Lithuania: Palm Kernel Oil Market 2024

Palm Kernel Oil Market Size in Lithuania

In 2022, the Lithuanian palm kernel oil market increased by 9.2% to $X, rising for the second consecutive year after three years of decline. In general, consumption, however, saw prominent growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Palm Kernel Oil Production in Lithuania

In value terms, palm kernel oil production amounted to $X in 2022 estimated in export price. Over the period under review, production saw a perceptible descent. The pace of growth was the most pronounced in 2014 when the production volume increased by 21%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Palm Kernel Oil Exports

Exports from Lithuania

In 2022, palm kernel oil exports from Lithuania plummeted to X tons, waning by -42.1% compared with the year before. In general, exports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2020 with an increase of 10,207%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, palm kernel oil exports surged to $X in 2022. Over the period under review, exports, however, posted a significant expansion. The growth pace was the most rapid in 2018 when exports increased by 2,958% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Poland (X tons), Russia (X tons) and the Netherlands (X tons) were the main destinations of palm kernel oil exports from Lithuania, with a combined 100% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +351.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) emerged as the key foreign market for palm kernel and babassu oil exports from Lithuania, comprising 67% of total exports. The second position in the ranking was held by Poland ($X), with a 32% share of total exports. It was followed by the Netherlands, with a 1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Russia totaled +250.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+14.3% per year) and the Netherlands (+13.8% per year).

Export Prices by Country

The average palm kernel oil export price stood at $X per ton in 2022, increasing by 250% against the previous year. Overall, the export price enjoyed a remarkable increase. The growth pace was the most rapid in 2019 an increase of 1,062%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to the Netherlands ($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 Poland (+3.0%), while the prices for the other major destinations experienced mixed trend patterns.

Palm Kernel Oil Imports

Imports into Lithuania

Palm kernel oil imports into Lithuania fell to X tons in 2022, waning by -6.3% against 2021 figures. Overall, imports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 3,760%. As a result, imports reached the peak of X tons, and then declined in the following year.

In value terms, palm kernel oil imports soared to $X in 2022. In general, imports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 3,264% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

The Netherlands (X tons), Sweden (X tons) and Poland (X tons) were the main suppliers of palm kernel oil imports to Lithuania, together comprising 96% of total imports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +173.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Sweden ($X) and Poland ($X) appeared to be the largest palm kernel oil suppliers to Lithuania, with a combined 96% share of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +151.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average palm kernel oil import price amounted to $X per ton, rising by 26% against the previous year. Over the last decade, it increased at an average annual rate of +4.1%. The growth pace was the most rapid in 2013 when the average import price increased by 54% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Poland ($X per ton) and Germany ($X per ton), while the price for Sweden ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+5.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform