Europe: Palm Oil Market 2024

Palm Oil Market Size in Europe

In 2022, the Europe palm oil market increased by 5.5% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of +1.1% from 2012 to 2022; 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 near future.

Palm Oil Production in Europe

In value terms, palm oil production soared to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable contraction. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Palm Oil Exports

Exports in Europe

For the third year in a row, Europe recorded decline in overseas shipments of palm oil, which decreased by -0.6% to X tons in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 14% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, palm oil exports skyrocketed to $X in 2022. Total exports indicated a perceptible expansion 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 +73.8% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of 32% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the near future.

Exports by Country

In 2022, the Netherlands (X tons) was the key exporter of palm oil, committing 44% of total exports. Germany (X tons) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Estonia (12%), Italy (7.7%), Denmark (4.9%) and Spain (4.7%). The following exporters - Sweden (X tons) and Greece (X tons) - each amounted to a 3.8% share of total exports.

Exports from the Netherlands decreased at an average annual rate of -3.9% from 2012 to 2022. 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 Europe, with a CAGR of +166.9% from 2012-2022. From 2012 to 2022, the share of Estonia, Italy, Germany, Denmark and Sweden increased by +12, +4.8, +4.2, +3 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest palm oil supplier in Europe, comprising 42% of total exports. The second position in the ranking was taken by Germany ($X), with an 18% share of total exports. It was followed by Estonia, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in the Netherlands totaled -1.8%. 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 Europe stood at $X per ton in 2022, jumping by 25% against the previous year. Export price indicated a moderate increase 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 export price increased by +96.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 38%. The level of export peaked in 2022 and is likely to continue growth in years to come.

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 Europe

In 2022, overseas purchases of palm oil decreased by -10.1% to X tons, falling for the second consecutive year after two years of growth. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 23% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, palm oil imports expanded notably to $X in 2022. The total import value increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 26% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

The countries with the highest levels of palm oil imports in 2022 were the Netherlands (X tons), Italy (X tons), Spain (X tons), Russia (X tons) and Germany (X tons), together resulting at 71% of total import. It was distantly followed by Belgium (X tons), achieving a 4.5% share of total imports. The UK (X tons), Poland (X tons), France (X tons), Estonia (X tons), Denmark (X tons) and Sweden (X tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Estonia (with a CAGR of +90.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Italy ($X) and Spain ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 47% of total imports. Germany, Russia, Belgium, the UK, Poland, France, Estonia, Denmark and Sweden lagged somewhat behind, together accounting for a further 44%.

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 Europe stood at $X per ton in 2022, rising by 23% against the previous year. Import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.9% 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 +95.4% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 45%. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Poland ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform