Australia: Refined Palm Oil Market 2025

Refined Palm Oil Market Size in Australia

The Australian refined palm oil market rose sharply to $X in 2022, picking up by 5.9% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Refined Palm Oil Production in Australia

In value terms, refined palm oil production rose markedly to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 43% against the previous year. Refined palm oil production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Refined Palm Oil Exports

Exports from Australia

In 2022, the amount of refined palm oil exported from Australia surged to X tons, picking up by 27% compared with the previous year. Overall, exports recorded a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 422%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, refined palm oil exports soared to $X in 2022. Over the period under review, exports posted resilient growth. The growth pace was the most rapid in 2018 with an increase of 333% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

New Zealand (X tons), Sri Lanka (X tons) and Timor-Leste (X tons) were the main destinations of refined palm oil exports from Australia.

From 2013 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by New Zealand (with a CAGR of +8.6%), while the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X) remains the key foreign market for refined palm oil exports from Australia, comprising 67% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with a 25% share of total exports.

From 2013 to 2022, the average annual rate of growth in terms of value to New Zealand amounted to +15.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (-7.7% per year) and Timor-Leste (0.0% per year).

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, growing by 39% against the previous year. Overall, the export price enjoyed buoyant growth. The growth pace was the most rapid in 2020 an increase of 84% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Timor-Leste ($X per ton), while the average price for exports to Sri Lanka ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (+6.0%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Palm Oil Imports

Imports into Australia

In 2022, purchases abroad of refined palm oil decreased by -2% to X tons, falling for the fourth consecutive year after seven years of growth. Overall, imports saw a pronounced downturn. The growth pace was the most rapid in 2017 when imports increased by 12%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, refined palm oil imports surged to $X in 2022. Over the period under review, imports, however, showed a slight increase. The pace of growth appeared the most rapid in 2021 when imports increased by 40%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) was the main refined palm oil supplier to Australia, accounting for a approx. 98% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia amounted to -2.0%.

In value terms, Malaysia ($X) constituted the largest supplier of refined palm oil to Australia.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at +1.2%.

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, picking up by 30% against the previous year. Overall, the import price continues to indicate a moderate expansion. The growth pace was the most rapid in 2021 an increase of 41% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for Malaysia.

From 2012 to 2022, the rate of growth in terms of prices for Malaysia amounted to +3.2% per year.

Source: IndexBox Platform

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