Global Palm Oil Market 2024

Palm Oil Market Size

The global palm oil market rose sharply to $X in 2022, picking up by 6.8% against the previous year. Overall, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +38.6% against 2017 indices. Over the period under review, the global market reached the maximum level in 2022 and is likely to see steady growth in the immediate term.

Palm Oil Production

In value terms, palm oil production rose significantly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 22%. Over the period under review, global production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Palm Oil Exports

Exports

In 2022, global palm oil exports contracted to X tons, with a decrease of -10.6% compared with the year before. The total export volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 13%. The global exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, palm oil exports reached $X in 2022. In general, total exports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +75.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 53%. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Indonesia represented the main exporting country with an export of around X tons, which amounted to 51% of total exports. It was distantly followed by Malaysia (X tons), creating a 31% share of total exports. Papua New Guinea (X tons), Thailand (X tons), the Netherlands (X tons) and Guatemala (X tons) held a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +12.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) remains the largest palm oil supplier worldwide, comprising 58% of global exports. The second position in the ranking was held by Malaysia ($X), with a 23% share of global exports. It was followed by Thailand, with a 2.5% share.

From 2012 to 2022, the average annual growth rate of value in Indonesia stood at +5.5%. In the other countries, the average annual rates were as follows: Malaysia (-2.5% per year) and Thailand (+15.4% per year).

Export Prices by Country

The average palm oil export price stood at $X per ton in 2022, surging by 16% against the previous year. In general, export price indicated a slight 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, palm oil export price increased by +106.0% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 44% against the previous year. The global export price peaked in 2022 and is expected to retain growth in the immediate term.

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 the Netherlands ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+3.5%), while the other global leaders experienced more modest paces of growth.

Palm Oil Imports

Imports

In 2022, the amount of palm oil imported worldwide dropped to X tons, falling by -7.9% on 2021 figures. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by 12% against the previous year. Over the period under review, global imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, palm oil imports reached $X in 2022. In general, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 +81.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 56% against the previous year. Global imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, India (X tons), distantly followed by China (X tons), Pakistan (X tons) and Bangladesh (X tons) represented the largest importers of palm oil, together achieving 41% of total imports. The United States (X tons), the Netherlands (X tons), Italy (X tons), Spain (X tons), Russia (X tons), Turkey (X tons), the Philippines (X tons), Malaysia (X tons) and Kenya (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +41.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, India ($X) constitutes the largest market for imported palm oil worldwide, comprising 21% of global imports. The second position in the ranking was held by China ($X), with an 11% share of global imports. It was followed by Pakistan, with a 6.8% share.

In India, palm oil imports expanded at an average annual rate of +4.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (-1.1% per year) and Pakistan (+5.9% per year).

Import Prices by Country

The average palm oil import price stood at $X per ton in 2022, increasing by 13% against the previous year. Overall, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% 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 +98.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 47% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

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 the United States ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+2.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :