Latin America and the Caribbean: Palm Oil Market 2024

Palm Oil Market Size in Latin America and the Caribbean

In 2022, after three years of growth, there was decline in the Latin American palm oil market, when its value decreased by X% to $X. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2021, and then declined modestly in the following year.

Palm Oil Production in Latin America and the Caribbean

In value terms, palm oil production stood at $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Palm Oil Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of palm oil were exported in Latin America and the Caribbean; picking up by X% on the previous year. 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. Based on 2022 figures, exports decreased by X% against 2018 indices. The pace of growth was the most pronounced in 2015 when exports increased by X%. 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 oil exports soared to $X in 2022. In general, exports showed a remarkable increase. The pace of growth was the most pronounced in 2021 when exports increased by X%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Guatemala represented the main exporting country with an export of around X tons, which amounted to X% of total exports. It was distantly followed by Honduras (X tons), Colombia (X tons), Costa Rica (X tons), Ecuador (X tons) and Peru (X tons), together making up a X% share of total exports. Nicaragua (X tons) held a little share of total exports.

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

In value terms, the largest palm oil supplying countries in Latin America and the Caribbean were Guatemala ($X), Colombia ($X) and Honduras ($X), with a combined X% share of total exports. Costa Rica, Ecuador, Peru and Nicaragua lagged somewhat behind, together comprising a further X%.

Among the main exporting countries, Peru, with a CAGR of X%, recorded 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

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, with an increase of X% against the previous year. Export price indicated a mild 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, palm oil export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

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 Colombia ($X per ton), while Honduras ($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 Oil Imports

Imports in Latin America and the Caribbean

In 2022, the amount of palm oil imported in Latin America and the Caribbean contracted to X tons, declining by X% against 2021 figures. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, palm oil imports rose markedly to $X in 2022. Total imports indicated a noticeable 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, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, Brazil (X tons), Mexico (X tons), Haiti (X tons) and Colombia (X tons) was the major importer of palm oil in Latin America and the Caribbean, constituting X% of total import. El Salvador (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by the Dominican Republic (X%) and Nicaragua (X%).

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

In value terms, Brazil ($X), Mexico ($X) and Colombia ($X) were the countries with the highest levels of imports in 2022, with a combined X% share of total imports. El Salvador, Haiti, the Dominican Republic and Nicaragua lagged somewhat behind, together comprising a further X%.

Among the main importing countries, the Dominican Republic, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, with an increase of X% against the previous year. Import price indicated a notable 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 oil import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

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 Nicaragua ($X per ton), while Haiti ($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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