Europe: Palm Kernel Oil Market 2024

Palm Kernel Oil Market Size in Europe

In 2022, the Europe palm kernel oil market increased by 9.8% to $X, rising for the third consecutive year after two years of decline. The total consumption indicated a notable increase from 2012 to 2022: its value 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, consumption increased by +66.8% against 2019 indices. The level of consumption peaked in 2022 and is likely to see steady growth in years to come.

Palm Kernel Oil Production in Europe

In value terms, palm kernel oil production contracted slightly to $X in 2022 estimated in export price. In general, production continues to indicate a deep contraction. The pace of growth was the most pronounced in 2014 with an increase of 40%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Palm Kernel Oil Exports

Exports in Europe

Palm kernel oil exports contracted markedly to X tons in 2022, reducing by -15.6% against the previous year's figure. Overall, exports, however, posted a notable expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 160%. 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 remarkably to $X in 2022. In general, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of 83%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Germany (X tons) and the Netherlands (X tons) represented roughly 68% of total exports in 2022. Estonia (X tons) ranks next in terms of the total exports with a 12% share, followed by Spain (11%). Belgium (X tons) and Greece (X tons) followed a long way behind the leaders.

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 Europe 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 accounting for a further 20%.

In terms of 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

In 2022, the export price in Europe amounted to $X per ton, with an increase of 32% against the previous year. Export price indicated perceptible 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 +106.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 47% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

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 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 Europe

After two years of growth, purchases abroad of palm kernel and babassu oil decreased by -10.2% to X tons in 2022. The total import volume increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 31%. The volume of import peaked at X tons in 2021, and then dropped in the following year.

In value terms, palm kernel oil imports skyrocketed to $X in 2022. Total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +127.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 69%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Germany (X tons) and the Netherlands (X tons) represented the main importers of palm kernel and babassu oil in Europe, together resulting at near 54% of total imports. Russia (X tons) held the next position in the ranking, followed by Spain (X tons), Italy (X tons), Belgium (X tons) and Sweden (X tons). All these countries together held approx. 31% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Belgium (with a CAGR of +7.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the Netherlands ($X) and Belgium ($X) were the countries with the highest levels of imports in 2022, with a combined 61% share of total imports.

Belgium, with a CAGR of +13.6%, saw the highest growth rate of 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 Europe amounted to $X per ton, increasing by 35% against the previous year. Import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.9% 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 import price increased by +122.2% against 2019 indices. The pace of growth was the most pronounced in 2021 when the import price increased by 57% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Belgium ($X per ton), while Russia ($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