Report Update Nov 1, 2024

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

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Sri Lanka: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Sri Lanka

The Sri Lankan refined palm oil market shrank remarkably to $X in 2022, falling by -38.2% against the previous year. Overall, consumption showed a abrupt decrease. Refined palm oil consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Refined Palm Oil Production in Sri Lanka

In value terms, refined palm oil production soared to $X in 2022 estimated in export price. Overall, production, however, recorded a pronounced decrease. The most prominent rate of growth was recorded in 2020 with an increase of 119% against the previous year. Refined palm oil production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Refined Palm Oil Exports

Exports from Sri Lanka

After two years of growth, shipments abroad of refined palm oil decreased by -99.4% to X tons in 2022. Over the period under review, exports faced a dramatic descent. The most prominent rate of growth was recorded in 2018 when exports increased by 3,248% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refined palm oil exports declined remarkably to $X in 2022. Overall, exports continue to indicate a sharp contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 2,300%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tons) was the main destination for refined palm oil exports from Sri Lanka, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Singapore totaled -9.0%.

In value terms, Singapore ($X) emerged as the key foreign market for refined palm oil exports from Sri Lanka.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore stood at -17.4%.

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, reducing by -20.6% against the previous year. Over the period under review, the export price continues to indicate a abrupt downturn. The growth pace was the most rapid in 2013 when the average export price increased by 16% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Singapore.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +37.3% per year.

Refined Palm Oil Imports

Imports into Sri Lanka

In 2022, overseas purchases of refined palm oil decreased by -69% to X tons, falling for the fourth consecutive year after five years of growth. In general, imports showed a deep contraction. The most prominent rate of growth was recorded in 2016 with an increase of 197%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, refined palm oil imports reduced markedly to $X in 2022. Overall, imports recorded a deep setback. The pace of growth was the most pronounced in 2016 with an increase of 160%. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X tons) was the main supplier of refined palm oil to Sri Lanka, accounting for a 93% share of total imports. Moreover, refined 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 stood at -4.8%.

In value terms, Malaysia ($X) constituted the largest supplier of refined palm oil to Sri Lanka, comprising 90% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 9.7% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at -2.9%.

Import Prices by Country

In 2022, the average refined palm oil import price amounted to $X per ton, growing by 18% against the previous year. Over the period under review, the import price enjoyed a notable increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 50% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

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 amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.4%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

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

The country with the largest volume of refined palm oil consumption was China, comprising approx. 12% of total volume. Moreover, refined palm oil consumption in China exceeded the figures recorded by the second-largest consumer, the United States, twofold. India ranked third in terms of total consumption with a 5.6% share.

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

Indonesia remains the largest refined palm oil producing country worldwide, comprising approx. 28% of total volume. Moreover, refined 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 India, with a 5.2% share.

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

In value terms, Malaysia constituted the largest supplier of refined palm oil to Sri Lanka, comprising 96% of total imports. The second position in the ranking was occupied by Indonesia, with a 3.1% share of total imports.

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

In value terms, the largest markets for refined palm oil exported from Sri Lanka were Romania, Democratic Republic of the Congo and Lebanon, with a combined 70% share of total exports. The United Arab Emirates, Bangladesh, Chile and Serbia lagged somewhat behind, together accounting for a further 25%.

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

The average refined palm oil export price stood at $519 per ton in 2021, with a decrease of -45.1% against the previous year.

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

In 2021, the average refined palm oil import price amounted to $664 per ton, falling by -12.1% against the previous year.

This report provides an in-depth analysis of the refined 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:

Prodcom 10415700 - Refined palm oil and its fractions (excluding chemically modified)

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:

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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
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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