Europe: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Europe

The Europe refined palm oil market reached $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in years to come.

Refined Palm Oil Production in Europe

In value terms, refined palm oil production expanded notably to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Refined Palm Oil Exports

Exports in Europe

In 2022, after two years of decline, there was growth in shipments abroad of refined palm oil, when their volume increased by 2.2% to X tons. Overall, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by 14%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, refined palm oil exports skyrocketed to $X in 2022. Total exports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.6% 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 +69.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 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 years to come.

Exports by Country

The Netherlands represented the main exporter of refined palm oil in Europe, with the volume of exports resulting at X tons, which was approx. 39% of total exports in 2022. Germany (X tons) ranks second in terms of the total exports with a 20% share, followed by Estonia (13%), Italy (8.5%), Denmark (5.5%) and Spain (4.8%). Sweden (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Estonia (with a CAGR of +166.9%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Germany ($X) and Estonia ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 70% share of total exports.

In terms of the main exporting countries, Estonia, with a CAGR of +158.1%, recorded the highest rates of growth with regard to 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 Europe stood at $X per ton in 2022, rising by 24% against the previous year. Export price indicated a noticeable increase 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 +96.4% against 2019 indices. The pace of growth was the most pronounced in 2021 when the export price increased by 38% against the previous year. Over the period under review, the export prices hit record highs 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 ($X per ton) and Italy ($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 Europe

In 2022, after two years of growth, there was significant decline in purchases abroad of refined palm oil, when their volume decreased by -8.8% to X tons. The total import volume increased at an average annual rate of +4.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when imports increased by 27% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, refined palm oil imports reached $X in 2022. Total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.1% 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 +88.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 50% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Russia (X tons), Italy (X tons) and Spain (X tons) was the main importer of refined palm oil in Europe, creating 50% of total import. Germany (X tons) held a 6.6% share (based on physical terms) of total imports, which put it in second place, followed by Belgium (6%), the Netherlands (5.3%) and Poland (4.5%). The following importers - Estonia (X tons), the UK (X tons), Sweden (X tons), Denmark (X tons), France (X tons) and Greece (X tons) - together made up 19% of total imports.

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 Europe were Italy ($X), Russia ($X) and Spain ($X), together comprising 42% of total imports. Germany, Belgium, the Netherlands, Poland, the UK, Estonia, Denmark, Sweden, France and Greece lagged somewhat behind, together accounting for a further 47%.

In terms of the main importing countries, Estonia, with a CAGR of +93.2%, saw the highest growth rate of 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

In 2022, the import price in Europe amounted to $X per ton, rising by 20% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% 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 +86.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 38% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

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 France ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform