Thailand Is Expanding Fast in Japan’s Vegoil Import Market
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Japan’s retail sales of Cooking Oils were US$1.7 billion in 2021. From 2017 to 2021, sales of Cooking Oils in the country grew by 4.6%. According to data from Euromonitor, Japan is the eleventh largest retail market for Edible Oils.
Other Edible Oil was the top category, with sales estimated at US$907.2 million in 2021, followed by Rapeseed Oil (US$416.7 million) and Olive Oil (US$414.9 million). From 2017-2021, sales of other Edible Oil recorded the highest growth, with a CAGR of 7.5%. Cooking Oil sales are forecast to grow by 1.2% from 2022 to 2026, reaching US$1.8 billion in 2026. Sales of rapeseed Oil are forecast to reach US$405.2 million by 2026.
Japan is a net importer of Cooking Oils, its imports valued at US$1.4 billion, while its exports totaled US$94.1 million. Palm Oil and its fractions were leading in import values with US$672.3 million, representing 49% of total Cooking Oil imports in the country.
From 2017 to 2020, Japan’s imports of Cooking Oils increased by a CAGR of 2.8%. Among Japan’s Cooking Oil commodities, Canola Oil is the commodity that recorded the highest growth between 2017 and 2021 with a CAGR of 8.6%, while Soybean Oil and its fractions recorded the most significant decline with −11.1%.
Malaysia is Japan’s leading supplier of Cooking Oils. Imports from Malaysia were valued at US$479.0 million, followed by Indonesia, with imports valued at US307.8 million, and Spain, with imports valued at US$156.3 million. As of August, Malaysia shipped 242,842 tons of Vegoil, according to the AgFlow data.
Among Japan’s top 10 suppliers of Cooking Oils, Thailand recorded the largest growth between 2017 and 2021, with a CAGR of 35.2%, followed by China (CAGR of 7.5%) and Indonesia (CAGR of 6.7%).
Japan’s Vegoil Market Players and Brands
Nisshin Oillio Group Ltd is Japan’s most prominent player in the Cooking Oil market. The company’s sales of Edible Oils were US$832.6 million, representing a market share of 48%. Although the company’s sales grew by 4% from 2017 to 2021, it lost −0.8% market during this period.
Ajinomoto Co Inc. was the second leading category in sales in 2021 with US$152.8 million, representing a market share of 8.8%. From 2017 to 2021, the company’s sales of Cooking Oils declined. Furthermore, Ajinomoto Co Inc lost a −9.8% market share during this period.
Kadoya Sesame Mills Inc is Japan’s third-largest company in the Cooking Oils market, with retail sales estimated at US$95 million, representing a 5.5% market share. From 2017 to 2021, the company’s Cooking Oil sales increased by 4.6%.
Next performers are Deoleo SA, Takemoto Oil & Fat Co Ltd, Bright Food (Group) Co Ltd, Solleone Olive Co, and Mataluni SpA (Gruppo Mataluni). Private label players hold a market share of 3.4%, with sales valued at US$59 million. From 2017 to 2021, private labels’ sales increased by 4.1%.
Regarding brands, Nisshin Oillio Group Ltd.’s Nisshin Oillio and Bosco are the two largest Cooking Oils brands in Japan, with sales valued at US$661 million (market share of 38.0%) and US$172.0 million (market share of 10%), respectively. Ajinomoto was the third-largest brand with US$153 million, representing a market share of 9%.
The following brands are Kadoya, Maruhon Sesame Oil (Takemoto Oil & Fat Co Ltd), Filippo Berio (Bright Food (Group) Co Ltd), Bertolli (Deoleo SA), Carbonell (Deoleo SA), and Solleone (Solleone Olive Co). Sales from private label brands were US$58.8 million in 2021, representing a growth of 4.1% from 2017.
In 2021, sales through store-based retailing were US$1.6 billion, representing a market share of 94.3%. Within this category, grocery retailers were leading in sales, with US$918.6 million, representing a market share of 52.8% of total Cooking Oil sales.
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