Lithuania: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Lithuania

In 2022, after three years of growth, there was significant decline in the Lithuanian refined coconut oil market, when its value decreased by -15.2% to $X. Overall, consumption, however, showed a significant expansion. Refined coconut oil consumption peaked at $X in 2021, and then dropped sharply in the following year.

Refined Coconut Oil Production in Lithuania

In value terms, refined coconut oil production fell significantly to $X in 2022 estimated in export price. Overall, production, however, posted a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 2,632% against the previous year. Over the period under review, production reached the maximum level at $X in 2021, and then shrank sharply in the following year.

Refined Coconut Oil Exports

Exports from Lithuania

In 2022, approx. X tons of refined coconut (copra) oil were exported from Lithuania; jumping by 100% compared with the previous year. Over the period under review, exports, however, continue to indicate a abrupt contraction. The growth pace was the most rapid in 2020 with an increase of 103% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined coconut oil exports soared to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Estonia (X tons) was the main destination for refined coconut oil exports from Lithuania, with a 92% share of total exports. Moreover, refined coconut oil exports to Estonia exceeded the volume sent to the second major destination, Russia (X tons), more than tenfold. The third position in this ranking was held by Ukraine (X tons), with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia stood at +20.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+77.8% per year) and Ukraine (+116.9% per year).

In value terms, Estonia ($X) emerged as the key foreign market for refined coconut (copra) oil exports from Lithuania, comprising 82% of total exports. The second position in the ranking was held by Russia ($X), with a 12% share of total exports. It was followed by Ukraine, with a 2.4% share.

From 2012 to 2022, the average annual growth rate of value to Estonia amounted to +24.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+89.5% per year) and Ukraine (+124.6% per year).

Export Prices by Country

In 2022, the average refined coconut oil export price amounted to $X per ton, picking up by 21% against the previous year. Overall, the export price saw resilient growth. The most prominent rate of growth was recorded in 2021 an increase of 68%. The export price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Estonia ($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 Bulgaria (+40.2%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports into Lithuania

After three years of growth, overseas purchases of refined coconut (copra) oil decreased by -22.6% to X tons in 2022. Over the period under review, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 207% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then fell significantly in the following year.

In value terms, refined coconut oil imports reduced to $X in 2022. Overall, imports, however, showed a prominent increase. The pace of growth was the most pronounced in 2019 when imports increased by 113% against the previous year. Imports peaked at $X in 2021, and then declined slightly in the following year.

Imports by Country

In 2022, Poland (X tons) constituted the largest refined coconut oil supplier to Lithuania, with a 67% share of total imports. Moreover, refined coconut oil imports from Poland exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was held by the Netherlands (X tons), with an 8.8% share.

From 2012 to 2022, the average annual growth rate of volume from Poland stood at +22.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.8% per year) and the Netherlands (+18.7% per year).

In value terms, Poland ($X) constituted the largest supplier of refined coconut (copra) oil to Lithuania, comprising 64% of total imports. The second position in the ranking was held by Germany ($X), with a 22% share of total imports. It was followed by the Netherlands, with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value from Poland totaled +26.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.3% per year) and the Netherlands (+20.4% per year).

Import Prices by Country

The average refined coconut oil import price stood at $X per ton in 2022, rising by 27% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Denmark ($X per ton) and Germany ($X per ton), while the price for Poland ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform