Corn oil and fractions market in China

Earlier Report Observations

Between 2018 and 2020, China's corn oil market saw steady growth, with production rising from 484 thousand tonnes to 547 thousand tonnes. This expansion was supported by leading industry players such as COFCO Tech, Mei Hua Biology, and Xinhecheng, which drove innovation and adopted integrated industry chain models. Policy backing for high-value-added product development and downstream application expansion further fueled the growth. During the COVID-19 pandemic in 2020, government measures to secure grain and oil supplies helped maintain market stability, while the rapid rise of online retail channels began reshaping traditional sales patterns.

In 2021, the market experienced a contraction, with production dropping to 510 thousand tonnes and market volume falling to 501 thousand tonnes. This decline was primarily influenced by U.S. biodiesel policy, which stimulated global demand for vegetable oils and indirectly affected corn oil prices and raw material availability for Chinese processors. While domestic edible oil consumption continued to grow, the external supply shock temporarily reduced domestic output.

From 2022 onward, the market recovered and resumed growth. The inclusion of vegetable oil production into China's national food security strategy led to policy support for capacity expansion and a diversified supply system. In 2023, production reached 540 thousand tonnes, aided by domestic companies accelerating technological upgrades and capacity investments. Ongoing global supply-side disruptions, such as palm oil production declines in Southeast Asia, also contributed to domestic market dynamics by affecting international oilseed and oil prices.

Production corn oil and fractions in China

In kind, 2017-2020, K t

Between 2017 and 2020, China was one of the world's top producers of corn oil and fractions, ranking second globally by production volume.

Top producers of corn oil and fractions, 2017-2020

World map of production of corn oil and fractions, 2017-2020

China's production of corn oil and fractions grew for the third year in a row. In 2020, the country produced 547.0 thousand tons, marking a 6.4% increase from the previous year. Over the 2017-2020 period, production rose by 31%, with an average annual growth rate of 9.4%.

Annual dynamics of production in China in kind, 2017-2020, K t

In value, 2017-2020, M $ US

The value of corn oil and fractions production in China also increased for the third consecutive year. In 2020, output was valued at 717.8 million US dollars, up 19.4% from the year before. From 2017 to 2020, production value grew by 47%, with an average annual growth rate of 13.7%.

Annual dynamics of production in China in value, 2017-2020, M $ US

Exports corn oil and fractions from China

Exports in kind, t

Export volumes showed significant fluctuations, reflecting a volatile market. In 2019, exports hit their lowest point at 4,174 tons, but then surged by 126.8% in 2020 to reach 9,467 tons. The largest decline occurred in 2019, with a drop of 57.2%. Overall, exports varied by 2.5 times between their high in 2017 and low in 2019.

Annual dynamics of product's exports from China in kind, 2017-2020, t

From 2017 to 2020, Hong Kong, Singapore, and Oman were the top destinations for China's corn oil and fractions exports by volume. Hong Kong accounted for 46.6% of exports, Singapore for 19.0%, and Oman for 10.6%, together making up 76.2% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from China in kind, 2017-2020

Exports in value, K $ US

Export values also experienced notable volatility. In 2019, they reached their lowest point at 4,881 thousand US dollars, but then jumped by 154.5% in 2020 to 12,423 thousand US dollars. The largest decline was in 2019, at 54.9%. Overall, export values varied by 2.5 times between their peak in 2020 and trough in 2019.

Annual dynamics of product's exports from China in value, 2017-2020, K $ US

In terms of value, Hong Kong, Singapore, and Oman were the leading markets for China's corn oil and fractions exports from 2017 to 2020. Hong Kong represented 49.6% of export value, Singapore 18.0%, and Oman 8.5%, collectively accounting for 76.1% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from China in value, 2017-2020

Imports corn oil and fractions to China

Imports in kind, t

Import volumes displayed considerable volatility during this period. In 2018, imports were at their lowest at 531 tons, but then soared by 296.6% in 2019 to a peak of 2,107 tons. In 2020, imports fell sharply by 44.5% to 1,170 tons. Overall, imports varied by 4 times between their high in 2019 and low in 2018.

Annual dynamics of product's imports to China in kind, 2017-2020, t

From 2017 to 2020, the main sources of corn oil and fractions imports to China by volume were Hong Kong, Italy, and Brazil. Hong Kong supplied 31.2% of imports, Italy 24.5%, and Brazil 22.2%, together comprising 77.9% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to China in kind, 2017-2020

Imports in value, K $ US

Import values also showed significant swings. In 2018, they were at their lowest at 869 thousand US dollars, but then increased by 134.7% in 2019 to a high of 2,039 thousand US dollars. In 2020, imports dropped by 35.1% to 1,323 thousand US dollars. The largest decline was in 2018, at 37.5%. Overall, import values varied by 2.3 times between their peak in 2019 and low in 2018.

Annual dynamics of product's imports to China in value, 2017-2020, K $ US

Over the 2017-2020 period, Hong Kong, Italy, and Turkey were the top suppliers of corn oil and fractions to China by value. Hong Kong accounted for 41.1% of import value, Italy for 17.5%, and Turkey for 14.3%, with their combined share reaching 72.9% of total imports.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to China in value, 2017-2020