Canada: Palm Oil Market 2024

Palm Oil Market Size in Canada

The Canadian palm oil market soared to $X in 2022, growing by 39% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 +54.1% against 2017 indices. Palm oil consumption peaked in 2022 and is expected to retain growth in the immediate term.

Palm Oil Exports

Exports from Canada

Palm oil exports from Canada fell notably to X tons in 2022, reducing by -31.2% compared with the previous year's figure. Over the period under review, exports, however, posted prominent growth. The pace of growth was the most pronounced in 2017 when exports increased by 604%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, palm oil exports reduced sharply to $X in 2022. Overall, exports, however, enjoyed a strong increase. The pace of growth was the most pronounced in 2017 with an increase of 847% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for palm oil exports from Canada, with a 91% share of total exports. Moreover, palm oil exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +5.2%.

In value terms, the United States ($X) remains the key foreign market for palm oil exports from Canada, comprising 99% of total exports. The second position in the ranking was taken by Japan ($X), with a 1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +7.5%.

Export Prices by Country

The average palm oil export price stood at $X per ton in 2022, declining by -2.4% against the previous year. Overall, the export price, however, saw a slight increase. The most prominent rate of growth was recorded in 2015 when the average export price increased by 173% against the previous year. The export price peaked at $X per ton in 2021, and then contracted slightly in the following year.

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 the United States ($X per ton), while the average price for exports to Japan stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+2.2%).

Palm Oil Imports

Imports into Canada

In 2022, purchases abroad of palm oil was finally on the rise to reach X tons after two years of decline. Over the period under review, total imports indicated notable growth from 2012 to 2022: its volume 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. The pace of growth appeared the most rapid in 2017 when imports increased by 112%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, palm oil imports surged to $X in 2022. In general, imports enjoyed a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and Colombia (X tons) were the main suppliers of palm oil imports to Canada, with a combined 93% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +59.3%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Malaysia ($X) constituted the largest supplier of palm oil to Canada, comprising 60% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 26% share of total imports. It was followed by Colombia, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia totaled +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+61.9% per year) and Colombia (+24.8% per year).

Import Prices by Country

In 2022, the average palm oil import price amounted to $X per ton, increasing by 35% against the previous year. In general, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +3.1% 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 +104.6% against 2019 indices. The import price peaked at $X per ton in 2016; afterwards, it flattened through to 2022.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per ton) and Colombia ($X per ton), while the price for Indonesia ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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