Latin America and the Caribbean: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Latin America and the Caribbean

The Latin American refined palm oil market shrank modestly to $X in 2022, with a decrease of X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2021, and then declined modestly in the following year.

Refined Palm Oil Production in Latin America and the Caribbean

In value terms, refined palm oil production declined modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2013 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

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Refined Palm Oil Exports

Exports in Latin America and the Caribbean

Refined palm oil exports expanded remarkably to X tons in 2022, increasing by X% compared with the previous year's figure. Total exports indicated a temperate increase 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 increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2018 with an increase of X%. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, refined palm oil exports surged to $X in 2022. Overall, exports posted a strong increase. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

Exports by Country

The shipments of the four major exporters of refined palm oil, namely Colombia, Honduras, Ecuador and Guatemala, represented more than two-thirds of total export. Peru (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Costa Rica (X%). Brazil (X tons) followed a long way behind the leaders.

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

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

Peru, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries 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, rising by X% against the previous year. Export price indicated slight 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, refined palm oil export price increased by X% against 2019 indices. The growth pace was the most rapid in 2021 an increase of X%. Over the period under review, the export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

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 Brazil ($X per ton), while Honduras ($X per ton) was amongst the lowest.

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

Refined Palm Oil Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of refined palm oil decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. Total imports indicated temperate 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, imports increased by X% against 2017 indices. The pace of growth appeared the most rapid in 2020 when imports increased by X%. The volume of import peaked at X tons in 2021, and then declined in the following year.

In value terms, refined palm oil imports rose significantly to $X in 2022. In general, imports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, Brazil (X tons), Haiti (X tons) and Colombia (X tons) was the major importer of refined palm oil in Latin America and the Caribbean, making up 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 Nicaragua (X%) and Mexico (X%). Guatemala (X tons), Uruguay (X tons), Chile (X tons), Honduras (X tons) and Venezuela (X tons) held a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Chile (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Colombia ($X) and Haiti ($X) constituted the countries with the highest levels of imports in 2022, together accounting for X% of total imports. El Salvador, Nicaragua, Mexico, Guatemala, Uruguay, Chile, Honduras and Venezuela lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Chile, with a CAGR of X%, saw 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, with an increase of X% against the previous year. Import 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, refined palm oil import price increased by X% against 2019 indices. The pace of growth was the most pronounced 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 see gradual growth in years to come.

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