Norway: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Norway

After two years of decline, the Norwegian refined coconut oil market increased by 4.8% to $X in 2022. In general, consumption, however, showed a slight slump. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Refined Coconut Oil Production in Norway

In value terms, refined coconut oil production expanded significantly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 42%. Refined coconut oil production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Refined Coconut Oil Exports

Exports from Norway

After three years of growth, overseas shipments of refined coconut (copra) oil decreased by -92.1% to X tons in 2022. In general, exports recorded a deep reduction. The pace of growth appeared the most rapid in 2021 when exports increased by 363%. As a result, the exports attained the peak of X tons, and then declined markedly in the following year.

In value terms, refined coconut oil exports declined notably to $X in 2022. Overall, exports saw a deep slump. The most prominent rate of growth was recorded in 2021 with an increase of 793%. As a result, the exports reached the peak of $X, and then contracted remarkably in the following year.

Exports by Country

The UK (X kg), Canada (X kg) and Sweden (X kg) were the main destinations of refined coconut oil exports from Norway, with a combined 92% share 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 the UK (with a CAGR of +13.9%), while the other leaders experienced mixed trend patterns.

In value terms, Canada ($X) emerged as the key foreign market for refined coconut (copra) oil exports from Norway, comprising 57% of total exports. The second position in the ranking was taken by the UK ($X), with a 23% share of total exports. It was followed by Sweden, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+9.2% per year) and Sweden (-28.5% per year).

Export Prices by Country

The average refined coconut oil export price stood at $X per ton in 2022, waning by -1.8% against the previous year. In general, the export price, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2014 an increase of 157% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to the UK ($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 the Netherlands (+19.9%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Coconut Oil Imports

Imports into Norway

Refined coconut oil imports into Norway dropped to X tons in 2022, waning by -9.1% compared with 2021. Over the period under review, imports continue to indicate a noticeable descent. The growth pace was the most rapid in 2019 when imports increased by 88%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, refined coconut oil imports surged to $X in 2022. Overall, total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.8% 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 +41.5% against 2020 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 38% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Sweden (X tons) constituted the largest supplier of refined coconut oil to Norway, with a 57% share of total imports. Moreover, refined coconut oil imports from Sweden exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fivefold. The third position in this ranking was taken by Sri Lanka (X tons), with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume from Sweden stood at +18.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+112.1% per year) and Sri Lanka (+122.2% per year).

In value terms, Sweden ($X) constituted the largest supplier of refined coconut (copra) oil to Norway, comprising 48% of total imports. The second position in the ranking was held by the Philippines ($X), with a 13% share of total imports. It was followed by Sri Lanka, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Sweden totaled +21.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+18.0% per year) and Sri Lanka (+105.6% per year).

Import Prices by Country

In 2022, the average refined coconut oil import price amounted to $X per ton, with an increase of 28% against the previous year. Overall, import price indicated a strong expansion from 2012 to 2022: its price 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, refined coconut oil import price increased by +135.0% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 66%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual 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 the Philippines ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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