Latin America and the Caribbean: Palm Kernel Oil Market 2024

Palm Kernel Oil Market Size in Latin America and the Caribbean

After two years of growth, the Latin American palm kernel oil market decreased by X% to $X in 2022. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then dropped modestly in the following year.

Palm Kernel Oil Production in Latin America and the Caribbean

In value terms, palm kernel oil production declined to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Palm Kernel Oil Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of palm kernel and babassu oil increased by X% to X tons for the first time since 2018, thus ending a three-year declining trend. Total exports indicated prominent growth from 2012 to 2022: its volume 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. The pace of growth appeared the most rapid in 2015 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, palm kernel oil exports skyrocketed to $X in 2022. Over the period under review, exports recorded resilient growth. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

Colombia (X tons) and Guatemala (X tons) represented the key exporters of palm kernel and babassu oil in 2022, finishing at approx. X% and X% of total exports, respectively. Honduras (X tons) held the next position in the ranking, distantly followed by Costa Rica (X tons) and Peru (X tons). All these countries together held near X% share of total exports. The following exporters - Ecuador (X tons) and Nicaragua (X tons) - each amounted to a X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Nicaragua (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Colombia ($X), Guatemala ($X) and Honduras ($X) constituted the countries with the highest levels of exports in 2022, together accounting for X% of total exports. Costa Rica, Peru, Ecuador and Nicaragua lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, Nicaragua, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, surging by X% against the previous year. Export price indicated noticeable growth 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, palm kernel oil export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the export prices attained the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while Honduras ($X per ton) was amongst the lowest.

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

Palm Kernel Oil Imports

Imports in Latin America and the Caribbean

In 2022, after five years of growth, there was significant decline in overseas purchases of palm kernel and babassu oil, when their volume decreased by X% to X tons. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, imports attained the peak of X tons, and then contracted remarkably in the following year.

In value terms, palm kernel oil imports expanded markedly to $X in 2022. In general, imports, however, posted a temperate expansion. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

Brazil dominates imports structure, accounting for X tons, which was near X% of total imports in 2022. It was distantly followed by Argentina (X tons), committing a X% share of total imports. The following importers - Colombia (X tons) and Mexico (X tons) - together made up X% of total imports.

Imports into Brazil increased at an average annual rate of X% from 2012 to 2022. At the same time, Colombia (X%) and Argentina (X%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Mexico (X%) illustrated a downward trend over the same period. While the share of Brazil (X p.p.), Argentina (X p.p.) and Colombia (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Mexico (X p.p.) displayed negative dynamics.

In value terms, Brazil ($X) constitutes the largest market for imported palm kernel and babassu oil in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was held by Argentina ($X), with a X% share of total imports. It was followed by Mexico, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Brazil stood at X%. In the other countries, the average annual rates were as follows: Argentina (X% per year) and Mexico (X% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by X% against the previous year. Import price indicated a temperate 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, palm kernel oil import price increased by X% against 2019 indices. The growth pace was the most rapid in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while Colombia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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