Scandinavia: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Scandinavia

The Scandinavia refined coconut oil market contracted to $X in 2022, reducing by -6.8% against the previous year. The market value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Refined Coconut Oil Production in Scandinavia

In value terms, refined coconut oil production dropped modestly to $X in 2022 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 51%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Refined Coconut Oil Exports

Exports in Scandinavia

Refined coconut oil exports stood at X tons in 2022, picking up by 3.6% against the previous year's figure. In general, exports posted a resilient increase. The growth pace was the most rapid in 2017 with an increase of 159%. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined coconut oil exports surged to $X in 2022. Over the period under review, exports posted a significant increase. The pace of growth appeared the most rapid in 2017 when exports increased by 178%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Sweden (X tons) represented roughly 100% of total exports in 2022.

Sweden was also the fastest-growing in terms of the refined coconut (copra) oil exports, with a CAGR of +18.7% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) also remains the largest refined coconut oil supplier in Scandinavia.

From 2012 to 2022, the average annual rate of growth in terms of value in Sweden totaled +22.1%.

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2022, growing by 18% against the previous year. Export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +2.9% 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 export price increased by +112.5% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 61% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Sweden.

From 2012 to 2022, the rate of growth in terms of prices for Sweden amounted to +2.8% per year.

Refined Coconut Oil Imports

Imports in Scandinavia

Refined coconut oil imports fell rapidly to X tons in 2022, which is down by -21% against the previous year. Overall, imports saw a pronounced descent. The pace of growth appeared the most rapid in 2013 when imports increased by 88% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, refined coconut oil imports expanded markedly to $X in 2022. In general, imports, however, saw moderate growth. The pace of growth appeared the most rapid in 2013 with an increase of 48%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Sweden (X tons) represented the major importer of refined coconut (copra) oil, creating 65% of total imports. Norway (X tons) ranks second in terms of the total imports with a 19% share, followed by Finland (17%).

From 2012 to 2022, average annual rates of growth with regard to refined coconut oil imports into Sweden stood at -4.8%. At the same time, Finland (+15.9%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +15.9% from 2012-2022. By contrast, Norway (-3.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Finland increased by +14 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) constitutes the largest market for imported refined coconut (copra) oil in Scandinavia, comprising 60% of total imports. The second position in the ranking was taken by Norway ($X), with a 21% share of total imports.

In Sweden, refined coconut oil imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Norway (+1.8% per year) and Finland (+17.7% per year).

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2022, rising by 41% against the previous year. Import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +6.0% 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 +76.1% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 46% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is likely to continue growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Finland ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+5.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform