EU: Coconut Oil Market 2024

Coconut Oil Market Size in the EU

In 2022, the EU coconut oil market increased by 30% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +78.8% against 2020 indices. Over the period under review, the market reached the peak level in 2022 and is likely to see gradual growth in the immediate term.

Coconut Oil Production in the EU

In value terms, coconut oil production amounted to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 15% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Coconut Oil Exports

Exports in the EU

In 2022, overseas shipments of coconut (copra) oil decreased by -6% to X tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 17%. The volume of export peaked at X tons in 2021, and then fell in the following year.

In value terms, coconut oil exports amounted to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +78.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 44%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The Netherlands prevails in exports structure, finishing at X tons, which was approx. 74% of total exports in 2022. Germany (X tons) took a 6.9% share (based on physical terms) of total exports, which put it in second place, followed by Spain (5.4%) and Italy (4.8%). The following exporters - France (X tons) and Sweden (X tons) - each finished at a 4.5% share of total exports.

The Netherlands experienced a relatively flat trend pattern with regard to volume of exports of coconut (copra) oil. At the same time, Sweden (+18.7%), Spain (+12.1%), Italy (+9.8%), France (+6.7%) and Germany (+1.4%) displayed positive paces of growth. Moreover, Sweden emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +18.7% from 2012-2022. While the share of Spain (+3.4 p.p.), Italy (+2.6 p.p.) and Sweden (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the Netherlands (-11.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest coconut oil supplier in the European Union, comprising 70% of total exports. The second position in the ranking was taken by Germany ($X), with a 7.9% share of total exports. It was followed by Spain, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value in the Netherlands amounted to +3.6%. In the other countries, the average annual rates were as follows: Germany (+4.5% per year) and Spain (+17.6% per year).

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, picking up by 13% against the previous year. Export price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil export price increased by +64.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 40% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Sweden ($X per ton) and France ($X per ton), while the Netherlands ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.0%), while the other leaders experienced more modest paces of growth.

Coconut Oil Imports

Imports in the EU

In 2022, the amount of coconut (copra) oil imported in the European Union was estimated at X tons, increasing by 12% on the year before. The total import volume increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 19%. The volume of import peaked in 2022 and is likely to continue growth in the near future.

In value terms, coconut oil imports surged to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.6% 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 +120.0% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 64% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

Imports by Country

The Netherlands represented the key importer of coconut (copra) oil in the European Union, with the volume of imports accounting for X tons, which was near 42% of total imports in 2022. Germany (X tons) took the second position in the ranking, distantly followed by Italy (X tons), Spain (X tons) and France (X tons). All these countries together took near 43% share of total imports. The following importers - Belgium (X tons) and Poland (X tons) - together made up 7.7% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Spain (with a CAGR of +9.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest coconut oil importing markets in the European Union were the Netherlands ($X), Germany ($X) and Italy ($X), with a combined 71% share of total imports. Spain, France, Belgium and Poland lagged somewhat behind, together accounting for a further 19%.

Spain, with a CAGR of +14.4%, saw the highest rates of growth with regard to 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 the European Union stood at $X per ton in 2022, increasing by 20% against the previous year. Import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +4.1% 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 +97.5% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 51% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Poland ($X per ton) and Belgium ($X per ton), while the Netherlands ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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