Greece: Palm Kernel Oil Market 2024

Palm Kernel Oil Market Size in Greece

The Greek palm kernel oil market soared to $X in 2022, jumping by 116% against the previous year. Overall, consumption saw a pronounced expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Palm Kernel Oil Production in Greece

In value terms, palm kernel oil production declined to $X in 2022 estimated in export price. In general, production faced a deep contraction. The pace of growth appeared the most rapid in 2021 when the production volume increased by 32% against the previous year. Palm kernel oil production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Palm Kernel Oil Exports

Exports from Greece

Palm kernel oil exports from Greece was estimated at X tons in 2022, increasing by 3.2% compared with 2021 figures. Overall, exports saw a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 516% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, palm kernel oil exports surged to $X in 2022. In general, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2021 with an increase of 1,283%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Bulgaria (X tons) was the main destination for palm kernel oil exports from Greece, accounting for a 79% share of total exports. Moreover, palm kernel oil exports to Bulgaria exceeded the volume sent to the second major destination, Romania (X tons), sevenfold. The Netherlands (X tons) ranked third in terms of total exports with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume to Bulgaria stood at +98.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (0.0% per year) and the Netherlands (0.0% per year).

In value terms, Bulgaria ($X) emerged as the key foreign market for palm kernel and babassu oil exports from Greece, comprising 80% of total exports. The second position in the ranking was taken by Romania ($X), with a 7.6% share of total exports. It was followed by the Netherlands, with a 6.2% share.

From 2012 to 2022, the average annual growth rate of value to Bulgaria totaled +103.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (0.0% per year) and the Netherlands (0.0% per year).

Export Prices by Country

In 2022, the average palm kernel oil export price amounted to $X per ton, with an increase of 19% against the previous year. Overall, the export price recorded a strong increase. The pace of growth was the most pronounced in 2021 when the average export price increased by 124%. The export price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Romania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+28.5%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Kernel Oil Imports

Imports into Greece

Palm kernel oil imports into Greece surged to X tons in 2022, increasing by 84% against 2021. Overall, imports enjoyed a noticeable expansion. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, palm kernel oil imports skyrocketed to $X in 2022. In general, imports saw resilient growth. The pace of growth was the most pronounced in 2021 when imports increased by 116%. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest palm kernel oil supplier to Greece, with a 67% share of total imports. Moreover, palm kernel oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from Indonesia totaled +23.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-7.2% per year) and the Netherlands (+35.3% per year).

In value terms, Indonesia ($X), Malaysia ($X) and the Netherlands ($X) were the largest palm kernel oil suppliers to Greece, together accounting for 96% of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +42.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average palm kernel oil import price amounted to $X per ton, with an increase of 14% against the previous year. Overall, import price indicated a slight 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, palm kernel oil import price increased by +65.6% against 2020 indices. The growth pace was the most rapid in 2017 when the average import price increased by 45%. As a result, import price reached the peak level of $X per ton; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+6.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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