Global Palm Oil Market 2024

Palm Oil Market Size

For the fourth year in a row, the global palm oil market recorded growth in sales value, which increased by X% to $X in 2022. In general, the total consumption indicated noticeable growth 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, consumption increased by X% against 2016 indices. Over the period under review, the global market attained the maximum level in 2022 and is expected to retain growth in years to come.

Palm Oil Production

In value terms, palm oil production reached $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. Global production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Palm Oil Exports

Exports

In 2022, shipments abroad of palm oil decreased by X% to X tons, falling for the third consecutive year after three years of growth. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, the global exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, palm oil exports stood at $X in 2022. Over the period under review, total exports indicated a perceptible expansion 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, exports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Indonesia was the key exporting country with an export of about X tons, which recorded X% of total exports. It was distantly followed by Malaysia (X tons), committing a X% share of total exports. The following exporters - Thailand (X tons), the Netherlands (X tons), Guatemala (X tons) and Papua New Guinea (X tons) - each finished at a X% 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 Thailand (with a CAGR of X%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest palm oil supplying countries worldwide were Indonesia ($X), Malaysia ($X) and the Netherlands ($X), with a combined X% share of global exports. Thailand, Guatemala and Papua New Guinea lagged somewhat behind, together comprising a further X%.

Thailand, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average palm oil export price amounted to $X per ton, picking up by X% against the previous year. In general, export price indicated a mild 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 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. The global export price peaked in 2022 and is likely to see gradual 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 the Netherlands ($X per ton), while Papua New Guinea ($X per ton) was amongst the lowest.

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

Palm Oil Imports

Imports

In 2022, approx. X tons of palm oil were imported worldwide; declining by X% compared with 2021 figures. 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 observed in certain years. The pace of growth was the most pronounced in 2017 when imports increased by X%. Over the period under review, global imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, palm oil imports expanded rapidly to $X in 2022. Over the period under review, total imports indicated a tangible expansion 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 growth pace was the most rapid in 2021 with an increase of X% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, India (X tons), distantly followed by China (X tons) and Pakistan (X tons) represented the major importers of palm oil, together creating X% of total imports. The United States (X tons), the Netherlands (X tons), Bangladesh (X tons), Italy (X tons), Malaysia (X tons), Spain (X tons), Turkey (X tons), the Philippines (X tons), Russia (X tons) and Germany (X tons) held a little share of total imports.

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

In value terms, India ($X) constitutes the largest market for imported palm oil worldwide, comprising X% of global imports. The second position in the ranking was taken by China ($X), with a X% share of global imports. It was followed by Pakistan, with a X% share.

In India, palm oil imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (X% per year) and Pakistan (X% per year).

Import Prices by Country

In 2022, the average palm oil import price amounted to $X per ton, increasing by X% against the previous year. In general, import price indicated modest 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 oil import price increased by X% against 2019 indices. The growth pace was the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain 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 Germany ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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