Spain: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Spain

In 2022, after two years of growth, there was significant decline in the Spanish refined palm oil market, when its value decreased by -14.6% to $X. In general, consumption, however, recorded a prominent expansion. Refined palm oil consumption peaked at $X in 2021, and then dropped in the following year.

Refined Palm Oil Production in Spain

In value terms, refined palm oil production rose slightly to $X in 2022 estimated in export price. In general, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.1% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 19%. Refined palm oil production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Refined Palm Oil Exports

Exports from Spain

In 2022, shipments abroad of refined palm oil was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports posted a notable expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

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

Exports by Country

France (X tons), Italy (X tons) and the Netherlands (X tons) were the main destinations of refined palm oil exports from Spain, together accounting for 65% of total exports. Portugal, Belgium, Turkey, Ukraine and Switzerland lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for Ukraine (with a CAGR of +354.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Italy ($X) and the Netherlands ($X) were the largest markets for refined palm oil exported from Spain worldwide, together accounting for 59% of total exports. Portugal, Belgium, Turkey, Ukraine and Switzerland lagged somewhat behind, together accounting for a further 31%.

Ukraine, with a CAGR of +482.5%, saw the highest growth rate of the value of exports, in terms of 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, surging by 21% against the previous year. Over the period under review, the export price posted a measured expansion. The pace of growth appeared the most rapid in 2021 when the average export price increased by 48% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to the Netherlands ($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 Ukraine (+28.2%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Palm Oil Imports

Imports into Spain

In 2022, after two years of growth, there was significant decline in purchases abroad of refined palm oil, when their volume decreased by -29.4% to X tons. Overall, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 227%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, refined palm oil imports fell remarkably to $X in 2022. Over the period under review, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 195% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest refined palm oil supplier to Spain, with a 81% share of total imports. Moreover, refined palm oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia stood at +32.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+42.7% per year) and the Netherlands (-13.6% per year).

In value terms, Indonesia ($X) constituted the largest supplier of refined palm oil to Spain, comprising 78% of total imports. The second position in the ranking was held by Malaysia ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Indonesia totaled +34.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+43.5% per year) and the Netherlands (-9.1% per year).

Import Prices by Country

The average refined palm oil import price stood at $X per ton in 2022, jumping by 16% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 46% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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