Eastern Europe: Palm Kernel Oil Market 2024

Palm Kernel Oil Market Size in Eastern Europe

After two years of growth, the East European palm kernel oil market decreased by -7.8% to $X in 2022. The total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 +83.4% against 2019 indices. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Palm Kernel Oil Production in Eastern Europe

In value terms, palm kernel oil production fell to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2014 with an increase of 42% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Palm Kernel Oil Exports

Exports in Eastern Europe

In 2022, exports of palm kernel and babassu oil in Eastern Europe surged to X tons, jumping by 917% on the previous year. In general, exports posted significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, palm kernel oil exports soared to $X in 2022. Overall, exports saw a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Estonia prevails in exports structure, accounting for X tons, which was near 91% of total exports in 2022. It was distantly followed by Russia (X tons), creating a 6.1% share of total exports. Poland (X tons) followed a long way behind the leaders.

Estonia was also the fastest-growing in terms of the palm kernel and babassu oil exports, with a CAGR of +495.9% from 2012 to 2022. At the same time, Russia (+41.2%) and Poland (+12.5%) displayed positive paces of growth. Estonia (+91 p.p.) and Russia (+4.8 p.p.) significantly strengthened its position in terms of the total exports, while Poland saw its share reduced by -2.2% from 2012 to 2022, respectively.

In value terms, Estonia ($X) emerged as the largest palm kernel oil supplier in Eastern Europe, comprising 93% of total exports. The second position in the ranking was taken by Russia ($X), with a 3.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Estonia totaled +295.9%. In the other countries, the average annual rates were as follows: Russia (+42.4% per year) and Poland (+18.9% per year).

Export Prices by Country

In 2022, the export price in Eastern Europe amounted to $X per ton, picking up by 29% against the previous year. Export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm kernel oil export price increased by +132.3% against 2019 indices. The pace of growth was the most pronounced in 2014 when the export price increased by 45% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Poland ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+5.7%), while the other leaders experienced mixed trends in the export price figures.

Palm Kernel Oil Imports

Imports in Eastern Europe

After four years of growth, supplies from abroad of palm kernel and babassu oil decreased by -2.3% to X tons in 2022. In general, imports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2021 when imports increased by 51%. As a result, imports reached the peak of X tons, and then fell modestly in the following year.

In value terms, palm kernel oil imports amounted to $X in 2022. Over the period under review, imports, however, posted strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by 139% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Russia was the largest importing country with an import of around X tons, which amounted to 62% of total imports. Poland (X tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by the Czech Republic (11%). Hungary (X tons), Ukraine (X tons), Bulgaria (X tons) and Estonia (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to palm kernel oil imports into Russia stood at +6.4%. At the same time, Bulgaria (+145.5%), Estonia (+93.5%), the Czech Republic (+66.7%), Hungary (+26.6%) and Poland (+8.8%) displayed positive paces of growth. Moreover, Bulgaria emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +145.5% from 2012-2022. By contrast, Ukraine (-11.8%) illustrated a downward trend over the same period. While the share of the Czech Republic (+11 p.p.), Hungary (+2.3 p.p.), Bulgaria (+2.1 p.p.), Poland (+1.9 p.p.) and Estonia (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Russia (-4.9 p.p.) and Ukraine (-15.9 p.p.) displayed negative dynamics.

In value terms, Russia ($X) constitutes the largest market for imported palm kernel and babassu oil in Eastern Europe, comprising 46% of total imports. The second position in the ranking was taken by Poland ($X), with a 19% share of total imports. It was followed by the Czech Republic, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Russia amounted to +5.6%. In the other countries, the average annual rates were as follows: Poland (+15.8% per year) and the Czech Republic (+70.4% per year).

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2022, increasing by 12% against the previous year. Import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm kernel oil import price increased by +80.0% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 58%. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Estonia ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (+15.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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