EU: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in the EU

The EU crude palm oil market was estimated at $X in 2022, picking up by 3.1% against the previous year. In general, consumption continues to indicate a pronounced decrease. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Crude Palm Oil Production in the EU

In value terms, crude palm oil production amounted to $X in 2022 estimated in export price. In general, production showed a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of 8,671%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Crude Palm Oil Exports

Exports in the EU

In 2022, after three years of growth, there was significant decline in overseas shipments of crude palm oil, when their volume decreased by -19.3% to X tons. Total exports indicated a measured expansion from 2012 to 2022: its volume 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. The pace of growth appeared the most rapid in 2016 with an increase of 62%. The volume of export peaked at X tons in 2021, and then fell rapidly in the following year.

In value terms, crude palm oil exports expanded notably to $X in 2022. In general, exports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 65%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

The Netherlands dominates exports structure, finishing at X tons, which was near 94% of total exports in 2022. Spain (X tons) and Germany (X tons) took a minor share of total exports.

The Netherlands was also the fastest-growing in terms of the crude palm oil exports, with a CAGR of +9.3% from 2012 to 2022. At the same time, Spain (+3.0%) displayed positive paces of growth. By contrast, Germany (-22.5%) illustrated a downward trend over the same period. While the share of the Netherlands (+34 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Germany (-29 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest crude palm oil supplier in the European Union, comprising 90% of total exports. The second position in the ranking was held by Spain ($X), with a 5.7% share of total exports.

In the Netherlands, crude palm oil exports increased at an average annual rate of +10.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Spain (+9.0% per year) and Germany (-15.7% per year).

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, with an increase of 32% against the previous year. Export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude palm oil export price increased by +105.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 37%. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.9%), while the other leaders experienced more modest paces of growth.

Crude Palm Oil Imports

Imports in the EU

In 2022, purchases abroad of crude palm oil decreased by -12.8% to X tons, falling for the second year in a row after two years of growth. In general, imports continue to indicate a pronounced reduction. The pace of growth was the most pronounced in 2019 with an increase of 22%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, crude palm oil imports expanded significantly to $X in 2022. Over the period under review, imports saw a noticeable setback. The pace of growth appeared the most rapid in 2019 when imports increased by 18%. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Netherlands (X tons) represented the largest importer of crude palm oil, comprising 45% of total imports. It was distantly followed by Germany (X tons), Italy (X tons) and Spain (X tons), together making up a 47% share of total imports. France (X tons), Belgium (X tons) and Ireland (X tons) followed a long way behind the leaders.

Imports into the Netherlands decreased at an average annual rate of -5.4% from 2012 to 2022. At the same time, Belgium (+1.8%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing importer imported in the European Union, with a CAGR of +1.8% from 2012-2022. Ireland and France experienced a relatively flat trend pattern. By contrast, Spain (-1.2%), Italy (-4.4%) and Germany (-5.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Spain increased by +4.4 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) constitutes the largest market for imported crude palm oil in the European Union, comprising 44% of total imports. The second position in the ranking was held by Germany ($X), with a 16% share of total imports. It was followed by Spain, with a 15% share.

From 2012 to 2022, the average annual growth rate of value in the Netherlands amounted to -3.5%. In the other countries, the average annual rates were as follows: Germany (-3.7% per year) and Spain (+1.5% per year).

Import Prices by Country

The import price in the European Union stood at $X per ton in 2022, surging by 27% against the previous year. Import price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude palm oil import price increased by +102.2% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 48%. Over the period under review, import prices hit record highs in 2022 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Ireland ($X per ton) and France ($X per ton), while Italy ($X per ton) and Germany ($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 (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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