Asia: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Asia

For the fourth consecutive year, the Asian crude palm oil market recorded growth in sales value, which increased by 5.4% to $X in 2022. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Crude Palm Oil Production in Asia

In value terms, crude palm oil production expanded rapidly to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 29% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Crude Palm Oil Exports

Exports in Asia

In 2022, shipments abroad of crude palm oil decreased by -28% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, exports saw a perceptible descent. The most prominent rate of growth was recorded in 2015 with an increase of 25%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, crude palm oil exports fell rapidly to $X in 2022. Overall, exports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2017 with an increase of 19%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Malaysia (X tons) was the largest exporter of crude palm oil, comprising 59% of total exports. It was distantly followed by Indonesia (X tons) and Thailand (X tons), together comprising a 40% share of total exports.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of crude palm oil. At the same time, Thailand (+15.1%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, with a CAGR of +15.1% from 2012-2022. By contrast, Indonesia (-11.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Malaysia and Thailand increased by +20 and +9.6 percentage points, respectively.

In value terms, Malaysia ($X) remains the largest crude palm oil supplier in Asia, comprising 67% of total exports. The second position in the ranking was held by Thailand ($X), with a 19% share of total exports.

In Malaysia, crude palm oil exports shrank by an average annual rate of -1.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+18.2% per year) and Indonesia (-20.1% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, falling by -2.7% against the previous year. Over the period under review, the export price saw a perceptible downturn. The pace of growth was the most pronounced in 2020 an increase of 23%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.8%), while the other leaders experienced a decline in the export price figures.

Crude Palm Oil Imports

Imports in Asia

Crude palm oil imports shrank to X tons in 2022, which is down by -12.2% against the previous year. Overall, imports recorded a slight reduction. The pace of growth appeared the most rapid in 2015 with an increase of 19%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, crude palm oil imports shrank modestly to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 61%. As a result, imports reached the peak of $X, and then shrank modestly in the following year.

Imports by Country

India dominates imports structure, accounting for X tons, which was approx. 90% of total imports in 2022. Malaysia (X tons) and Nepal (X tons) followed a long way behind the leaders.

India experienced a relatively flat trend pattern with regard to volume of imports of crude palm oil. At the same time, Nepal (+14.8%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Asia, with a CAGR of +14.8% from 2012-2022. By contrast, Malaysia (-8.9%) illustrated a downward trend over the same period. While the share of India (+17 p.p.) and Nepal (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Malaysia (-5.6 p.p.) displayed negative dynamics.

In value terms, India ($X) constitutes the largest market for imported crude palm oil in Asia, comprising 93% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 2.7% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in India totaled +3.2%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (-11.1% per year) and Nepal (+13.7% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, surging by 9.6% against the previous year. Over the period under review, the import price continues to indicate a moderate expansion. The pace of growth appeared the most rapid in 2021 an increase of 60%. The level of import peaked in 2022 and is expected to retain 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 India ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+2.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :