Asia: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Asia

In 2023, after four years of growth, there was significant decline in the Asian refined palm oil market, when its value decreased by X% to $X. The total consumption indicated a resilient expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2022, and then reduced in the following year.

Refined Palm Oil Production in Asia

In value terms, refined palm oil production shrank to $X in 2023 estimated in export price. Over the period under review, production enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Refined Palm Oil Exports

Exports in Asia

In 2023, approx. X tons of refined palm oil were exported in Asia; surging by X% compared with 2022. The total export volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of X%. The volume of export peaked at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, refined palm oil exports fell to $X in 2023. Over the period under review, exports saw a perceptible expansion. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2022, and then dropped in the following year.

Exports by Country

Indonesia was the major exporting country with an export of around X tons, which recorded X% of total exports. It was distantly followed by Malaysia (X tons), making up a X% share of total exports.

Indonesia was also the fastest-growing in terms of the refined palm oil exports, with a CAGR of X% from 2012 to 2023. Malaysia experienced a relatively flat trend pattern. While the share of Indonesia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Malaysia (X p.p.) displayed negative dynamics.

In value terms, Indonesia ($X) remains the largest refined palm oil supplier in Asia, comprising X% of total exports. The second position in the ranking was held by Malaysia ($X), with a X% share of total exports.

In Indonesia, refined palm oil exports expanded at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in Asia stood at $X per ton in 2023, reducing by X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2022, and then shrank in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Malaysia stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%).

Refined Palm Oil Imports

Imports in Asia

For the third consecutive year, Asia recorded growth in overseas purchases of refined palm oil, which increased by X% to X tons in 2023. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, imports reached the maximum in 2023 and are expected to retain growth in the immediate term.

In value terms, refined palm oil imports reduced sharply to $X in 2023. Overall, imports recorded a mild expansion. The growth pace was the most rapid in 2021 when imports increased by X%. The level of import peaked at $X in 2022, and then shrank significantly in the following year.

Imports by Country

In 2023, China (X tons), distantly followed by Pakistan (X tons), India (X tons), Bangladesh (X tons) and Vietnam (X tons) were the largest importers of refined palm oil, together generating X% of total imports. The Philippines (X tons), Turkey (X tons), Malaysia (X tons), Japan (X tons), Myanmar (X tons), South Korea (X tons), the United Arab Emirates (X tons) and Iran (X tons) took a relatively small share of total imports.

From 2012 to 2023, the biggest increases were recorded for Myanmar (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Pakistan ($X) and India ($X) appeared to be the countries with the highest levels of imports in 2023, together accounting for X% of total imports. Bangladesh, Vietnam, the Philippines, Turkey, South Korea, Japan, Malaysia, Myanmar, the United Arab Emirates and Iran lagged somewhat behind, together comprising a further X%.

Myanmar, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per ton in 2023, reducing by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2022, and then fell significantly in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in South Korea ($X per ton) and the United Arab Emirates ($X per ton), while China ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform