Portugal: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Portugal

For the third year in a row, the Portuguese refined palm oil market recorded growth in sales value, which increased by 19% to $X in 2022. Overall, consumption, however, saw a prominent increase. Refined palm oil consumption peaked in 2022 and is expected to retain growth in the immediate term.

Refined Palm Oil Production in Portugal

In value terms, refined palm oil production amounted to $X in 2022 estimated in export price. Overall, production enjoyed a significant expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 1,863% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Refined Palm Oil Exports

Exports from Portugal

In 2022, overseas shipments of refined palm oil increased by 87% to X tons, rising for the third year in a row after five years of decline. In general, exports recorded a noticeable increase. The pace of growth appeared the most rapid in 2021 with an increase of 96%. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, refined palm oil exports surged to $X in 2022. Over the period under review, exports posted a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Spain (X tons) was the main destination for refined palm oil exports from Portugal, accounting for a 89% share of total exports. Moreover, refined palm oil exports to Spain exceeded the volume sent to the second major destination, Cabo Verde (X tons), more than tenfold. Mozambique (X tons) ranked third in terms of total exports with a 3% share.

From 2012 to 2022, the average annual growth rate of volume to Spain stood at +19.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cabo Verde (-8.8% per year) and Mozambique (-0.5% per year).

In value terms, Spain ($X) remains the key foreign market for refined palm oil exports from Portugal, comprising 86% of total exports. The second position in the ranking was taken by Cabo Verde ($X), with a 6.2% share of total exports. It was followed by Mozambique, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value to Spain stood at +25.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cabo Verde (-5.1% per year) and Mozambique (+5.3% per year).

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, jumping by 32% against the previous year. In general, export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +3.9% 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 export price increased by +64.1% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Angola ($X per ton), while the average price for exports to Spain ($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 Angola (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Portugal

In 2022, the amount of refined palm oil imported into Portugal dropped sharply to X tons, shrinking by -55.4% on 2021 figures. Over the period under review, imports showed a abrupt setback. The most prominent rate of growth was recorded in 2019 with an increase of 143%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, refined palm oil imports declined notably to $X in 2022. In general, imports faced a deep reduction. The growth pace was the most rapid in 2019 with an increase of 102% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), the Netherlands (X tons) and Ecuador (X tons) were the main suppliers of refined palm oil imports to Portugal, together comprising 96% of total imports.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +48.8%), while purchases for the other leaders experienced a decline.

In value terms, Spain ($X) constituted the largest supplier of refined palm oil to Portugal, comprising 51% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 24% share of total imports. It was followed by Ecuador, with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-20.8% per year) and Ecuador (+61.7% per year).

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, with an increase of 66% against the previous year. Over the period under review, the import price recorded a pronounced increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the Netherlands ($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 (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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