Iran: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Iran

In 2022, after two years of growth, there was significant decline in the Iranian refined palm oil market, when its value decreased by -24.9% to $X. In general, consumption, however, enjoyed modest growth. As a result, consumption reached the peak level of $X, and then contracted notably in the following year.

Refined Palm Oil Production in Iran

In value terms, refined palm oil production expanded notably to $X in 2022 estimated in export price. Over the period under review, production saw slight growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by 32% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Refined Palm Oil Exports

Exports from Iran

In 2022, after two years of decline, there was significant growth in shipments abroad of refined palm oil, when their volume increased by 41% to X tons. Over the period under review, exports, however, continue to indicate a sharp downturn. The most prominent rate of growth was recorded in 2016 with an increase of 672%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined palm oil exports skyrocketed to $X in 2022. Overall, exports, however, saw a sharp setback. The pace of growth was the most pronounced in 2016 with an increase of 919% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Afghanistan (X tons) was the main destination for refined palm oil exports from Iran, with a 93% share of total exports. It was followed by Iraq (X tons), with a 3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Afghanistan amounted to -20.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (-27.9% per year) and Kyrgyzstan (-31.5% per year).

In value terms, Afghanistan ($X) remains the key foreign market for refined palm oil exports from Iran, comprising 92% of total exports. The second position in the ranking was taken by Iraq ($X), with a 3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Afghanistan amounted to -27.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (-34.1% per year) and Kyrgyzstan (-36.9% per year).

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, growing by 11% against the previous year. Overall, the export price, however, continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2016 an increase of 32% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Kyrgyzstan ($X per ton), while the average price for exports to Afghanistan ($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 Kyrgyzstan (-7.8%), while the prices for the other major destinations experienced a decline.

Refined Palm Oil Imports

Imports into Iran

Refined palm oil imports into Iran contracted significantly to X tons in 2022, with a decrease of -30.1% against 2021 figures. In general, imports continue to indicate a noticeable contraction. The pace of growth appeared the most rapid in 2021 when imports increased by 150%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, refined palm oil imports contracted rapidly to $X in 2022. Overall, imports showed a pronounced shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 287%. As a result, imports attained the peak of $X, and then reduced rapidly in the following year.

Imports by Country

Malaysia (X tons), Singapore (X tons) and Indonesia (X tons) were the main suppliers of refined palm oil imports to Iran, with a combined 58% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +1.1%), while purchases for the other leaders experienced a decline.

In value terms, Malaysia ($X) constituted the largest supplier of refined palm oil to Iran, comprising 35% of total imports. The second position in the ranking was held by Singapore ($X), with a 14% share of total imports. It was followed by Indonesia, with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at -8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-5.0% per year) and Indonesia (-20.1% per year).

Import Prices by Country

In 2022, the average refined palm oil import price amounted to $X per ton, dropping by -10% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 55%. As a result, import price reached the peak level of $X per ton, and then declined in the following year.

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 Turkey ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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