Report Update Nov 1, 2024

Australia - Refined Palm Oil - Market Analysis, Forecast, Size, Trends and Insights

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Australia: Refined Palm Oil Market 2024

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

Frequently Asked Questions (FAQ) :

What are the largest markets for refined palm oil in the world?

China remains the largest refined palm oil consuming country worldwide, comprising approx. 12% of total volume. Moreover, refined palm oil consumption in China exceeded the figures recorded by the second-largest consumer, the United States, twofold. India ranked third in terms of total consumption with a 5.6% share.

What are the largest producers of refined palm oil in the world?

The country with the largest volume of refined palm oil production was Indonesia, accounting for 28% of total volume. Moreover, refined palm oil production in Indonesia exceeded the figures recorded by the second-largest producer, Malaysia, twofold. India ranked third in terms of total production with a 5.2% share.

What are the leading suppliers of refined palm oil to Australia?

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

What are the leading importers of refined palm oil from Australia?

In value terms, New Zealand remains the key foreign market for refined palm oil exports from Australia, comprising 72% of total exports. The second position in the ranking was occupied by Fiji, with a 28% share of total exports.

What is the average export price for refined palm oil in Australia?

The average refined palm oil export price stood at $1,310 per ton in 2021, with a decrease of -20.1% against the previous year.

What is the average import price for refined palm oil in Australia?

The average refined palm oil import price stood at $1,145 per ton in 2021, jumping by 41% against the previous year.

This report provides an in-depth analysis of the refined palm oil market in Australia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 10415700 - Refined palm oil and its fractions (excluding chemically modified)

Country coverage:

Australia

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Australia
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
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Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
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How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023