Asia-Pacific: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Asia-Pacific

For the fourth year in a row, the Asia-Pacific crude palm oil market recorded growth in sales value, which increased by 6.7% to $X in 2022. The market value increased at an average annual rate of +2.0% 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 reached the peak level in 2022 and is likely to continue growth in the near future.

Crude Palm Oil Production in Asia-Pacific

In value terms, crude palm oil production expanded to $X in 2022 estimated in export price. In general, 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. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Crude Palm Oil Exports

Exports in Asia-Pacific

In 2022, shipments abroad of crude palm oil decreased by -26.1% to X tons, falling for the third year in a row after three years of growth. Overall, exports saw a perceptible reduction. The growth pace was the most rapid 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 shrank markedly to $X in 2022. In general, exports recorded a abrupt slump. The pace of growth was the most pronounced in 2017 when exports increased by 20% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia was the main exporting country with an export of about X tons, which reached 52% of total exports. Indonesia (X tons) held a 25% share (based on physical terms) of total exports, which put it in second place, followed by Papua New Guinea (12%) and Thailand (10%).

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of crude palm oil. At the same time, Thailand (+15.1%) and Papua New Guinea (+6.6%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia-Pacific, 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, Thailand and Papua New Guinea increased by +15, +8.4 and +7.4 percentage points, respectively.

In value terms, Malaysia ($X) remains the largest crude palm oil supplier in Asia-Pacific, comprising 58% of total exports. The second position in the ranking was taken by Thailand ($X), with a 17% share of total exports. It was followed by Papua New Guinea, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia amounted to -1.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+18.2% per year) and Papua New Guinea (+7.6% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, reducing by -3.6% against the previous year. In general, the export price showed a slight setback. The pace of growth appeared the most rapid in 2020 an increase of 23% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 mixed trends in the export price figures.

Crude Palm Oil Imports

Imports in Asia-Pacific

In 2022, purchases abroad of crude palm oil decreased by -6.5% to X tons, falling for the third year in a row after three years of growth. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 19%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, crude palm oil imports expanded modestly to $X in 2022. Over the period under review, imports, however, recorded a modest expansion. The growth pace was the most rapid in 2021 when imports increased by 60% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

India dominates imports structure, resulting at X tons, which was approx. 91% of total imports in 2022. Malaysia (X tons) and Nepal (X tons) held a little share of total imports.

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-Pacific, 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 (+16 p.p.) and Nepal (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Malaysia (-5.9 p.p.) displayed negative dynamics.

In value terms, India ($X) constitutes the largest market for imported crude palm oil in Asia-Pacific, comprising 94% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 2.7% share of total imports.

In India, crude palm oil imports expanded at an average annual rate of +3.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (-11.1% per year) and Nepal (+13.7% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, picking up by 8.8% against the previous year. Overall, the import price showed a tangible expansion. The pace of growth appeared the most rapid in 2021 an increase of 61%. 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 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

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