India: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in India

The Indian refined palm oil market was finally on the rise to reach $X in 2022, after two years of decline. In general, consumption enjoyed a strong expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Refined Palm Oil Production in India

In value terms, refined palm oil production soared to $X in 2022 estimated in export price. Over the period under review, production posted strong growth. The pace of growth was the most pronounced in 2018 when the production volume increased by 1,144% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Refined Palm Oil Exports

Exports from India

In 2022, overseas shipments of refined palm oil decreased by -84.1% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, saw a significant expansion. The growth pace was the most rapid in 2021 with an increase of 898% against the previous year. As a result, the exports attained the peak of X tons, and then contracted markedly in the following year.

In value terms, refined palm oil exports fell dramatically to $X in 2022. Overall, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 1,349%. As a result, the exports reached the peak of $X, and then declined notably in the following year.

Exports by Country

Nepal (X tons) was the main destination for refined palm oil exports from India, accounting for a 51% share of total exports. Moreover, refined palm oil exports to Nepal exceeded the volume sent to the second major destination, Germany (X tons), twofold. The third position in this ranking was held by Bhutan (X tons), with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to Nepal totaled +85.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+124.3% per year) and Bhutan (+227.2% per year).

In value terms, Nepal ($X) emerged as the key foreign market for refined palm oil exports from India, comprising 50% of total exports. The second position in the ranking was taken by Germany ($X), with a 20% share of total exports. It was followed by Bhutan, with a 16% share.

From 2012 to 2022, the average annual growth rate of value to Nepal stood at +84.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+172.0% per year) and Bhutan (+249.6% per year).

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, surging by 11% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 54%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Germany ($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 Germany (+21.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into India

In 2022, refined palm oil imports into India skyrocketed to X tons, growing by 154% on 2021. In general, imports enjoyed notable growth. The most prominent rate of growth was recorded in 2021 when imports increased by 314%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, refined palm oil imports skyrocketed to $X in 2022. Over the period under review, imports posted a resilient expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 584% 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, Indonesia (X tons) constituted the largest supplier of refined palm oil to India, with a 76% share of total imports. Moreover, refined palm oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fivefold. The third position in this ranking was taken by Nepal (X tons), with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia amounted to +5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+1.5% per year) and Nepal (+62.9% per year).

In value terms, Indonesia ($X) constituted the largest supplier of refined palm oil to India, comprising 75% of total imports. The second position in the ranking was held by Malaysia ($X), with a 17% share of total imports. It was followed by Nepal, with a 5.4% share.

From 2012 to 2022, the average annual growth rate of value from Indonesia amounted to +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+4.2% per year) and Nepal (+80.7% per year).

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, rising by 2% against the previous year. Overall, the import price enjoyed a mild increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 65%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Nepal ($X per ton) and Malaysia ($X per ton), while the price for Singapore ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nepal (+11.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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