Europe: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Europe

The Europe crude palm oil market expanded slightly to $X in 2022, increasing by 4% against the previous year. Over the period under review, consumption recorded a perceptible decline. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Crude Palm Oil Production in Europe

In value terms, crude palm oil production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production, however, saw a remarkable increase. The pace of growth was the most pronounced in 2013 with an increase of 4,008%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Crude Palm Oil Exports

Exports in Europe

In 2022, overseas shipments of crude palm oil decreased by -19.3% to X tons, falling for the second year in a row after two years of growth. Total exports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -19.9% against 2020 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 59%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, crude palm oil exports expanded remarkably to $X in 2022. In general, exports, however, posted strong growth. The growth pace was the most rapid in 2020 with an increase of 62% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

The Netherlands prevails in exports structure, recording X tons, which was approx. 93% of total exports in 2022. Spain (X tons) and Germany (X tons) followed a long way behind the leaders.

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. From 2012 to 2022, the share of the Netherlands increased by +35 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest crude palm oil supplier in Europe, comprising 89% of total exports. The second position in the ranking was taken by Spain ($X), with a 5.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the Netherlands amounted to +10.5%. In the other countries, the average annual rates were as follows: Spain (+9.0% per year) and Germany (-15.7% per year).

Export Prices by Country

In 2022, the export price in Europe amounted to $X per ton, surging by 32% against the previous year. Export price indicated a perceptible expansion 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 +98.9% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 36% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: 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 Europe

In 2022, overseas purchases of crude palm oil decreased by -12.2% to X tons, falling for the second year in a row after two years of growth. In general, imports recorded a noticeable setback. The most prominent rate of growth was recorded in 2019 with an increase of 22% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, crude palm oil imports amounted to $X in 2022. Overall, imports recorded a perceptible decline. The pace of growth appeared the most rapid in 2019 when imports increased by 17%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the Netherlands (X tons) was the key importer of crude palm oil, committing 42% of total imports. It was distantly followed by Germany (X tons), Italy (X tons), Spain (X tons) and the UK (X tons), together creating a 49% share of total imports. France (X tons) and Belgium (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 Europe, with a CAGR of +1.8% from 2012-2022. France experienced a relatively flat trend pattern. By contrast, Spain (-1.2%), Italy (-4.4%), Germany (-5.6%) and the UK (-6.2%) illustrated a downward trend over the same period. While the share of Spain (+4.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the Netherlands (-3.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) constitutes the largest market for imported crude palm oil in Europe, comprising 42% of total imports. The second position in the ranking was taken by Germany ($X), with a 15% share of total imports. It was followed by Spain, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Netherlands totaled -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

In 2022, the import price in Europe amounted to $X per ton, rising by 28% against the previous year. Import price indicated a perceptible expansion 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 import price increased by +103.5% against 2019 indices. The pace of growth was the most pronounced in 2021 when the import price increased by 49% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in the UK ($X per ton) and France ($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 Belgium (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform