Sweden: Palm Oil Market 2024

Palm Oil Market Size in Sweden

After two years of growth, the Swedish palm oil market decreased by -3.6% to $X in 2022. In general, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +19.8% against 2018 indices. Over the period under review, the market hit record highs at $X in 2021, and then fell in the following year.

Palm Oil Exports

Exports from Sweden

In 2022, palm oil exports from Sweden fell rapidly to X tons, with a decrease of -15.4% against 2021. Over the period under review, exports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 80% against the previous year. As a result, the exports attained the peak of X tons, and then contracted remarkably in the following year.

In value terms, palm oil exports expanded to $X in 2022. Overall, exports, however, saw strong growth. The pace of growth appeared the most rapid in 2021 when exports increased by 105% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Poland (X tons), Germany (X tons) and Russia (X tons) were the main destinations of palm oil exports from Sweden, together comprising 42% of total exports. Algeria, Ukraine, Austria, Slovakia, the Czech Republic, Finland, Denmark, Lithuania, Norway and Bulgaria lagged somewhat behind, together comprising a further 45%.

From 2012 to 2022, the biggest increases were recorded for Lithuania (with a CAGR of +122.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Germany ($X) and Algeria ($X) were the largest markets for palm oil exported from Sweden worldwide, together comprising 43% of total exports. Ukraine, Austria, Russia, Slovakia, the Czech Republic, Finland, Denmark, Lithuania, Bulgaria and Norway lagged somewhat behind, together accounting for a further 44%.

Lithuania, with a CAGR of +124.7%, saw the highest rates of growth with regard to 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

The average palm oil export price stood at $X per ton in 2022, growing by 22% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Algeria ($X per ton) and Germany ($X per ton), while the average price for exports to Russia ($X per ton) and Ukraine ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bulgaria (+1.9%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into Sweden

In 2022, after two years of growth, there was significant decline in supplies from abroad of palm oil, when their volume decreased by -16.6% to X tons. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -4.4% against 2018 indices. The pace of growth was the most pronounced in 2013 with an increase of 39%. Over the period under review, imports reached the peak figure at X tons in 2021, and then fell rapidly in the following year.

In value terms, palm oil imports expanded to $X in 2022. In general, imports, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 51%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

Indonesia (X tons), Malaysia (X tons) and Denmark (X tons) were the main suppliers of palm oil imports to Sweden, with a combined 97% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +26.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest palm oil suppliers to Sweden were Indonesia ($X), Malaysia ($X) and Denmark ($X), together comprising 97% of total imports.

Indonesia, with a CAGR of +28.2%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average palm oil import price amounted to $X per ton, increasing by 22% against the previous year. Overall, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, palm oil import price increased by +63.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 25% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Singapore ($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 (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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