Hungary: Coconut Oil Market 2024

Coconut Oil Market Size in Hungary

In 2022, the Hungarian coconut oil market increased by 34% to $X, rising for the third year in a row after two years of decline. Over the period under review, consumption showed buoyant growth. Over the period under review, the market attained the maximum level in 2022 and is likely to see steady growth in the immediate term.

Coconut Oil Exports

Exports from Hungary

In 2022, shipments abroad of coconut (copra) oil increased by 3% to X tons for the first time since 2017, thus ending a four-year declining trend. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 11,286% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, coconut oil exports shrank to $X in 2022. Overall, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 11,378% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Croatia (X tons), Serbia (X tons) and Bosnia and Herzegovina (X tons) were the main destinations of coconut oil exports from Hungary, with a combined 48% share of total exports. Slovakia, the Czech Republic, Romania, Italy, Slovenia and Bulgaria lagged somewhat behind, together accounting for a further 48%.

From 2013 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +170.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for coconut oil exported from Hungary were Serbia ($X), Croatia ($X) and Slovakia ($X), together accounting for 47% of total exports. Bosnia and Herzegovina, the Czech Republic, Romania, Italy, Slovenia and Bulgaria lagged somewhat behind, together comprising a further 48%.

The Czech Republic, with a CAGR of +162.9%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average coconut oil export price stood at $X per ton in 2022, which is down by -8.2% against the previous year. Over the period under review, the export price showed a perceptible setback. The pace of growth was the most pronounced in 2015 when the average export price increased by 22%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Slovakia ($X per ton) and the Czech Republic ($X per ton), while the average price for exports to Romania ($X per ton) and Croatia ($X per ton) were amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Serbia (+3.3%), while the prices for the other major destinations experienced mixed trend patterns.

Coconut Oil Imports

Imports into Hungary

In 2022, overseas purchases of coconut (copra) oil increased by 17% to X tons, rising for the third consecutive year after three years of decline. Overall, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.6% 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 +39.6% against 2019 indices. The growth pace was the most rapid in 2014 when imports increased by 43% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, coconut oil imports soared to $X in 2022. Over the period under review, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 71%. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Italy (X tons) constituted the largest supplier of coconut oil to Hungary, with a 49% share of total imports. Moreover, coconut oil imports from Italy exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), threefold. Germany (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Italy totaled +178.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-10.7% per year) and Germany (+13.2% per year).

In value terms, Italy ($X) constituted the largest supplier of coconut (copra) oil to Hungary, comprising 46% of total imports. The second position in the ranking was taken by Germany ($X), with an 18% share of total imports. It was followed by the Netherlands, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy totaled +200.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+20.1% per year) and the Netherlands (-9.3% per year).

Import Prices by Country

The average coconut oil import price stood at $X per ton in 2022, growing by 19% against the previous year. Over the period under review, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.3% 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 +70.9% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 36% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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