Report Update Nov 1, 2024

Sri Lanka - Palm Oil - Market Analysis, Forecast, Size, Trends and Insights

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Sri Lanka: Palm Oil Market 2024

Palm Oil Market Size in Sri Lanka

In 2022, the Sri Lankan palm oil market decreased by -69.4% to $X, falling for the fifth consecutive year after two years of growth. In general, consumption saw a abrupt downturn. Palm oil consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Palm Oil Exports

Exports from Sri Lanka

In 2022, shipments abroad of palm oil decreased by -98% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports faced a precipitous curtailment. The pace of growth was the most pronounced in 2018 when exports increased by 1,781%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, palm oil exports declined sharply to $X in 2022. In general, exports faced a significant decline. The pace of growth was the most pronounced in 2018 when exports increased by 1,171%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore (X tons) was the main destination for palm oil exports from Sri Lanka, with a 33% share of total exports. Moreover, palm oil exports to Singapore exceeded the volume sent to the second major destination, Maldives (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore amounted to -8.8%.

In value terms, Singapore ($X) emerged as the key foreign market for palm oil exports from Sri Lanka, comprising 32% of total exports. The second position in the ranking was held by Maldives ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Singapore stood at -16.9%.

Export Prices by Country

In 2022, the average palm oil export price amounted to $X per ton, which is down by -17.4% against the previous year. Overall, the export price recorded a deep contraction. The most prominent rate of growth was recorded in 2013 an increase of 13%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to Singapore amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+37.3%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into Sri Lanka

In 2022, purchases abroad of palm oil decreased by -74% to X tons, falling for the fourth consecutive year after seven years of growth. Overall, imports faced a deep contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 107% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, palm oil imports declined significantly to $X in 2022. Over the period under review, imports continue to indicate a deep downturn. The pace of growth was the most pronounced in 2014 when imports increased by 51% against the previous year. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) was the main supplier of palm oil to Sri Lanka, with a 92% share of total imports. Moreover, palm oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to -7.2%.

In value terms, Malaysia ($X) constituted the largest supplier of palm oil to Sri Lanka, comprising 90% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 9.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Malaysia stood at -5.1%.

Import Prices by Country

The average palm oil import price stood at $X per ton in 2022, picking up by 21% against the previous year. In general, the import price recorded a notable increase. The most prominent rate of growth was recorded in 2021 an increase of 49%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.7%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for palm oil in the world?

Indonesia constituted the country with the largest volume of palm oil consumption, comprising approx. 25% of total volume. Moreover, palm oil consumption in Indonesia exceeded the figures recorded by the second-largest consumer, India, threefold. The third position in this ranking was occupied by Malaysia, with an 8.2% share.

What are the largest producers of palm oil in the world?

Indonesia constituted the country with the largest volume of palm oil production, accounting for 56% of total volume. Moreover, palm oil production in Indonesia exceeded the figures recorded by the second-largest producer, Malaysia, twofold. The third position in this ranking was occupied by Thailand, with a 4% share.

What are the leading suppliers of palm oil to Sri Lanka?

In value terms, Malaysia constituted the largest supplier of palm oil to Sri Lanka, comprising 88% of total imports. The second position in the ranking was occupied by the Philippines, with a 7% share of total imports.

What are the leading importers of palm oil from Sri Lanka?

In value terms, the largest markets for palm oil exported from Sri Lanka were Qatar and the UK.

What is the average export price for palm oil in Sri Lanka?

The average palm oil export price stood at $955 per ton in 2020, with an increase of 71% against the previous year.

What is the average import price for palm oil in Sri Lanka?

The average palm oil import price stood at $744 per ton in 2020, rising by 25% against the previous year.

This report provides an in-depth analysis of the palm oil market in Sri Lanka. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 257 - Oil of palm

Country coverage:

Sri Lanka

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Sri Lanka
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023