Benelux: Palm Oil Market 2024

Palm Oil Market Size in Benelux

In 2022, the Benelux palm oil market increased by 8.9% to $X, rising for the third consecutive year after two years of decline. Overall, consumption recorded a slight descent. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Palm Oil Production in Benelux

In value terms, palm oil production rose significantly to $X in 2022 estimated in export price. Overall, production continues to indicate a deep setback. The pace of growth appeared the most rapid in 2017 with an increase of 9.7%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Palm Oil Exports

Exports in Benelux

In 2022, overseas shipments of palm oil decreased by -27.5% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2013 when exports increased by 17%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, palm oil exports fell to $X in 2022. In general, exports saw a slight descent. The most prominent rate of growth was recorded in 2021 when exports increased by 29% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands prevails in exports structure, resulting at X tons, which was near 96% of total exports in 2022. Belgium (X tons) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to palm oil exports from the Netherlands stood at -3.9%. At the same time, Belgium (+3.2%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in Benelux, with a CAGR of +3.2% from 2012-2022. While the share of Belgium (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the Netherlands (-1.8 p.p.) displayed negative dynamics.

In value terms, the Netherlands ($X) remains the largest palm oil supplier in Benelux, comprising 95% of total exports. The second position in the ranking was taken by Belgium ($X), with a 4.9% share of total exports.

In the Netherlands, palm oil exports shrank by an average annual rate of -1.8% over the period from 2012-2022.

Export Prices by Country

The export price in Benelux stood at $X per ton in 2022, surging by 27% against the previous year. Export price indicated a pronounced increase 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 oil export price increased by +102.6% against 2019 indices. The growth pace was the most rapid in 2021 when the export price increased by 41% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the Netherlands totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+3.0%).

Palm Oil Imports

Imports in Benelux

In 2022, purchases abroad of palm oil decreased by -25.1% to X tons, falling for the third year in a row after three years of growth. Over the period under review, imports saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of 22%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, palm oil imports reduced to $X in 2022. In general, imports recorded a mild decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 27%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The Netherlands was the main importer of palm oil in Benelux, with the volume of imports finishing at X tons, which was near 81% of total imports in 2022. It was distantly followed by Belgium (X tons), creating a 19% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to palm oil imports into the Netherlands stood at -4.6%. Belgium experienced a relatively flat trend pattern. While the share of Belgium (+6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Netherlands (-6 p.p.) displayed negative dynamics.

In value terms, the Netherlands ($X) constitutes the largest market for imported palm oil in Benelux, comprising 78% of total imports. The second position in the ranking was taken by Belgium ($X), with a 22% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the Netherlands amounted to -2.4%.

Import Prices by Country

In 2022, the import price in Benelux amounted to $X per ton, rising by 31% against the previous year. Import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm oil import price increased by +123.2% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 46%. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in the near future.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the Netherlands stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+2.9%).

Source: IndexBox Platform