United Kingdom: Coconut Oil Market 2024

Coconut Oil Market Size in the UK

The UK coconut oil market contracted modestly to $X in 2022, therefore, remained relatively stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +31.2% against 2020 indices. Coconut oil consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Coconut Oil Exports

Exports from the UK

In 2022, overseas shipments of coconut (copra) oil decreased by -15.7% to X tons, falling for the second year in a row after two years of growth. Overall, exports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 173%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, coconut oil exports shrank significantly to $X in 2022. Over the period under review, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 116% against the previous year. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

France (X tons), Ireland (X tons) and the Netherlands (X tons) were the main destinations of coconut oil exports from the UK, together comprising 53% of total exports. China, Italy, Germany, Poland, Cyprus, Turkey, the United States and Sri Lanka lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +84.4%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), France ($X) and Ireland ($X) appeared to be the largest markets for coconut oil exported from the UK worldwide, together accounting for 48% of total exports.

China, with a CAGR of +81.9%, saw the highest growth rate of the value of exports, in terms of 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

In 2022, the average coconut oil export price amounted to $X per ton, reducing by -18.3% against the previous year. Over the period under review, the export price showed a slight contraction. The most prominent rate of growth was recorded in 2013 an increase of 27% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while the average price for exports to Turkey ($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 Sri Lanka (+26.8%), while the prices for the other major destinations experienced mixed trend patterns.

Coconut Oil Imports

Imports into the UK

In 2022, approx. X tons of coconut (copra) oil were imported into the UK; falling by -13% on the year before. The total import volume increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when imports increased by 31%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, coconut oil imports expanded slightly to $X in 2022. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.7% 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 +56.6% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 58%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

The Netherlands (X tons), the Philippines (X tons) and France (X tons) were the main suppliers of coconut oil imports to the UK, with a combined 90% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Philippines (with a CAGR of +52.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), the Philippines ($X) and Sri Lanka ($X) constituted the largest coconut oil suppliers to the UK, with a combined 84% share of total imports.

The Philippines, with a CAGR of +44.1%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average coconut oil import price stood at $X per ton in 2022, jumping by 20% against the previous year. Overall, import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +4.9% 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 +79.3% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 45%. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+18.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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