United Kingdom: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in the UK

The UK refined coconut oil market reduced slightly to $X in 2022, approximately equating the previous year. Overall, consumption saw a perceptible decline. The growth pace was the most rapid in 2017 with an increase of 3.8%. Refined coconut oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Coconut Oil Production in the UK

In value terms, refined coconut oil production totaled $X in 2022 estimated in export price. Over the period under review, production, however, saw a pronounced descent. The pace of growth appeared the most rapid in 2017 with an increase of 7.4%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Refined Coconut Oil Exports

Exports from the UK

In 2022, shipments abroad of refined coconut (copra) oil decreased by -18.1% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 103%. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, refined coconut oil exports dropped markedly to $X in 2022. In general, exports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 96% 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

France (X tons), Ireland (X tons) and the Netherlands (X tons) were the main destinations of refined coconut oil exports from the UK, with a combined 65% share of total exports. Italy, Germany, Poland, Barbados and Belgium lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for Barbados (with a CAGR of +97.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined coconut oil exported from the UK were Ireland ($X), France ($X) and Germany ($X), with a combined 53% share of total exports. The Netherlands, Italy, Poland, Barbados and Belgium lagged somewhat behind, together accounting for a further 28%.

Among the main countries of destination, Barbados, with a CAGR of +84.3%, recorded the highest rates of growth with regard to 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

In 2022, the average refined coconut oil export price amounted to $X per ton, with a decrease of -14.7% against the previous year. In general, the export price showed a noticeable setback. The pace of growth appeared the most rapid in 2017 an increase of 22% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 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 Germany ($X per ton), while the average price for exports to France ($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 Germany (+6.9%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Coconut Oil Imports

Imports into the UK

In 2022, overseas purchases of refined coconut (copra) oil decreased by -12.3% to X tons, falling for the third year in a row after two years of growth. In general, total imports indicated pronounced growth from 2012 to 2022: its volume 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, imports decreased by -26.7% against 2019 indices. The pace of growth was the most pronounced in 2015 when imports increased by 51%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, refined coconut oil imports rose rapidly to $X in 2022. Over the period under review, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by 44%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of refined coconut oil to the UK, accounting for a 67% 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. France (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands totaled +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+131.6% per year) and France (+39.6% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of refined coconut (copra) oil to the UK, comprising 62% of total imports. The second position in the ranking was taken by the Philippines ($X), with a 17% share of total imports. It was followed by France, with a 7.4% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands stood at +12.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+129.0% per year) and France (+36.6% per year).

Import Prices by Country

The average refined coconut oil import price stood at $X per ton in 2022, with an increase of 28% against the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.4% 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 +115.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 46%. The import price peaked in 2022 and is likely to see steady 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 (+17.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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