Peru: Refined Palm Oil Market 2025

Refined Palm Oil Market Size in Peru

The Peruvian refined palm oil market rose slightly to $X in 2022, with an increase of 4.2% against the previous year. The market value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. Refined palm oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Refined Palm Oil Production in Peru

In value terms, refined palm oil production expanded to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the production volume increased by 20%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Refined Palm Oil Exports

Exports from Peru

In 2022, overseas shipments of refined palm oil decreased by -17.2% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 1,055%. Over the period under review, the exports hit record highs at X tons in 2021, and then declined dramatically in the following year.

In value terms, refined palm oil exports reduced notably to $X in 2022. Over the period under review, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 938%. The exports peaked at $X in 2021, and then contracted markedly in the following year.

Exports by Country

Chile (X tons) was the main destination for refined palm oil exports from Peru, accounting for a 53% share of total exports. Moreover, refined palm oil exports to Chile exceeded the volume sent to the second major destination, Guatemala (X tons), twofold. Bolivia (X tons) ranked third in terms of total exports with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume to Chile amounted to +44.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+115.6% per year) and Bolivia (+62.8% per year).

In value terms, Chile ($X) remains the key foreign market for refined palm oil exports from Peru, comprising 55% of total exports. The second position in the ranking was held by Guatemala ($X), with a 24% share of total exports. It was followed by Bolivia, with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Chile amounted to +43.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+124.4% per year) and Bolivia (+59.1% per year).

Export Prices by Country

In 2022, the average refined palm oil export price amounted to $X per ton, dropping by -7.9% against the previous year. Over the period under review, the export price continues to indicate a slight shrinkage. The pace of growth appeared the most rapid in 2021 when the average export price increased by 38%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bolivia ($X per ton), while the average price for exports to Ecuador ($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 Guatemala (+4.1%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Palm Oil Imports

Imports into Peru

Refined palm oil imports into Peru totaled X tons in 2022, growing by 6.4% compared with 2021 figures. In general, imports showed significant growth. The pace of growth was the most pronounced in 2020 when imports increased by 90% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined palm oil imports fell to $X in 2022. Overall, imports posted significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 85%. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest refined palm oil supplier to Peru, with a 68% share of total imports. Moreover, refined palm oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia totaled +17.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+33.6% per year) and Ecuador (+51.8% per year).

In value terms, Indonesia ($X) constituted the largest supplier of refined palm oil to Peru, comprising 61% of total imports. The second position in the ranking was held by Malaysia ($X), with a 30% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Indonesia amounted to +16.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+35.4% per year) and Ecuador (+52.3% per year).

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, falling by -13.3% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 34% against the previous year. As a result, import price attained the peak level of $X per ton, and then contracted in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+1.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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