increased by 31%. Over the period under review, the exports attained the maximum at 425K tons in 2021; however, from 2022 to 2024, the exports stood at a somewhat lower figure.
In value terms, crude rapeseed oil exports amounted to $478M in 2024. Overall, exports, however, recorded a noticeable expansion. The most prominent rate of growth was recorded in 2021 with an increase of 40%. Over the period under review, the exports reached the maximum at $513M in 2022; however, from 2023 to 2024, the exports failed to regain momentum.
Exports By Country
In 2024, the United Arab Emirates (326K tons) was the main exporter of crude rape, colza or mustard oil, constituting 85% of total exports. It was distantly followed by Kazakhstan (40K tons), achieving an 11% share of total exports. India (8K tons) followed a long way behind the leaders.
Exports from the United Arab Emirates increased at an average annual rate of +2.2% from 2013 to 2024. At the same time, Kazakhstan (+99.7%) and India (+12.0%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing exporter exported in Asia, with a CAGR of +99.7% from 2013-2024. Kazakhstan (+10 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -12.3% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the United Arab Emirates ($411M) remains the largest crude rapeseed oil supplier in Asia, comprising 86% of total exports. The second position in the ranking was taken by Kazakhstan ($35M), with a 7.3% share of total exports.
In the United Arab Emirates, crude rapeseed oil exports increased at an average annual rate of +2.6% over the period from 2013-2024. The remaining exporting countries recorded the following average annual rates of exports growth: Kazakhstan (+104.1% per year) and India (+11.9% per year).
Export Prices By Country
In 2024, the export price in Asia amounted to $1,245 per ton, with an increase of 9.6% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the export price increased by 32%. As a result, the export price attained the peak level of $1,429 per ton. From 2023 to 2024, the export prices remained at a somewhat lower figure.
There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was India ($2,059 per ton), while Kazakhstan ($867 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Kazakhstan (+2.2%), while the other leaders experienced mixed trends in the export price figures.