Aug 31, 2025
IndexBox has just published a new report: U.S. – Palm Oil – Market Analysis, Forecast, Size, Trends and Insights.
The demand for palm oil in the United States is expected to continue to rise, with market performance forecasted to expand at a CAGR of +3.0% from 2024 to 2035. By the end of 2035, the market volume is projected to reach 2.3M tons, with a market value of $2.6B (in nominal wholesale prices) driven by an anticipated CAGR of +4.5% for the same period.
Market Forecast
Driven by increasing demand for palm oil in the United States, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.0% for the period from 2024 to 2035, which is projected to bring the market volume to 2.3M tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2024 to 2035, which is projected to bring the market value to $2.6B (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited States’s Consumption of Palm Oil
In 2024, consumption of palm oil decreased by -5.2% to 1.6M tons for the first time since 2020, thus ending a three-year rising trend. The total consumption volume increased at an average annual rate of +2.3% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, consumption attained the maximum volume at 1.7M tons in 2023, and then fell in the following year.
The value of the palm oil market in the United States dropped to $1.6B in 2024, declining by -7.8% 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). Overall, consumption, however, posted tangible growth. Palm oil consumption peaked at $1.9B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.
ImportsUnited States’s Imports of Palm Oil
In 2024, overseas purchases of palm oil decreased by -4.1% to 1.8M tons for the first time since 2020, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +2.4% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 19%. Imports peaked at 1.9M tons in 2023, and then declined in the following year.
In value terms, palm oil imports dropped to $1.8B in 2024. Overall, imports, however, recorded moderate growth. The growth pace was the most rapid in 2021 when imports increased by 68% against the previous year. Over the period under review, imports hit record highs at $2.3B in 2022; however, from 2023 to 2024, imports failed to regain momentum.
Imports By Country
In 2024, Indonesia (1.6M tons) constituted the largest palm oil supplier to the United States, with a 90% share of total imports. Moreover, palm oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (154K tons), tenfold.
From 2013 to 2024, the average annual growth rate of volume from Indonesia stood at +14.1%.
In value terms, Indonesia ($1.6B) constituted the largest supplier of palm oil to the United States, comprising 88% of total imports. The second position in the ranking was taken by Malaysia ($170M), with a 9.6% share of total imports.
From 2013 to 2024, the average annual rate of growth in terms of value from Indonesia amounted to +15.0%.
Imports By Type
In 2024, refined palm oil (1.7M tons) was the main type of palm oil supplied to the United States, with a 98% share of total imports. It was followed by crude palm oil (27K tons), with a 1.5% share of total imports.
From 2013 to 2024, the average annual rate of growth in terms of the volume of refined palm oil imports totaled +2.9%.
In value terms, refined palm oil ($1.8B) constituted the largest type of palm oil supplied to the United States, comprising 100% of total imports. The second position in the ranking was taken by crude palm oil ($2.8M), with a 0.2% share of total imports.
From 2013 to 2024, the average annual growth rate of the value of refined palm oil imports stood at +4.0%.
Import Prices By Type
The average palm oil import price stood at $995 per ton in 2024, shrinking by -3.6% against the previous year. In general, the import price, however, continues to indicate a slight expansion. The pace of growth appeared the most rapid in 2021 when the average import price increased by 40%. The import price peaked at $1,362 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplied products. In 2024, the product with the highest price was refined palm oil ($1,009 per ton), while the price for crude palm oil stood at $102 per ton.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by refined palm oil (+1.1%).
Import Prices By Country
In 2024, the average palm oil import price amounted to $995 per ton, with a decrease of -3.6% against the previous year. In general, the import price, however, continues to indicate a slight increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 40% against the previous year. The import price peaked at $1,362 per ton in 2022; however, from 2023 to 2024, import prices stood at a somewhat lower figure.
Average prices varied noticeably amongst the major supplying countries. In 2024, amid the top importers, the country with the highest price was Malaysia ($1,102 per ton), while the price for Indonesia totaled $979 per ton.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Malaysia (+2.0%).
ExportsUnited States’s Exports of Palm Oil
In 2024, the amount of palm oil exported from the United States rose rapidly to 137K tons, picking up by 13% against the year before. Overall, total exports indicated a notable increase from 2013 to 2024: its volume increased at an average annual rate of +3.1% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 38% against the previous year. Over the period under review, the exports reached the peak figure in 2024 and are likely to see steady growth in the near future.
In value terms, palm oil exports rose markedly to $157M in 2024. In general, exports continue to indicate a notable expansion. The pace of growth appeared the most rapid in 2021 with an increase of 48% against the previous year. Over the period under review, the exports hit record highs at $171M in 2022; however, from 2023 to 2024, the exports failed to regain momentum.
Exports By Country
Canada (108K tons) was the main destination for palm oil exports from the United States, accounting for a 79% share of total exports. Moreover, palm oil exports to Canada exceeded the volume sent to the second major destination, Mexico (18K tons), sixfold. Brazil (11K tons) ranked third in terms of total exports with a 7.8% share.
From 2013 to 2024, the average annual rate of growth in terms of volume to Canada amounted to +4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-3.0% per year) and Brazil (+79.9% per year).
In value terms, Canada ($123M) remains the key foreign market for palm oil exports from the United States, comprising 78% of total exports. The second position in the ranking was taken by Mexico ($22M), with a 14% share of total exports. It was followed by Brazil, with a 6.6% share.
From 2013 to 2024, the average annual rate of growth in terms of value to Canada amounted to +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-2.3% per year) and Brazil (+73.9% per year).
Exports By Type
Refined palm oil (129K tons) was the largest type of palm oil exported from the United States, with a 94% share of total exports. Moreover, refined palm oil exceeded the volume of the second product type, crude palm oil (8.1K tons), more than tenfold.
From 2013 to 2024, the average annual growth rate of the volume of refined palm oil exports amounted to +4.9%.
In value terms, refined palm oil ($148M) remains the largest type of palm oil exported from the United States, comprising 94% of total exports. The second position in the ranking was taken by crude palm oil ($9.2M), with a 5.9% share of total exports.
From 2013 to 2024, the average annual rate of growth in terms of the value of refined palm oil exports amounted to +5.9%.
Export Prices By Type
In 2024, the average palm oil export price amounted to $1,149 per ton, therefore, remained relatively stable against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 9.3% against the previous year. The export price peaked at $1,275 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.
Average prices varied noticeably for the major types of exported product. In 2024, the product with the highest price was refined palm oil ($1,149 per ton), while the average price for exports of crude palm oil amounted to $1,140 per ton.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for the following types: refined palm oil (+0.9%).
Export Prices By Country
The average palm oil export price stood at $1,149 per ton in 2024, standing approx. at the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average export price increased by 9.3%. Over the period under review, the average export prices hit record highs at $1,275 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.
Average prices varied somewhat for the major foreign markets. In 2024, amid the top suppliers, the countries with the highest prices were Mexico ($1,225 per ton) and Canada ($1,140 per ton), while the average price for exports to Brazil ($970 per ton) and Honduras ($1,094 per ton) were amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.