Japan: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Japan

The Japanese refined palm oil market shrank to $X in 2022, waning by -7.4% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Refined Palm Oil Production in Japan

In value terms, refined palm oil production fell to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 231% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Refined Palm Oil Exports

Exports from Japan

In 2022, the amount of refined palm oil exported from Japan fell significantly to X tons, reducing by -18.6% compared with the previous year's figure. Over the period under review, exports showed a sharp downturn. The most prominent rate of growth was recorded in 2021 with an increase of 95%. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, refined palm oil exports expanded notably to $X in 2022. In general, exports showed a deep reduction. The pace of growth appeared the most rapid in 2021 with an increase of 101% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Russia (X tons), Belgium (X tons) and China (X tons) were the main destinations of refined palm oil exports from Japan, with a combined 74% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +38.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined palm oil exported from Japan were Belgium ($X), Russia ($X) and China ($X), with a combined 64% share of total exports.

Belgium, with a CAGR of +42.4%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, surging by 31% against the previous year. Overall, the export price continues to indicate strong growth. The most prominent rate of growth was recorded in 2014 when the average export price increased by 53%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to the Netherlands ($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 Russia (+14.7%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Japan

In 2022, supplies from abroad of refined palm oil decreased by -0.4% to X tons, falling for the third year in a row after eight years of growth. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when imports increased by 9.2% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, refined palm oil imports skyrocketed to $X in 2022. In general, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +74.9% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest refined palm oil supplier to Japan, with a 79% share of total imports. Moreover, refined palm oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia was relatively modest.

In value terms, Malaysia ($X) constituted the largest supplier of refined palm oil to Japan, comprising 79% of total imports. The second position in the ranking was held by Indonesia ($X), with a 21% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia totaled +1.7%.

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, rising by 29% against the previous year. In general, the import price enjoyed a modest expansion. The most prominent rate of growth was recorded in 2021 when the average import price increased by 47%. The import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably 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 stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+2.1%).

Source: IndexBox Platform

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