Report Update Nov 1, 2024

Vietnam - Palm Oil - Market Analysis, Forecast, Size, Trends and Insights

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Vietnam: Palm Oil Market 2024

Palm Oil Market Size in Vietnam

In 2022, after two years of growth, there was significant decline in the Vietnamese palm oil market, when its value decreased by -13.2% to $X. In general, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 +50.0% against 2019 indices. As a result, consumption attained the peak level of $X, and then fell in the following year.

Palm Oil Exports

Exports from Vietnam

In 2022, overseas shipments of palm oil decreased by -16% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, showed a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of 2,350%. The exports peaked at X tons in 2021, and then declined sharply in the following year.

In value terms, palm oil exports fell dramatically to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2013 when exports increased by 2,809% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then dropped rapidly in the following year.

Exports by Country

Cambodia (X tons) was the main destination for palm oil exports from Vietnam, accounting for a approx. 99% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Cambodia stood at +48.8%.

In value terms, Cambodia ($X) also remains the key foreign market for palm oil exports from Vietnam.

From 2012 to 2022, the average annual growth rate of value to Cambodia stood at +49.1%.

Export Prices by Country

In 2022, the average palm oil export price amounted to $X per ton, declining by -4% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average export price increased by 23%. 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.

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

From 2012 to 2022, the rate of growth in terms of prices for Cambodia amounted to +0.2% per year.

Palm Oil Imports

Imports into Vietnam

In 2022, supplies from abroad of palm oil decreased by -9% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, saw a pronounced expansion. The pace of growth was the most pronounced in 2016 with an increase of 39% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then shrank in the following year.

In value terms, palm oil imports reduced to $X in 2022. In general, total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +57.8% against 2019 indices. The growth pace was the most rapid in 2021 when imports increased by 41%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

Indonesia (X tons) and Malaysia (X tons) were the main suppliers of palm oil imports to Vietnam.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +16.0%).

In value terms, the largest palm oil suppliers to Vietnam were Indonesia ($X) and Malaysia ($X).

Among the main suppliers, Indonesia, with a CAGR of +15.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

The average palm oil import price stood at $X per ton in 2022, dropping by -6.2% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 23%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably 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 (-0.1%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

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

Indonesia remains the largest palm oil consuming country worldwide, comprising approx. 25% of total volume. Moreover, palm oil consumption in Indonesia exceeded the figures recorded by the second-largest consumer, India, threefold. Malaysia ranked third in terms of total consumption 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 Vietnam?

In value terms, the largest palm oil suppliers to Vietnam were Indonesia and Malaysia.

What are the leading importers of palm oil from Vietnam?

In value terms, Cambodia remains the key foreign market for palm oil exports from Vietnam.

What is the average export price for palm oil in Vietnam?

In 2020, the average palm oil export price amounted to $1,048 per ton, remaining stable against the previous year.

What is the average import price for palm oil in Vietnam?

In 2020, the average palm oil import price amounted to $908 per ton, surging by 15% against the previous year.

This report provides an in-depth analysis of the palm oil market in Vietnam. 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:

Vietnam

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Vietnam
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