Asia: Palm Kernel Oil Market 2024

Palm Kernel Oil Market Size in Asia

In 2022, the Asian palm kernel oil market increased by 4.5% to $X, rising for the third year in a row after two years of decline. The market value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Palm Kernel Oil Production in Asia

In value terms, palm kernel oil production rose to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 29%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Palm Kernel Oil Exports

Exports in Asia

In 2022, overseas shipments of palm kernel and babassu oil decreased by -17% to X tons, falling for the third consecutive year after three years of growth. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 21% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, palm kernel oil exports rose remarkably to $X in 2022. Total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 +89.8% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 56% against the previous year. 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

Indonesia (X tons) and Malaysia (X tons) dominates exports structure, together comprising 92% of total exports. It was distantly followed by Thailand (X tons), committing a 5.3% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +4.7%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Indonesia ($X) remains the largest palm kernel oil supplier in Asia, comprising 70% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 24% share of total exports.

In Indonesia, palm kernel oil exports increased at an average annual rate of +5.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+1.2% per year) and Thailand (+8.4% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, picking up by 37% against the previous year. Over the period under review, the export price showed a strong expansion. The pace of growth appeared the most rapid in 2021 when the export price increased by 65%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+8.5%), while the other leaders experienced mixed trends in the export price figures.

Palm Kernel Oil Imports

Imports in Asia

In 2022, purchases abroad of palm kernel and babassu oil decreased by -14.1% to X tons, falling for the third consecutive year after three years of growth. Overall, imports continue to indicate a slight setback. The most prominent rate of growth was recorded in 2018 with an increase of 20%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, palm kernel oil imports shrank to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 58%. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

China was the major importing country with an import of around X tons, which amounted to 44% of total imports. Malaysia (X tons) took the second position in the ranking, distantly followed by India (X tons), Turkey (X tons) and Japan (X tons). All these countries together took approx. 47% share of total imports. The Philippines (X tons) took a minor 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 China (with a CAGR of +1.0%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, China ($X) constitutes the largest market for imported palm kernel and babassu oil in Asia, comprising 48% of total imports. The second position in the ranking was held by Malaysia ($X), with a 19% share of total imports. It was followed by Japan, with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +3.9%. In the other countries, the average annual rates were as follows: Malaysia (-3.8% per year) and Japan (+2.1% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, increasing by 10% against the previous year. Import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm kernel oil import price increased by +109.5% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by 66%. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+5.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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