Italy: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Italy

In 2022, the Italian refined palm oil market increased by 27% to $X, rising for the third year in a row after five years of decline. Overall, consumption recorded a resilient expansion. Refined palm oil consumption peaked in 2022 and is likely to continue growth in the immediate term.

Refined Palm Oil Production in Italy

In value terms, refined palm oil production surged to $X in 2022 estimated in export price. In general, production enjoyed a significant increase. The growth pace was the most rapid in 2014 when the production volume increased by 456% against the previous year. Refined palm oil production peaked in 2022 and is expected to retain growth in the near future.

Refined Palm Oil Exports

Exports from Italy

In 2022, the amount of refined palm oil exported from Italy rose notably to X tons, picking up by 7.1% on the previous year. Overall, exports saw a prominent increase. The pace of growth was the most pronounced in 2016 with an increase of 85% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, refined palm oil exports skyrocketed to $X in 2022. Over the period under review, exports recorded a strong increase. The pace of growth was the most pronounced in 2016 when exports increased by 82%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Germany (X tons) was the main destination for refined palm oil exports from Italy, accounting for a 36% share of total exports. Moreover, refined palm oil exports to Germany exceeded the volume sent to the second major destination, Poland (X tons), twofold. Serbia (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Germany amounted to +11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+20.9% per year) and Serbia (+10.2% per year).

In value terms, Germany ($X) remains the key foreign market for refined palm oil exports from Italy, comprising 33% of total exports. The second position in the ranking was held by Poland ($X), with a 15% share of total exports. It was followed by Serbia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany totaled +9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+19.2% per year) and Serbia (+12.9% per year).

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, growing by 8.7% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 15%. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Romania ($X per ton) and Hungary ($X per ton), while the average price for exports to France ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Croatia (+2.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Italy

In 2022, purchases abroad of refined palm oil increased by 8.6% to X tons, rising for the third consecutive year after three years of decline. Overall, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +10.6% 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 +35.8% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 81% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, refined palm oil imports skyrocketed to $X in 2022. In general, imports recorded a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 56% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of refined palm oil to Italy, accounting for a 64% share of total imports. Moreover, refined palm oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. The Netherlands (X tons) ranked third in terms of total imports with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia amounted to +17.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+8.7% per year) and the Netherlands (-4.6% per year).

In value terms, Indonesia ($X) constituted the largest supplier of refined palm oil to Italy, comprising 58% of total imports. The second position in the ranking was held by Malaysia ($X), with a 29% share of total imports. It was followed by the Netherlands, with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia stood at +20.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+10.8% per year) and the Netherlands (-1.0% per year).

Import Prices by Country

In 2022, the average refined palm oil import price amounted to $X per ton, increasing by 23% against the previous year. In general, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.8% 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 +77.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 33%. 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 highest price was recorded for prices from the Netherlands ($X per ton) and Spain ($X per ton), while the price for Indonesia ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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