Belgium: Coconut Oil Market 2024

Coconut Oil Market Size in Belgium

In 2022, the Belgian coconut oil market increased by 3.1% to $X, rising for the second year in a row after three years of decline. The market value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Coconut oil consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Coconut Oil Production in Belgium

In value terms, coconut oil production skyrocketed 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 2016 with an increase of 69%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Coconut Oil Exports

Exports from Belgium

In 2022, approx. X tons of coconut (copra) oil were exported from Belgium; dropping by -51.3% on the previous year's figure. Over the period under review, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2021 when exports increased by 102%. As a result, the exports reached the peak of X tons, and then declined dramatically in the following year.

In value terms, coconut oil exports shrank sharply to $X in 2022. In general, exports, however, posted a resilient increase. The pace of growth appeared the most rapid in 2021 with an increase of 145%. As a result, the exports reached the peak of $X, and then contracted rapidly in the following year.

Exports by Country

France (X tons), the Netherlands (X tons) and Spain (X tons) were the main destinations of coconut oil exports from Belgium, together comprising 63% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +69.7%), while the other leaders experienced more modest paces of growth.

In value terms, France ($X) remains the key foreign market for coconut (copra) oil exports from Belgium, comprising 33% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 16% share of total exports. It was followed by Germany, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to France amounted to +36.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+17.7% per year) and Germany (+0.1% per year).

Export Prices by Country

In 2022, the average coconut oil export price amounted to $X per ton, rising by 22% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 23% against the previous year. As a result, the export price reached the peak level of $X per ton; afterwards, it flattened through to 2022.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Lebanon ($X per ton), while the average price for exports to Ireland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lebanon (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Oil Imports

Imports into Belgium

In 2022, approx. X tons of coconut (copra) oil were imported into Belgium; reducing by -14% compared with the previous year's figure. The total import volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 40% against the previous year. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, coconut oil imports rose slightly to $X in 2022. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +75.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 69% against the previous year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Netherlands (X tons) was the main supplier of coconut oil to Belgium, accounting for a 92% share of total imports. It was followed by France (X tons), with a 2.6% share of total imports. The third position in this ranking was taken by Germany (X tons), with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands amounted to +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+35.1% per year) and Germany (+11.6% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of coconut (copra) oil to Belgium, comprising 90% of total imports. The second position in the ranking was taken by Germany ($X), with a 2.6% share of total imports. It was followed by France, with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands stood at +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+15.1% per year) and France (+38.1% per year).

Import Prices by Country

In 2022, the average coconut oil import price amounted to $X per ton, jumping by 21% against the previous year. Over the period under review, import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil import price increased by +89.9% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 36% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Spain ($X per ton) and Germany ($X per ton), while the price for France ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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