What this market covers
Palm oil and its fractions, refined or not, covering frying and baking grades.
Typical segments
- Palm olein
- Palm stearin
- Refined bleached palm oil
- Palm oil blends
Why this market is moving now
- World trade grew 48% from 2019 to 2024, a direct read on cross-border demand.
- Estonia is gaining ground: its exports rose 170% from 2019 to 2024, the fastest among the ten largest exporters.
Key figures
Global figures for this market, with the year each one describes. Use Cite to copy a reference to this page.
| Figure | Value | Year | Cite |
|---|---|---|---|
| World exports of refined palm oil (HS 151190) were worth $32.08 billion in 2024. | 32.08 USD billion | 2024 | |
| World exports were 48% higher in 2024 than in 2019 ($21.66 billion), calculated from the annual totals. | +48 % since 2019 | 2024 | |
| Indonesia was the largest exporter in 2024, with 55% of world exports ($17.72 billion). | 55 % of world exports | 2024 | |
| The three largest exporters, Indonesia, Malaysia and the Netherlands, shipped 90% of world exports in 2024. | 90 % of world exports | 2024 | |
| China was the largest importer in 2024, buying $3.18 billion, or 10% of world imports. | 10 % of world imports | 2024 | |
| 74 countries exported more than $1 million of this product in 2024. | 74 countries | 2024 | |
| The average world export price was about $1.01 per kilogram in 2024, calculated from value and weight. | 1.01 USD per kg | 2024 | |
| Countries exported 31.77 million tonnes of this product in 2024. | 31.77 million tonnes | 2024 | |
| Among the ten largest exporters, Estonia grew fastest, with exports up 170% from 2019 to 2024. | +170 % since 2019 | 2024 |
Calculated figures (shares, changes and prices per kilogram) are plain arithmetic on the reported values. Read how we work.
Buyers and suppliers
Who buys
- Food manufacturers
- Edible oil packers
- Bakeries
Largest exporting countries, 2024
Largest importing countries, 2024
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the global market - 03Global market size, 2021 to 2025
Historical series and growth rates - 04Countries and regions
Demand, supply and trade by country and region - 05Outlook to 2031
Base, low and high scenarios with stated assumptions - 06Rules, policy and deadlines
Regulation and programmes that change demand - 07Drivers and barriers
What accelerates or slows adoption, by customer segment - 08Prices, costs and margins
Unit economics where public data allows - 09Competitive landscape
8 to 12 company profiles with recent moves - 10Opportunities and risks
For new entrants, suppliers and investors - 11Method and assumptions
How every figure was built
Included with the full report
- PDF report, 40 to 60 pages
- Excel data pack
- Ready-to-use charts
- Method note and assumptions
- Written to order in 5 working days
Frequently asked questions
How big is the global refined palm oil market?
There is no single official market total. World exports of HS 151190 reached $32.08 billion in 2024, a direct measure of cross-border trade.
Which countries export the most refined palm oil?
Indonesia led world exports in 2024 with 55% of the total, followed by Malaysia, the Netherlands and Italy.
Which countries import the most refined palm oil?
China was the largest importer in 2024, followed by Pakistan, India and the United States.
Is world trade in refined palm oil growing?
World exports were 48% higher in 2024 than in 2019.
What is the average export price of refined palm oil?
Dividing world export value by weight gives about $1.01 per kilogram in 2024.
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