EU: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in the EU

In 2022, the EU refined palm oil market increased by 5.6% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of +4.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Refined Palm Oil Production in the EU

In value terms, refined palm oil production expanded sharply to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Refined Palm Oil Exports

Exports in the EU

In 2022, shipments abroad of refined palm oil increased by 2.6% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 17% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, refined palm oil exports skyrocketed to $X in 2022. Total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.9% 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 +70.9% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 32% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

In 2022, the Netherlands (X tons) represented the key exporter of refined palm oil, creating 39% of total exports. It was distantly followed by Germany (X tons), Estonia (X tons), Italy (X tons), Denmark (X tons) and Spain (X tons), together generating a 53% share of total exports. Sweden (X tons) held a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Estonia (with a CAGR of +166.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Germany ($X) and Estonia ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 71% of total exports.

Among the main exporting countries, Estonia, with a CAGR of +158.1%, recorded 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, with an increase of 24% against the previous year. Export price indicated tangible 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, refined palm oil export price increased by +97.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 39% against the previous year. Over the period under review, the export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

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 ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+2.5%), while the other leaders experienced more modest paces of growth.

Refined Palm Oil Imports

Imports in the EU

In 2022, after two years of growth, there was significant decline in overseas purchases of refined palm oil, when their volume decreased by -7.2% to X tons. Total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +4.7% 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 +9.9% against 2019 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 31% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, refined palm oil imports soared to $X in 2022. Total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% 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 +106.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 51% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the near future.

Imports by Country

Italy (X tons) and Spain (X tons) represented the major importers of refined palm oil in 2022, amounting to approx. 24% and 17% of total imports, respectively. It was distantly followed by Germany (X tons), Belgium (X tons), the Netherlands (X tons), Poland (X tons) and Estonia (X tons), together achieving a 36% share of total imports. Sweden (X tons), Denmark (X tons), France (X tons), Greece (X tons) and Ireland (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Estonia (with a CAGR of +93.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined palm oil importing markets in the European Union were Italy ($X), Spain ($X) and Germany ($X), with a combined 46% share of total imports. Belgium, the Netherlands, Poland, Estonia, Denmark, Sweden, France, Greece and Ireland lagged somewhat behind, together accounting for a further 47%.

Estonia, with a CAGR of +93.2%, saw 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

In 2022, the import price in the European Union amounted to $X per ton, with an increase of 30% against the previous year. Import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.2% 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 +88.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 34%. The level of import peaked in 2022 and is expected to retain 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 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 (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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