Asia: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Asia

The Asian refined palm oil market amounted to $X in 2022, approximately equating the previous year. The total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% 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 +62.8% against 2015 indices. The level of consumption peaked in 2022 and is likely to see steady growth in years to come.

Refined Palm Oil Production in Asia

In value terms, refined palm oil production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 20%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Refined Palm Oil Exports

Exports in Asia

In 2022, refined palm oil exports in Asia contracted to X tons, which is down by -6.5% on 2021 figures. The total export volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when exports increased by 14%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined palm oil exports reached $X in 2022. Overall, exports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 71% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Indonesia represented the main exporting country with an export of around X tons, which reached 67% of total exports. It was distantly followed by Malaysia (X tons), mixing up a 31% share of total exports.

Indonesia was also the fastest-growing in terms of the refined palm oil exports, with a CAGR of +5.9% from 2012 to 2022. Malaysia (-1.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia increased by +16 percentage points.

In value terms, Indonesia ($X) remains the largest refined palm oil supplier in Asia, comprising 76% of total exports. The second position in the ranking was held by Malaysia ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Indonesia totaled +10.4%.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, increasing by 20% against the previous year. Over the period under review, the export price posted tangible growth. The growth pace was the most rapid in 2021 when the export price increased by 53%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.2%).

Refined Palm Oil Imports

Imports in Asia

In 2022, the amount of refined palm oil imported in Asia shrank to X tons, falling by -8.2% on 2021. The total import volume increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, refined palm oil imports stood at $X in 2022. In general, imports, however, enjoyed a noticeable increase. The most prominent rate of growth was recorded in 2021 when imports increased by 87% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons), distantly followed by Pakistan (X tons), India (X tons), Bangladesh (X tons), Turkey (X tons) and the Philippines (X tons) were the key importers of refined palm oil, together mixing up 72% of total imports. Vietnam (X tons), Malaysia (X tons), Japan (X tons), Iran (X tons), South Korea (X tons), Myanmar (X tons) and the United Arab Emirates (X tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Myanmar (with a CAGR of +85.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined palm oil importing markets in Asia were China ($X), Pakistan ($X) and India ($X), together comprising 54% of total imports. Bangladesh, the Philippines, Turkey, Japan, Vietnam, South Korea, Myanmar, Malaysia, Iran and the United Arab Emirates lagged somewhat behind, together accounting for a further 39%.

Myanmar, with a CAGR of +86.4%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, with an increase of 15% against the previous year. Import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.2% 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 +103.3% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 49% against the previous year. The level of import peaked in 2022 and is likely to see gradual 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 South Korea ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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