United Kingdom: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in the UK

In 2022, the UK crude palm oil market increased by 21% to $X, rising for the third consecutive year after seven years of decline. Overall, consumption, however, showed a perceptible decrease. Crude palm oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Palm Oil Exports

Exports from the UK

In 2022, the amount of crude palm oil exported from the UK declined to X tons, shrinking by -11.9% compared with the previous year. In general, exports showed a abrupt downturn. The pace of growth appeared the most rapid in 2017 when exports increased by 666% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, crude palm oil exports declined modestly to $X in 2022. Over the period under review, exports continue to indicate a abrupt descent. The pace of growth appeared the most rapid in 2017 when exports increased by 822% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Ireland (X tons), the Netherlands (X tons) and Spain (X tons) were the main destinations of crude palm oil exports from the UK, with a combined 18% share of total exports. Cyprus lagged somewhat behind, comprising a further 0.7%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cyprus (with a CAGR of +1,388.1%), while the other leaders experienced mixed trend patterns.

In value terms, Ireland ($X), the Netherlands ($X) and Spain ($X) were the largest markets for crude palm oil exported from the UK worldwide, with a combined 17% share of total exports. Cyprus lagged somewhat behind, comprising a further 2%.

Cyprus, with a CAGR of +2,880.2%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average crude palm oil export price stood at $X per ton in 2022, increasing by 9.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2021 an increase of 41%. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cyprus ($X per ton), while the average price for exports to Ireland ($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 Cyprus (+100.3%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Palm Oil Imports

Imports into the UK

In 2022, purchases abroad of crude palm oil increased by 1.5% to X tons, rising for the fourth consecutive year after three years of decline. Over the period under review, imports, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2021 when imports increased by 95% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, crude palm oil imports soared to $X in 2022. In general, imports, however, continue to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2021 when imports increased by 230%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Papua New Guinea (X tons) constituted the largest crude palm oil supplier to the UK, accounting for a 74% share of total imports. Moreover, crude palm oil imports from Papua New Guinea exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), sixfold. Solomon Islands (X tons) ranked third in terms of total imports with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Papua New Guinea totaled -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-8.0% per year) and Solomon Islands (-6.0% per year).

In value terms, Papua New Guinea ($X) constituted the largest supplier of crude palm oil to the UK, comprising 74% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 13% share of total imports. It was followed by Solomon Islands, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Papua New Guinea stood at +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-5.3% per year) and Solomon Islands (-4.2% per year).

Import Prices by Country

In 2022, the average crude palm oil import price amounted to $X per ton, jumping by 28% against the previous year. Overall, the import price recorded notable growth. The growth pace was the most rapid in 2021 when the average import price increased by 69% against the previous year. The import price peaked in 2022 and is likely to see steady 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 Ecuador ($X per ton), while the price for Solomon Islands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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