Jan 31, 2026
IndexBox has just published a new report: Asia – Crude Palm Oil – Market Analysis, Forecast, Size, Trends And Insights.
The article provides a comprehensive analysis of Asia’s crude palm oil market from 2013 to 2024, with a forecast to 2035. In 2024, consumption was 70M tons, with Indonesia dominating at 65% share. Production was 71M tons, also led by Indonesia. India is the primary importer, while Malaysia and Indonesia are the main exporters. The market is forecast to grow slowly to 71M tons (CAGR +0.1%) and $72.5B (CAGR +1.5%) by 2035, indicating value growth outpacing volume.
Key Findings
Asia’s crude palm oil market is forecast for slow volume growth (CAGR +0.1%) but stronger value growth (CAGR +1.5%) through 2035Indonesia is the dominant force, accounting for 65% of consumption and 68% of production in AsiaIndia is the continent’s leading importer, representing over two-thirds of total import volumeMalaysia has the highest per capita consumption at 439 kg, far exceeding the regional average of 15 kgExport and import prices showed modest recovery in 2024 after a peak in 2022Market Forecast
Driven by increasing demand for crude palm oil in Asia, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.1% for the period from 2024 to 2035, which is projected to bring the market volume to 71M tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.5% for the period from 2024 to 2035, which is projected to bring the market value to $72.5B (in nominal wholesale prices) by the end of 2035.
ConsumptionAsia’s Consumption of Crude Palm Oil
In 2024, crude palm oil consumption in Asia shrank to 70M tons, which is down by -3.4% against 2023. The total consumption indicated a moderate expansion from 2013 to 2024: its volume increased at an average annual rate of +3.8% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +50.9% against 2013 indices. Over the period under review, consumption hit record highs at 73M tons in 2023, and then reduced in the following year.
The value of the crude palm oil market in Asia rose to $61.7B in 2024, increasing by 2.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a remarkable increase. As a result, consumption reached the peak level of $66.8B. From 2022 to 2024, the growth of the market remained at a lower figure.
Consumption By Country
Indonesia (45M tons) remains the largest crude palm oil consuming country in Asia, accounting for 65% of total volume. Moreover, crude palm oil consumption in Indonesia exceeded the figures recorded by the second-largest consumer, Malaysia (15M tons), threefold. The third position in this ranking was taken by India (6.5M tons), with a 9.3% share.
From 2013 to 2024, the average annual growth rate of volume in Indonesia stood at +7.1%. The remaining consuming countries recorded the following average annual rates of consumption growth: Malaysia (-0.4% per year) and India (+0.9% per year).
In value terms, Indonesia ($40B) led the market, alone. The second position in the ranking was held by Malaysia ($12.5B). It was followed by India.
In Indonesia, the crude palm oil market expanded at an average annual rate of +8.6% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of market growth: Malaysia (+0.4% per year) and India (+2.0% per year).
In 2024, the highest levels of crude palm oil per capita consumption was registered in Malaysia (439 kg per person), followed by Indonesia (159 kg per person), Thailand (37 kg per person) and India (4.6 kg per person), while the world average per capita consumption of crude palm oil was estimated at 15 kg per person.
In Malaysia, crude palm oil per capita consumption plunged by an average annual rate of -1.7% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Indonesia (+6.0% per year) and Thailand (+4.8% per year).
ProductionAsia’s Production of Crude Palm Oil
In 2024, crude palm oil production in Asia shrank to 71M tons, with a decrease of -2% on 2023. The total output volume increased at an average annual rate of +3.4% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 19% against the previous year. Over the period under review, production attained the peak volume at 73M tons in 2023, and then shrank slightly in the following year.
In value terms, crude palm oil production reached $64.5B in 2024 estimated in export price. In general, production, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2021 when the production volume increased by 46% against the previous year. As a result, production reached the peak level of $68.9B. From 2022 to 2024, production growth remained at a lower figure.
Production By Country
Indonesia (48M tons) remains the largest crude palm oil producing country in Asia, comprising approx. 68% of total volume. Moreover, crude palm oil production in Indonesia exceeded the figures recorded by the second-largest producer, Malaysia (19M tons), threefold.
From 2013 to 2024, the average annual rate of growth in terms of volume in Indonesia stood at +5.2%. The remaining producing countries recorded the following average annual rates of production growth: Malaysia (-0.3% per year) and Thailand (+5.0% per year).
ImportsAsia’s Imports of Crude Palm Oil
Crude palm oil imports reduced remarkably to 6.9M tons in 2024, dropping by -15.7% on 2023. In general, imports recorded a mild shrinkage. The pace of growth was the most pronounced in 2015 with an increase of 18% against the previous year. Over the period under review, imports attained the maximum at 9M tons in 2019; however, from 2020 to 2024, imports failed to regain momentum.
In value terms, crude palm oil imports dropped to $6.8B in 2024. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 64% against the previous year. The level of import peaked at $10B in 2022; however, from 2023 to 2024, imports failed to regain momentum.
Imports By Country
The purchases of the one major importers of crude palm oil, namely India, represented more than two-thirds of total import.
India experienced a relatively flat trend pattern with regard to volume of imports of crude palm oil. India (+23 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, India ($6.5B) constitutes the largest market for imported crude palm oil in Asia.
In India, crude palm oil imports expanded at an average annual rate of +2.6% over the period from 2013-2024.
