Brazil: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Brazil

The Brazilian refined palm oil market declined slightly to $X in 2022, falling by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2021, and then reduced in the following year.

Refined Palm Oil Production in Brazil

In value terms, refined palm oil production fell slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Refined palm oil production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Refined Palm Oil Exports

Exports from Brazil

In 2022, approx. X tons of refined palm oil were exported from Brazil; picking up by X% compared with 2021. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined palm oil exports surged to $X in 2022. Overall, exports recorded a notable expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Uruguay (X tons) was the main destination for refined palm oil exports from Brazil, with a X% share of total exports. Moreover, refined palm oil exports to Uruguay exceeded the volume sent to the second major destination, the United States (X tons), fourfold. The third position in this ranking was taken by Bolivia (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Uruguay amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Bolivia (X% per year).

In value terms, Uruguay ($X) remains the key foreign market for refined palm oil exports from Brazil, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by Bolivia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Uruguay stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Bolivia (X% per year).

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2013 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2015; afterwards, it flattened through to 2022.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Uruguay (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Brazil

In 2022, supplies from abroad of refined palm oil decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, continue to indicate a mild expansion. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of X tons, and then declined remarkably in the following year.

In value terms, refined palm oil imports rose significantly to $X in 2022. Over the period under review, imports, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of refined palm oil to Brazil, accounting for a X% share of total imports. Moreover, refined palm oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Denmark (X% per year).

In value terms, Indonesia ($X) constituted the largest supplier of refined palm oil to Brazil, comprising X% of total imports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and Denmark (X% per year).

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the import price saw a notable expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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