Global Crude Palm Oil Market 2024

Crude Palm Oil Market Size

The global crude palm oil market expanded sharply to $X in 2022, with an increase of 5.3% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market attained the peak level in 2022 and is likely to continue growth in the immediate term.

Crude Palm Oil Production

In value terms, crude palm oil production expanded rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 27%. Over the period under review, global production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Crude Palm Oil Exports

Exports

In 2022, overseas shipments of crude palm oil decreased by -21.9% to X tons, falling for the third consecutive year after three years of growth. In general, exports saw a noticeable decline. The growth pace was the most rapid in 2015 with an increase of 23% against the previous year. The global exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, crude palm oil exports shrank dramatically to $X in 2022. Overall, exports continue to indicate a perceptible shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 21% against the previous year. Over the period under review, the global exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Malaysia (X tons) was the largest exporter of crude palm oil, mixing up 40% of total exports. Indonesia (X tons) held a 19% share (based on physical terms) of total exports, which put it in second place, followed by Papua New Guinea (8.9%), Thailand (7.7%), Guatemala (6.5%) and Honduras (4.6%). Colombia (X tons) and Costa Rica (X tons) took a minor share of total exports.

Malaysia experienced a relatively flat trend pattern with regard to volume of exports of crude palm oil. At the same time, Thailand (+15.1%), Guatemala (+12.5%), Colombia (+12.0%), Honduras (+10.0%), Papua New Guinea (+6.6%) and Costa Rica (+3.2%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +15.1% from 2012-2022. By contrast, Indonesia (-11.1%) illustrated a downward trend over the same period. Thailand (+6.2 p.p.), Malaysia (+6 p.p.), Papua New Guinea (+5.1 p.p.), Guatemala (+4.9 p.p.), Honduras (+3.1 p.p.) and Colombia (+2.8 p.p.) significantly strengthened its position in terms of the global exports, while Indonesia saw its share reduced by -31.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest crude palm oil supplier worldwide, comprising 42% of global exports. The second position in the ranking was held by Thailand ($X), with a 12% share of global exports. It was followed by Papua New Guinea, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Malaysia amounted to -1.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+18.2% per year) and Papua New Guinea (+7.6% per year).

Export Prices by Country

In 2022, the average crude palm oil export price amounted to $X per ton, dropping by -1.9% against the previous year. Overall, the export price showed a slight shrinkage. The most prominent rate of growth was recorded in 2021 when the average export price increased by 27%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+2.8%), while the other global leaders experienced more modest paces of growth.

Crude Palm Oil Imports

Imports

In 2022, supplies from abroad of crude palm oil decreased by -8.4% to X tons, falling for the third year in a row after three years of growth. In general, imports saw a mild curtailment. The pace of growth appeared the most rapid in 2019 when imports increased by 15% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of global imports failed to regain momentum.

In value terms, crude palm oil imports amounted to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 31%. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, India (X tons) represented the largest importer of crude palm oil, comprising 52% of total imports. The Netherlands (X tons) took the second position in the ranking, followed by Kenya (X tons). All these countries together held near 17% share of total imports. Germany (X tons), Italy (X tons), Spain (X tons) and Malaysia (X tons) took a relatively small share of total imports.

India experienced a relatively flat trend pattern with regard to volume of imports of crude palm oil. At the same time, Kenya (+31.8%) displayed positive paces of growth. Moreover, Kenya emerged as the fastest-growing importer imported in the world, with a CAGR of +31.8% from 2012-2022. By contrast, Spain (-1.2%), Italy (-4.4%), the Netherlands (-5.4%), Germany (-5.6%) and Malaysia (-8.9%) illustrated a downward trend over the same period. India (+10 p.p.) and Kenya (+6.8 p.p.) significantly strengthened its position in terms of the global imports, while Germany, Malaysia and the Netherlands saw its share reduced by -2.1%, -3.1% and -5.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported crude palm oil worldwide, comprising 54% of global imports. The second position in the ranking was held by the Netherlands ($X), with an 11% share of global imports. It was followed by Kenya, with a 5.4% share.

In India, crude palm oil imports increased at an average annual rate of +3.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Netherlands (-3.5% per year) and Kenya (+31.2% per year).

Import Prices by Country

The average crude palm oil import price stood at $X per ton in 2022, rising by 10% against the previous year. In general, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude palm oil import price increased by +109.2% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 55% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+2.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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