Spain: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Spain

The Spanish refined coconut oil market shrank to $X in 2022, falling by -7.7% against the previous year. Over the period under review, consumption recorded a perceptible slump. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Coconut Oil Production in Spain

In value terms, refined coconut oil production contracted to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible descent. The pace of growth appeared the most rapid in 2017 with an increase of 17% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Refined Coconut Oil Exports

Exports from Spain

In 2022, exports of refined coconut (copra) oil from Spain surged to X tons, with an increase of 29% on 2021 figures. Overall, exports continue to indicate resilient growth. The pace of growth was the most pronounced in 2018 when exports increased by 241% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, refined coconut oil exports soared to $X in 2022. Over the period under review, exports saw a strong increase. The pace of growth was the most pronounced in 2017 with an increase of 154%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Italy (X tons), France (X tons) and Ireland (X tons) were the main destinations of refined coconut oil exports from Spain, with a combined 77% share of total exports. Portugal, Belgium, Switzerland and Poland lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +75.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined coconut oil exported from Spain were Italy ($X), France ($X) and Ireland ($X), with a combined 74% share of total exports. Portugal, Belgium, Switzerland and Poland lagged somewhat behind, together comprising a further 21%.

In terms of the main countries of destination, Poland, with a CAGR of +85.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refined coconut oil export price stood at $X per ton in 2022, surging by 16% against the previous year. In general, export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +4.7% 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 +108.0% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 65% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to France ($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 Ireland (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports into Spain

In 2022, purchases abroad of refined coconut (copra) oil increased by 83% to X tons, rising for the second consecutive year after two years of decline. In general, imports saw resilient growth. The growth pace was the most rapid in 2021 with an increase of 140%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, refined coconut oil imports surged to $X in 2022. Overall, imports posted a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 190% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of refined coconut oil to Spain, accounting for a 73% share of total imports. Moreover, refined coconut oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), fivefold. Belgium (X tons) ranked third in terms of total imports with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands totaled +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+372.5% per year) and Belgium (+62.1% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of refined coconut (copra) oil to Spain, comprising 67% of total imports. The second position in the ranking was taken by the Philippines ($X), with a 17% share of total imports. It was followed by Belgium, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled +22.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+256.0% per year) and Belgium (+67.3% per year).

Import Prices by Country

In 2022, the average refined coconut oil import price amounted to $X per ton, with an increase of 14% against the previous year. Over the period under review, import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +4.7% 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 +62.1% against 2019 indices. The pace of growth appeared the most rapid in 2016 an increase of 33%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were France ($X per ton) and Italy ($X per ton), while the price for the Netherlands ($X per ton) and the Philippines ($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 (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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