Import Prices By Country
In 2024, the import price in Asia amounted to $994 per ton, with an increase of 3.8% against the previous year. Over the period under review, the import price continues to indicate modest growth. The pace of growth was the most pronounced in 2021 when the import price increased by 61%. The level of import peaked at $1,283 per ton in 2022; however, from 2023 to 2024, import prices remained at a lower figure.
As there is only one major supplying country, the average price level is determined by prices for India.
From 2013 to 2024, the rate of growth in terms of prices for India amounted to +1.7% per year.
ExportsAsia’s Exports of Crude Palm Oil
In 2024, the amount of crude palm oil exported in Asia dropped modestly to 8.1M tons, waning by -3.6% on the previous year’s figure. In general, exports recorded a pronounced shrinkage. The pace of growth was the most pronounced in 2015 when exports increased by 26%. As a result, the exports attained the peak of 13M tons. From 2016 to 2024, the growth of the exports remained at a somewhat lower figure.
In value terms, crude palm oil exports rose significantly to $7.6B in 2024. Over the period under review, exports saw a slight downturn. The growth pace was the most rapid in 2019 with an increase of 25% against the previous year. The level of export peaked at $9.4B in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.
Exports By Country
Malaysia (3.7M tons) and Indonesia (3.1M tons) dominates exports structure, together constituting 85% of total exports. It was distantly followed by Thailand (781K tons), constituting a 9.7% share of total exports. Singapore (304K tons) followed a long way behind the leaders.
From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Thailand (with a CAGR of +4.5%), while the other leaders experienced mixed trends in the exports figures.
In value terms, Malaysia ($3.3B), Indonesia ($3.1B) and Thailand ($764M) were the countries with the highest levels of exports in 2024, with a combined 94% share of total exports.
In terms of the main exporting countries, Thailand, with a CAGR of +7.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.
Export Prices By Country
In 2024, the export price in Asia amounted to $946 per ton, increasing by 9.7% against the previous year. Export price indicated a notable expansion from 2013 to 2024: its price increased at an average annual rate of +2.0% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, crude palm oil export price decreased by -14.5% against 2022 indices. The pace of growth was the most pronounced in 2021 an increase of 59%. Over the period under review, the export prices reached the peak figure at $1,107 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.
Average prices varied noticeably amongst the major exporting countries. In 2024, major exporting countries recorded the following prices: in Singapore ($1,011 per ton) and Indonesia ($996 per ton), while Malaysia ($893 per ton) and Thailand ($978 per ton) were amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Indonesia (+2.5%), while the other leaders experienced more modest paces of growth.
This report provides a comprehensive view of the crude palm oil industry in Asia, tracking demand, supply, and trade flows across the regional value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.
Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between exporters and importers within Asia. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the crude palm oil landscape in Asia.
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Key findings
Regional demand is shaped by both household and industrial usage, with trade flows linking supply hubs to import-reliant countries.
Pricing dynamics reflect unit values, freight costs, exchange rates, and regulatory shifts that affect sourcing decisions.
Supply depends on input availability and production efficiency, creating distinct cost curves across Asia.
Market concentration varies by country, creating different competitive landscapes and entry barriers.
The 2035 outlook highlights where capacity investment and demand growth are most aligned within the region.
Report scope
The report combines market sizing with trade intelligence and price analytics for Asia. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts across countries and sub-regions.
Market size and growth in value and volume terms
Consumption structure by end-use segments and countries
Production capacity, output, and cost dynamics
Regional trade flows, exporters, importers, and balances
Price benchmarks, unit values, and margin signals
Competitive context and market entry conditions
Product coverageCountry coverageCountry profiles and benchmarks
For the regional report, country profiles provide a consistent view of market size, trade balance, prices, and per-capita indicators across Asia. The profiles highlight the largest consuming and producing markets and allow direct benchmarking across peers.
Methodology
The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.
International trade data (exports, imports, and mirror statistics)
National production and consumption statistics
Company-level information from financial filings and public releases
Price series and unit value benchmarks
Analyst review, outlier checks, and time-series validation
All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.
Forecasts to 2035
The forecast horizon extends to 2035 and is based on a structured model that links crude palm oil demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts within Asia.
Historical baseline: 2012-2025
Forecast horizon: 2026-2035
Scenario-based sensitivity to income growth, substitution, and regulation
Capacity and investment outlook for major producing countries
Each country projection is built from its own historical pattern and the regional context, allowing the report to show where growth is concentrated and where risks are elevated.
Price analysis and trade dynamics
Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.
Price benchmarks by country and sub-region
Export and import unit value trends
Seasonality and calendar effects in trade flows
Price outlook to 2035 under baseline assumptions
Profiles of market participants
Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.
Business focus and production capabilities
Geographic reach and distribution networks
Cost structure and pricing strategy indicators
Compliance, certification, and sustainability context
How to use this report
Quantify regional demand and identify the most attractive country markets
Evaluate export opportunities and prioritize target destinations
Track price dynamics and protect margins
Benchmark performance against regional competitors
Build evidence-based forecasts for investment decisions
This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of crude palm oil dynamics in Asia.
FAQ
What is included in the crude palm oil market in Asia?
The market size aggregates consumption and trade data at country and sub-regional levels, presented in both value and volume terms.
How are the forecasts to 2035 built?
The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.
Does the report cover prices and margins?
Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.
Which countries are profiled in detail?
The report provides profiles for the largest consuming and producing countries in Asia.
Can this report support market entry decisions?
Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.