Colombia: Palm Kernel Oil Market 2024

Palm Kernel Oil Market Size in Colombia

After two years of growth, the Colombian palm kernel oil market decreased by -15.1% to $X in 2022. In general, consumption, however, recorded a pronounced expansion. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Palm Kernel Oil Production in Colombia

In value terms, palm kernel oil production fell to $X in 2022 estimated in export price. Overall, production saw a mild contraction. The pace of growth was the most pronounced in 2017 when the production volume increased by 63%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Palm Kernel Oil Exports

Exports from Colombia

Palm kernel oil exports from Colombia contracted to X tons in 2022, reducing by -5% on the year before. In general, exports, however, saw a temperate increase. The most prominent rate of growth was recorded in 2019 when exports increased by 84%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, palm kernel oil exports fell remarkably to $X in 2022. Overall, exports, however, continue to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 88% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons), Mexico (X tons) and Brazil (X tons) were the main destinations of palm kernel oil exports from Colombia, with a combined 43% share of total exports. Argentina, Chile, Spain, Germany, Italy and the UK lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +56.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) emerged as the key foreign market for palm kernel and babassu oil exports from Colombia, comprising 21% of total exports. The second position in the ranking was held by Mexico ($X), with a 9.5% share of total exports. It was followed by Brazil, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands totaled -5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-4.2% per year) and Brazil (+12.3% per year).

Export Prices by Country

The average palm kernel oil export price stood at $X per ton in 2022, which is down by -19.3% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 71% against the previous year. As a result, the export price reached the peak level of $X per ton, and then contracted rapidly in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+1.7%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Kernel Oil Imports

Imports into Colombia

In 2022, after three years of decline, there was significant growth in purchases abroad of palm kernel and babassu oil, when their volume increased by 15% to X tons. Overall, imports recorded a prominent expansion. The pace of growth was the most pronounced in 2013 when imports increased by 195% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, palm kernel oil imports expanded sharply to $X in 2022. Over the period under review, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2013 when imports increased by 118%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

Venezuela (X tons), Ecuador (X tons) and Peru (X tons) were the main suppliers of palm kernel oil imports to Colombia, with a combined 99.9% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Venezuela (with a CAGR of +41.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X), Venezuela ($X) and Peru ($X) were the largest palm kernel oil suppliers to Colombia, with a combined 99.9% share of total imports.

Among the main suppliers, Venezuela, with a CAGR of +38.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average palm kernel oil import price stood at $X per ton in 2022, reducing by -2% against the previous year. Overall, the import price showed a drastic downturn. The pace of growth appeared the most rapid in 2020 an increase of 31% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ecuador ($X per ton), while the price for Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (-2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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