China is the biggest consumer of vegetable oils in world and has larger market than European Union (which consists of 27 countries). From 2006-07 where its consumption was 22.56 million tons it had grown to 26.85 million tons in 2009-10, an increase of over 20% in three years. For 2010-11 it is forecasted to consume 29.3 million tons, an increase of over 9% against previous year's consumption. During 2007-08, it showed the growth of around 3.5% while in 2008-09 the vegetable oil market demand (consumption) increased by 6%. Chinese consumption of vegetable oil is almost twice than Indian consumption.
Soybean oil is the most consumed vegetable oil in China followed by Palm oil, rapeseed oil and peanut oil. The consumption share for soybean oil in 2009-10 was around 39%, for palm oil it was 22%, rapeseed oil 21% and peanut oil at 8.30%.
China imports almost one-third of its vegetable oil requirements to meet its ever growing demand. The largest import is of palm oil. The country also imports soybean and rapeseed oil (canola oil) in good quantity. Palm oil had share of 64% in total vegetable oil imports of China followed by soybean oil (17%) and rapeseed oil (8.7%). Palm oil is mainly imported from Malaysia whereas soybean oil is sourced basically from American continent with Argentina being the major supplier and canola oil (rapeseed oil) is purchased almost from Canada.
Though China grows less than 10% of world soybean production, it is the second largest producer of soybean oil in world as imports soybeans in large quantities for domestic crushing to meet its high demand of vegetable oil and protein meal.
China's Consumption of vegetable oils (in thousand metric tons):
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