EU: Palm Kernel Oil Market 2024

Palm Kernel Oil Market Size in the EU

In 2022, the EU palm kernel oil market increased by 17% to $X, rising for the third year in a row after two years of decline. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 +72.9% against 2019 indices. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in the near future.

Palm Kernel Oil Production in the EU

In value terms, palm kernel oil production stood at $X in 2022 estimated in export price. The total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.4% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 34% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Palm Kernel Oil Exports

Exports in the EU

Palm kernel oil exports contracted to X tons in 2022, reducing by -13.8% compared with 2021. Overall, exports, however, saw a notable expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 166%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, palm kernel oil exports expanded rapidly to $X in 2022. In general, exports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 86% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Germany (X tons) and the Netherlands (X tons) represented the main exporters of palm kernel and babassu oil in 2022, finishing at approx. 35% and 34% of total exports, respectively. Estonia (X tons) ranks next in terms of the total exports with a 12% share, followed by Spain (11%). The following exporters - Belgium (X tons) and Greece (X tons) - together made up 6.4% of total exports.

From 2012 to 2022, the biggest increases were recorded for Estonia (with a CAGR of +495.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest palm kernel oil supplying countries in the European Union were Germany ($X), the Netherlands ($X) and Spain ($X), with a combined 78% share of total exports. Estonia, Belgium and Greece lagged somewhat behind, together comprising a further 20%.

Among the main exporting countries, Estonia, with a CAGR of +295.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the European Union stood at $X per ton in 2022, growing by 32% against the previous year. Export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +4.1% 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 +107.6% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 48%. Over the period under review, the export prices attained the maximum in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+6.9%), while the other leaders experienced more modest paces of growth.

Palm Kernel Oil Imports

Imports in the EU

In 2022, purchases abroad of palm kernel and babassu oil decreased by -9.2% to X tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 33% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, palm kernel oil imports soared to $X in 2022. Overall, imports, however, continue to indicate a buoyant increase. The growth pace was the most rapid in 2021 with an increase of 66%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

Germany (X tons) and the Netherlands (X tons) represented roughly 62% of total imports in 2022. Spain (X tons) held the next position in the ranking, followed by Italy (X tons), Belgium (X tons) and Sweden (X tons). All these countries together held approx. 25% share of total imports. Greece (X tons) and France (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by France (with a CAGR of +24.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the Netherlands ($X) and Belgium ($X) constituted the countries with the highest levels of imports in 2022, with a combined 68% share of total imports. Spain, Italy, Sweden, Greece and France lagged somewhat behind, together comprising a further 23%.

France, with a CAGR of +19.7%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the European Union stood at $X per ton in 2022, increasing by 41% against the previous year. In general, the import price posted perceptible growth. The most prominent rate of growth was recorded in 2021 when the import price increased by 57%. The level of import peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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