Global Sesame Oil Market: Growing Market Volume to Reach 1.2M Tons and Market Value to Hit $6B by 2030

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The demand for sesame oil worldwide is on the rise, leading to an expected growth in market performance. With a forecasted CAGR of +2.3% in volume and +4.3% in value from 2023 to 2030, the industry is set to experience significant expansion in the coming years.

Market Forecast

Driven by rising demand for sesame oil worldwide, the market is expected to start an upward consumption trend over the next seven-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.3% for the period from 2023 to 2030, which is projected to bring the market volume to 1.2M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.3% for the period from 2023 to 2030, which is projected to bring the market value to $6B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Sesame Oil

In 2023, the amount of sesame oil consumed worldwide declined modestly to 1M tons, approximately equating the year before. In general, consumption showed a relatively flat trend pattern. Over the period under review, global consumption reached the peak volume at 1.1M tons in 2016; however, from 2017 to 2023, consumption failed to regain momentum.

The global sesame oil market value was estimated at $4.5B in 2023, with an increase of 2.1% against 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). Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the global market attained the peak level in 2023 and is likely to see steady growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were China (266K tons), Myanmar (137K tons) and India (80K tons), together accounting for 46% of global consumption. Nigeria, Japan, Turkey, Uganda, Sudan, Iran, Saudi Arabia, Tanzania, Mexico and South Sudan lagged somewhat behind, together comprising a further 31%.

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Mexico (with a CAGR of +11.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.1B), Myanmar ($579M) and Japan ($342M) appeared to be the countries with the highest levels of market value in 2023, with a combined 46% share of the global market. India, Turkey, Uganda, Nigeria, Mexico, Iran, Saudi Arabia, Sudan, South Sudan and Tanzania lagged somewhat behind, together accounting for a further 27%.

Mexico, with a CAGR of +13.1%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of sesame oil per capita consumption in 2023 were Myanmar (2,454 kg per 1000 persons), South Sudan (1,765 kg per 1000 persons) and Saudi Arabia (672 kg per 1000 persons).

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Mexico (with a CAGR of +9.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Sesame Oil

In 2023, the amount of sesame oil produced worldwide declined slightly to 1M tons, stabilizing at 2022. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 26% against the previous year. As a result, production reached the peak volume of 1.2M tons. From 2016 to 2023, global production growth failed to regain momentum.

In value terms, sesame oil production reached $4.4B in 2023 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 11%. Global production peaked at $4.4B in 2013; afterwards, it flattened through to 2023.

Production By Country

The countries with the highest volumes of production in 2023 were China (272K tons), Myanmar (137K tons) and India (89K tons), with a combined 49% share of global production. Japan, Nigeria, Turkey, Uganda, Mexico, Sudan, Iran, Saudi Arabia, Tanzania and South Sudan lagged somewhat behind, together comprising a further 32%.

From 2013 to 2023, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Iran (with a CAGR of +9.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Sesame Oil

After seven years of growth, supplies from abroad of sesame oil decreased by -4% to 77K tons in 2023. The total import volume increased at an average annual rate of +3.4% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 12% against the previous year. Over the period under review, global imports attained the maximum at 81K tons in 2022, and then fell slightly in the following year.

In value terms, sesame oil imports shrank modestly to $392M in 2023. Over the period under review, total imports indicated a prominent expansion from 2013 to 2023: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +79.8% against 2013 indices. The pace of growth was the most pronounced in 2020 with an increase of 15% against the previous year. Over the period under review, global imports hit record highs at $393M in 2022, and then shrank slightly in the following year.

Imports By Country

The United States represented the main importing country with an import of about 21K tons, which reached 27% of total imports. The UK (4.6K tons) ranks second in terms of the total imports with a 6% share, followed by the Netherlands (5.2%), France (4.9%) and Taiwan (Chinese) (4.8%). Singapore (3.3K tons), Canada (3K tons), Germany (2.4K tons), Australia (2.4K tons), Hong Kong SAR (2.4K tons), Japan (2K tons), the Philippines (1.9K tons) and Peru (1.4K tons) held a little share of total imports.

From 2013 to 2023, average annual rates of growth with regard to sesame oil imports into the United States stood at +4.5%. At the same time, Peru (+26.9%), the Netherlands (+12.6%), the Philippines (+12.3%), France (+7.9%), Canada (+5.5%), Taiwan (Chinese) (+5.4%), Singapore (+4.7%), the UK (+4.0%) and Germany (+3.9%) displayed positive paces of growth. Moreover, Peru emerged as the fastest-growing importer imported in the world, with a CAGR of +26.9% from 2013-2023. Hong Kong SAR experienced a relatively flat trend pattern. By contrast, Japan (-1.4%) and Australia (-2.0%) illustrated a downward trend over the same period. While the share of the Netherlands (+3 p.p.), the United States (+2.7 p.p.), France (+1.7 p.p.) and Peru (+1.5 p.p.) increased significantly in terms of the global imports from 2013-2023, the share of Japan (-1.6 p.p.) and Australia (-2.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($121M) constitutes the largest market for imported sesame oil worldwide, comprising 31% of global imports. The second position in the ranking was held by the Netherlands ($25M), with a 6.4% share of global imports. It was followed by the UK, with a 6.2% share.

In the United States, sesame oil imports increased at an average annual rate of +5.8% over the period from 2013-2023. The remaining importing countries recorded the following average annual rates of imports growth: the Netherlands (+15.5% per year) and the UK (+6.6% per year).

Import Prices By Country

In 2023, the average sesame oil import price amounted to $5,070 per ton, picking up by 4% against the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2022 an increase of 8% against the previous year. Global import price peaked in 2023 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Netherlands ($6,206 per ton), while the Philippines ($2,136 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Australia (+7.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sesame Oil

In 2023, shipments abroad of sesame oil decreased by -4% to 64K tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when exports increased by 253%. As a result, the exports reached the peak of 232K tons. From 2016 to 2023, the growth of the global exports remained at a somewhat lower figure.

In value terms, sesame oil exports reached $331M in 2023. Overall, total exports indicated a perceptible increase from 2013 to 2023: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by -1.3% against 2021 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 82%. As a result, the exports attained the peak of $435M. From 2016 to 2023, the growth of the global exports remained at a lower figure.

Exports By Country

The biggest shipments were from India (10K tons), Japan (9.3K tons), China (7.8K tons), Taiwan (Chinese) (5.6K tons), Mexico (3.8K tons), the Netherlands (3.5K tons), Singapore (3.4K tons), the United States (3K tons), Bangladesh (2.5K tons), Germany (2.2K tons) and Malaysia (2K tons), together accounting for 83% of total export.

From 2013 to 2023, the biggest increases were recorded for Malaysia (with a CAGR of +10.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest sesame oil supplying countries worldwide were Japan ($67M), India ($37M) and China ($35M), with a combined 42% share of global exports. Taiwan (Chinese), the Netherlands, Mexico, Singapore, Germany, the United States, Malaysia and Bangladesh lagged somewhat behind, together accounting for a further 40%.

Malaysia, with a CAGR of +12.9%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2023, the average sesame oil export price amounted to $5,149 per ton, increasing by 5.6% against the previous year. In general, export price indicated a measured expansion from 2013 to 2023: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, sesame oil export price increased by +27.2% against 2021 indices. The pace of growth was the most pronounced in 2016 an increase of 118%. The global export price peaked in 2023 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Germany ($7,167 per ton), while Bangladesh ($1,955 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by India (+4.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform