EU: Palm Oil Market 2024

Palm Oil Market Size in the EU

In 2022, the EU palm oil market increased by 9.3% to $X, rising for the third year in a row after two years of decline. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Palm Oil Production in the EU

In value terms, palm oil production skyrocketed to $X in 2022 estimated in export price. In general, production showed a slight setback. The level of production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Palm Oil Exports

Exports in the EU

In 2022, exports of palm oil in the European Union contracted slightly to X tons, approximately mirroring the previous year. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when exports increased by 16%. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, palm oil exports soared to $X in 2022. Total exports indicated a notable increase from 2012 to 2022: its value 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, exports increased by +76.7% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of 33%. The level of export peaked in 2022 and is likely to continue growth in the near future.

Exports by Country

The Netherlands represented the main exporting country with an export of around X tons, which reached 45% of total exports. Germany (X tons) held the second position in the ranking, followed by Estonia (X tons), Italy (X tons), Denmark (X tons) and Spain (X tons). All these countries together held approx. 48% share of total exports. The following exporters - Sweden (X tons) and Greece (X tons) - each reached a 3.8% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to palm oil exports from the Netherlands stood at -3.9%. At the same time, Estonia (+166.9%), Sweden (+17.7%), Italy (+11.0%), Denmark (+10.7%), Greece (+6.8%), Germany (+3.3%) and Spain (+2.9%) displayed positive paces of growth. Moreover, Estonia emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +166.9% from 2012-2022. While the share of Estonia (+12 p.p.), Italy (+4.8 p.p.), Germany (+3.9 p.p.), Denmark (+3 p.p.) and Sweden (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the Netherlands (-27.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest palm oil supplier in the European Union, comprising 43% of total exports. The second position in the ranking was taken by Germany ($X), with an 18% share of total exports. It was followed by Estonia, with a 12% share.

In the Netherlands, palm oil exports contracted by an average annual rate of -1.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+6.0% per year) and Estonia (+158.1% per year).

Export Prices by Country

The export price in the European Union stood at $X per ton in 2022, increasing by 26% against the previous year. Export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm oil export price increased by +97.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 38% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Sweden ($X per ton) and Denmark ($X per ton), while Estonia ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+2.8%), while the other leaders experienced more modest paces of growth.

Palm Oil Imports

Imports in the EU

In 2022, approx. X tons of palm oil were imported in the European Union; falling by -9.7% compared with 2021 figures. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 25%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, palm oil imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 20% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

The Netherlands (X tons), Italy (X tons), Spain (X tons) and Germany (X tons) represented roughly 72% of total imports in 2022. It was distantly followed by Belgium (X tons), making up a 5.6% share of total imports. The following importers - Poland (X tons), France (X tons), Estonia (X tons), Denmark (X tons), Sweden (X tons), Ireland (X tons) and Greece (X tons) - together made up 19% of total imports.

From 2012 to 2022, the biggest increases were recorded for Estonia (with a CAGR of +90.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest palm oil importing markets in the European Union were the Netherlands ($X), Italy ($X) and Spain ($X), together comprising 56% of total imports. Germany, Belgium, Poland, France, Estonia, Denmark, Sweden, Ireland and Greece lagged somewhat behind, together comprising a further 40%.

In terms of the main importing countries, Estonia, with a CAGR of +91.1%, 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 import price in the European Union stood at $X per ton in 2022, surging by 29% against the previous year. Import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% 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 +99.2% against 2019 indices. The growth pace was the most rapid in 2021 when the import price increased by 43%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Ireland ($X per ton) and Poland ($X per ton), while Spain ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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