Lithuania: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Lithuania

In 2022, the Lithuanian refined palm oil market increased by 35% to $X, rising for the third consecutive year after three years of decline. In general, consumption enjoyed a buoyant expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Refined Palm Oil Production in Lithuania

In value terms, refined palm oil production rose modestly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 727% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Palm Oil Exports

Exports from Lithuania

In 2022, overseas shipments of refined palm oil increased by 121% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 251% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined palm oil exports soared to $X in 2022. Overall, exports recorded prominent growth. The pace of growth appeared the most rapid in 2016 when exports increased by 246%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Estonia (X tons), Latvia (X tons) and Russia (X tons) were the main destinations of refined palm oil exports from Lithuania, together comprising 91% of total exports.

From 2012 to 2022, the biggest increases were recorded for Estonia (with a CAGR of +29.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Latvia ($X) and Russia ($X) appeared to be the largest markets for refined palm oil exported from Lithuania worldwide, together comprising 92% of total exports.

Estonia, with a CAGR of +36.2%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, picking up by 33% against the previous year. In general, the export price posted a notable increase. The growth pace was the most rapid in 2021 when the average export price increased by 45%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Russia ($X per ton) and Finland ($X per ton), while the average price for exports to Slovakia ($X per ton) and Latvia ($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 Finland (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Lithuania

In 2022, supplies from abroad of refined palm oil increased by 9.8% to X tons, rising for the fourth year in a row after two years of decline. The total import volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when imports increased by 44% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, refined palm oil imports skyrocketed to $X in 2022. In general, imports showed a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Germany (X tons) constituted the largest refined palm oil supplier to Lithuania, with a 59% share of total imports. Moreover, refined palm oil imports from Germany exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. The third position in this ranking was held by Poland (X tons), with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+4.4% per year) and Poland (+2.0% per year).

In value terms, Germany ($X) constituted the largest supplier of refined palm oil to Lithuania, comprising 55% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 23% share of total imports. It was followed by Poland, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Germany totaled +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+7.7% per year) and Poland (+7.3% per year).

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, growing by 34% against the previous year. Over the period under review, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +2.7% 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 +102.3% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform