Oct 27, 2025
IndexBox has just published a new report: United Kingdom – Refined Palm Oil – Market Analysis, Forecast, Size, Trends And Insights.
The UK’s refined palm oil market experienced a fifth consecutive year of consumption decline in 2024, falling to 458K tons, with a market value of $753M. Despite this recent trend, the market is forecast to grow modestly over the next decade, with a projected volume CAGR of +0.5% and a value CAGR of +2.0%, reaching 482K tons and $933M by 2035. Domestic production remained stable at 312K tons, while imports fell to 167K tons, primarily sourced from Malaysia, Indonesia, and Papua New Guinea. Exports saw a significant surge of 197% to 21K tons, with Ireland as the dominant destination. Import prices averaged $1,586 per ton, and export prices were $1,720 per ton.
Key Findings
UK refined palm oil consumption declined for the fifth consecutive year to 458K tons in 2024The market is forecast to grow at a modest CAGR of +0.5% in volume and +2.0% in value through 2035Major import sources are Malaysia, Indonesia, and Papua New Guinea, accounting for 71% of importsExports surged by 197% in 2024, with Ireland as the primary destination taking 86% of shipmentsImport prices rose 17% to $1,586 per ton, while export prices were slightly higher at $1,720 per tonMarket Forecast
Driven by increasing demand for refined palm oil in the UK, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.5% for the period from 2024 to 2035, which is projected to bring the market volume to 482K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.0% for the period from 2024 to 2035, which is projected to bring the market value to $933M (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited Kingdom’s Consumption of Refined Palm Oil
In 2024, consumption of refined palm oil decreased by -6.8% to 458K tons, falling for the fifth year in a row after three years of growth. In general, consumption, however, continues to indicate a relatively flat trend pattern. Refined palm oil consumption peaked at 662K tons in 2019; however, from 2020 to 2024, consumption remained at a lower figure.
The value of the refined palm oil market in the UK dropped modestly to $753M in 2024, 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). The market value increased at an average annual rate of +1.1% from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Refined palm oil consumption peaked at $929M in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.
ProductionUnited Kingdom’s Production of Refined Palm Oil
Refined palm oil production in the UK was estimated at 312K tons in 2024, remaining relatively unchanged against the previous year’s figure. Overall, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 12%. As a result, production reached the peak volume of 363K tons. From 2015 to 2024, production growth remained at a somewhat lower figure.
In value terms, refined palm oil production rose slightly to $524M in 2024 estimated in export price. In general, production, however, saw a slight curtailment. The growth pace was the most rapid in 2021 when the production volume increased by 31% against the previous year. Over the period under review, production hit record highs at $621M in 2014; however, from 2015 to 2024, production failed to regain momentum.
ImportsUnited Kingdom’s Imports of Refined Palm Oil
In 2024, purchases abroad of refined palm oil decreased by -11.9% to 167K tons, falling for the fifth year in a row after four years of growth. Overall, imports, however, posted a tangible expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 70% against the previous year. Imports peaked at 392K tons in 2019; however, from 2020 to 2024, imports stood at a somewhat lower figure.
In value terms, refined palm oil imports rose slightly to $264M in 2024. Over the period under review, imports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2017 with an increase of 81% against the previous year. Imports peaked at $320M in 2022; however, from 2023 to 2024, imports failed to regain momentum.
Imports By Country
Malaysia (43K tons), Indonesia (41K tons) and Papua New Guinea (34K tons) were the main suppliers of refined palm oil imports to the UK, with a combined 71% share of total imports. Germany, the Netherlands and Spain lagged somewhat behind, together accounting for a further 26%.
From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +25.1%), while imports for the other leaders experienced more modest paces of growth.
In value terms, Malaysia ($63M), Indonesia ($61M) and Papua New Guinea ($45M) constituted the largest refined palm oil suppliers to the UK, together accounting for 64% of total imports. The Netherlands, Germany and Spain lagged somewhat behind, together comprising a further 33%.
Among the main suppliers, Spain, with a CAGR of +25.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices By Country
In 2024, the average refined palm oil import price amounted to $1,586 per ton, picking up by 17% against the previous year. Overall, the import price recorded measured growth. The pace of growth was the most pronounced in 2021 when the average import price increased by 65% against the previous year. The import price peaked at $1,613 per ton in 2022; however, from 2023 to 2024, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($2,206 per ton), while the price for Papua New Guinea ($1,319 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the Netherlands (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.
ExportsUnited Kingdom’s Exports of Refined Palm Oil
In 2024, approx. 21K tons of refined palm oil were exported from the UK; rising by 197% on the previous year. In general, exports, however, showed a mild descent. Over the period under review, the exports reached the maximum at 31K tons in 2017; however, from 2018 to 2024, the exports remained at a lower figure.
In value terms, refined palm oil exports soared to $35M in 2024. Over the period under review, exports, however, recorded a pronounced downturn. Over the period under review, the exports attained the maximum at $45M in 2013; however, from 2014 to 2024, the exports stood at a somewhat lower figure.
Exports By Country
Ireland (18K tons) was the main destination for refined palm oil exports from the UK, with a 86% share of total exports. Moreover, refined palm oil exports to Ireland exceeded the volume sent to the second major destination, the Netherlands (903 tons), more than tenfold. The third position in this ranking was held by Belgium (268 tons), with a 1.3% share.
From 2013 to 2024, the average annual rate of growth in terms of volume to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+4.9% per year) and Belgium (+29.5% per year).
In value terms, Ireland ($30M) remains the key foreign market for refined palm oil exports from the UK, comprising 85% of total exports. The second position in the ranking was taken by the Netherlands ($1.6M), with a 4.4% share of total exports. It was followed by Belgium, with a 1.5% share.
From 2013 to 2024, the average annual growth rate of value to Ireland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+6.1% per year) and Belgium (+26.5% per year).
Export Prices By Country
In 2024, the average refined palm oil export price amounted to $1,720 per ton, surging by 1.8% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 36%. The export price peaked at $2,089 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Poland ($4,918 per ton), while the average price for exports to Ireland ($1,710 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.