Hungary: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Hungary

The Hungarian refined palm oil market expanded rapidly to $X in 2022, increasing 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 in certain years. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Refined Palm Oil Production in Hungary

In value terms, refined palm oil production expanded notably to $X in 2022 estimated in export price. Overall, the total production indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Refined Palm Oil Exports

Exports from Hungary

In 2022, refined palm oil exports from Hungary skyrocketed to X tons, rising by X% compared with the year before. Over the period under review, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2014 when exports increased by X%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, refined palm oil exports skyrocketed to $X in 2022. Overall, exports recorded resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Serbia (X tons), Austria (X tons) and France (X tons) were the main destinations of refined palm oil exports from Hungary, together comprising X% of total exports. Ukraine, Romania and Slovakia lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ukraine (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Serbia ($X) emerged as the key foreign market for refined palm oil exports from Hungary, comprising X% of total exports. The second position in the ranking was held by France ($X), with a X% share of total exports. It was followed by Austria, with an X% share.

From 2012 to 2022, the average annual growth rate of value to Serbia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (X% per year) and Austria (X% per year).

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, rising by X% against the previous year. Overall, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil export price increased by X% against 2016 indices. The pace of growth was the most pronounced in 2018 an increase of X%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Austria ($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 France (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Hungary

In 2022, after three years of growth, there was decline in purchases abroad of refined palm oil, when their volume decreased by X% to X tons. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Imports peaked at X tons in 2021, and then fell modestly in the following year.

In value terms, refined palm oil imports skyrocketed to $X in 2022. Over the period under review, imports, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. 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, the Netherlands (X tons) constituted the largest supplier of refined palm oil to Hungary, accounting for a X% share of total imports. Moreover, refined palm oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. The third position in this ranking was taken by Belgium (X tons), with a X% share.

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

In value terms, the largest refined palm oil suppliers to Hungary were the Netherlands ($X), Italy ($X) and Belgium ($X), with a combined X% share of total imports.

Italy, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

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. In general, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil import price increased by X% against 2019 indices. The growth pace was the most rapid in 2021 an increase of X% against the previous year. The import price peaked in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Belgium ($X per ton) and Malaysia ($X per ton), while the price for the Netherlands ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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