Australia and Oceania: Refined Palm Oil Market 2025

Refined Palm Oil Market Size in Australia and Oceania

In 2022, after two years of growth, there was decline in the refined palm oil market in Australia and Oceania, when its value decreased by -4.5% to $X. The market value increased at an average annual rate of +1.7% 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 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Refined Palm Oil Production in Australia and Oceania

In value terms, refined palm oil production rose to $X in 2022 estimated in export price. The total output value 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 in certain years. The pace of growth appeared the most rapid in 2014 with an increase of 48% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refined Palm Oil Exports

Exports in Australia and Oceania

Refined palm oil exports surged to X tons in 2022, jumping by 137% against the year before. In general, exports continue to indicate a resilient increase. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined palm oil exports surged to $X in 2022. Over the period under review, exports saw a resilient increase. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The biggest shipments were from Papua New Guinea (X tons), together reaching 99% of total export.

Papua New Guinea was also the fastest-growing in terms of the refined palm oil exports, with a CAGR of +10.9% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Papua New Guinea ($X) also remains the largest refined palm oil supplier in Australia and Oceania.

From 2012 to 2022, the average annual growth rate of value in Papua New Guinea amounted to +7.0%.

Export Prices by Country

The export price in Australia and Oceania stood at $X per ton in 2022, falling by -17.8% against the previous year. In general, the export price showed a perceptible contraction. The pace of growth appeared the most rapid in 2021 when the export price increased by 30%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Papua New Guinea.

From 2012 to 2022, the rate of growth in terms of prices for Papua New Guinea amounted to -3.6% per year.

Refined Palm Oil Imports

Imports in Australia and Oceania

In 2022, approx. X tons of refined palm oil were imported in Australia and Oceania; shrinking by -8.7% on the year before. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 14% against the previous year. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, refined palm oil imports reached $X in 2022. Total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.8% 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 +73.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 55% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Imports by Country

Australia represented the main importing country with an import of around X tons, which resulted at 56% of total imports. Papua New Guinea (X tons) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by New Zealand (17%). Fiji (X tons) and Solomon Islands (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined palm oil imports into Australia stood at -2.2%. At the same time, Solomon Islands (+17.2%), Fiji (+1.9%) and New Zealand (+1.6%) displayed positive paces of growth. Moreover, Solomon Islands emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +17.2% from 2012-2022. Papua New Guinea experienced a relatively flat trend pattern. While the share of New Zealand (+3.5 p.p.) and Solomon Islands (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Australia (-8.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported refined palm oil in Australia and Oceania, comprising 58% of total imports. The second position in the ranking was held by New Zealand ($X), with a 21% share of total imports. It was followed by Papua New Guinea, with a 13% share.

In Australia, refined palm oil imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: New Zealand (+5.6% per year) and Papua New Guinea (-1.3% per year).

Import Prices by Country

In 2022, the import price in Australia and Oceania amounted to $X per ton, jumping by 23% against the previous year. Import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% 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 +105.5% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by 36% against the previous year. The level of import peaked 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 New Zealand ($X per ton), while Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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