Southern Asia: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Southern Asia

The South Asian refined palm oil market soared to $X in 2022, increasing by 23% against the previous year. The total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +75.1% against 2013 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Refined Palm Oil Production in Southern Asia

In value terms, refined palm oil production skyrocketed to $X in 2022 estimated in export price. In general, production showed a strong increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 270%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Refined Palm Oil Exports

Exports in Southern Asia

In 2022, after eight years of growth, there was significant decline in overseas shipments of refined palm oil, when their volume decreased by -39.3% to X tons. In general, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2021 when exports increased by 227% against the previous year. As a result, the exports attained the peak of X tons, and then declined remarkably in the following year.

In value terms, refined palm oil exports dropped rapidly to $X in 2022. Over the period under review, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 467% against the previous year. As a result, the exports reached the peak of $X, and then contracted significantly in the following year.

Exports by Country

Nepal prevails in exports structure, reaching X tons, which was approx. 95% of total exports in 2022. Bangladesh (X tons) and India (X tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to refined palm oil exports from Nepal stood at +33.8%. At the same time, Bangladesh (+42.8%) and India (+27.1%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +42.8% from 2012-2022. From 2012 to 2022, the share of Nepal and Bangladesh increased by +29 and +1.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nepal ($X) remains the largest refined palm oil supplier in Southern Asia, comprising 95% of total exports. The second position in the ranking was taken by Bangladesh ($X), with a 2.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nepal amounted to +39.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Bangladesh (+39.1% per year) and India (+28.2% per year).

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, declining by -7.4% against the previous year. Export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.6% 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 +60.6% against 2020 indices. The growth pace was the most rapid in 2021 when the export price increased by 73%. As a result, the export price attained the peak level of $X per ton, and then contracted in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nepal ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nepal (+4.1%), while the other leaders experienced mixed trends in the export price figures.

Refined Palm Oil Imports

Imports in Southern Asia

In 2022, approx. X tons of refined palm oil were imported in Southern Asia; approximately equating 2021 figures. Total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% 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 +60.4% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 58%. Over the period under review, imports attained the peak figure at X tons in 2019; afterwards, it flattened through to 2022.

In value terms, refined palm oil imports totaled $X in 2022. In general, imports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 145%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the near future.

Imports by Country

The purchases of the three major importers of refined palm oil, namely Pakistan, India and Bangladesh, represented more than two-thirds of total import. Afghanistan (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Afghanistan (with a CAGR of +17.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined palm oil importing markets in Southern Asia were Pakistan ($X), India ($X) and Bangladesh ($X), together accounting for 96% of total imports. These countries were followed by Afghanistan, which accounted for a further 3.2%.

Among the main importing countries, Afghanistan, with a CAGR of +18.2%, 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 import price in Southern Asia amounted to $X per ton, growing by 13% against the previous year. Import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% 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 +111.1% against 2019 indices. The growth pace was the most rapid in 2021 when the import price increased by 55%. The level of import peaked in 2022 and is likely to see steady growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Pakistan ($X per ton) and India ($X per ton), while Bangladesh ($X per ton) and Afghanistan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+2.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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