Denmark: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Denmark

In 2022, the Danish refined palm oil market increased by 18% to $X, rising for the second consecutive year after two years of decline. Overall, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +50.5% against 2020 indices. Over the period under review, the market attained the maximum level in 2022 and is likely to continue growth in years to come.

Refined Palm Oil Production in Denmark

In value terms, refined palm oil production skyrocketed to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a buoyant expansion. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Refined Palm Oil Exports

Exports from Denmark

In 2022, shipments abroad of refined palm oil increased by 7.9% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports saw prominent growth. The pace of growth was the most pronounced in 2013 when exports increased by 44% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, refined palm oil exports surged to $X in 2022. In general, exports posted a resilient expansion. The pace of growth was the most pronounced in 2021 when exports increased by 36% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Sweden (X tons), the Netherlands (X tons) and Uruguay (X tons) were the main destinations of refined palm oil exports from Denmark, with a combined 81% share of total exports. Poland, Brazil and the UK lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +72.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined palm oil exported from Denmark were the Netherlands ($X), Sweden ($X) and Uruguay ($X), together accounting for 80% of total exports. Poland, Brazil and the UK lagged somewhat behind, together comprising a further 19%.

Brazil, with a CAGR of +75.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, surging by 13% against the previous year. Overall, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil export price increased by +76.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 30%. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to see gradual growth in years to come.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the UK ($X per ton) and Uruguay ($X per ton), while the average price for exports to Sweden ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+5.0%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Denmark

In 2022, the amount of refined palm oil imported into Denmark shrank slightly to X tons, with a decrease of -2.2% against the previous year. The total import volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 27% against the previous year. 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. In general, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +85.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 37%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

Indonesia (X tons), Malaysia (X tons) and the Netherlands (X tons) were the main suppliers of refined palm oil imports to Denmark, with a combined 74% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +17.5%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest refined palm oil suppliers to Denmark were Indonesia ($X), Malaysia ($X) and the Netherlands ($X), together accounting for 74% of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +20.8%, saw the highest rates of growth with regard to 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 refined palm oil import price stood at $X per ton in 2022, with an increase of 38% against the previous year. Overall, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined palm oil import price increased by +115.2% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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