The UK crude coconut oil market saw a significant rebound in 2024, with consumption surging 192% to 6K tons and market value rising 130% to $14M, following two years of decline. Driven by rising demand, the market is forecast for slight growth, with volume projected to reach 6.4K tons by 2035 at a CAGR of +0.6%, and value to reach $15M at a +0.7% CAGR. Imports, led by Indonesia and the Philippines, increased 169% to 6.2K tons in 2024, while exports fell sharply by 50.2%. Import prices averaged $2,506 per ton, and the market remains below its 2014 peak levels.<\/p>\n
Key Findings<\/p>\n
UK market forecast for modest growth to 6.4K tons by 2035 at a +0.6% volume CAGR2024 consumption rebounded sharply by 192% to 6K tons after a two-year declineIndonesia and the Philippines are the dominant import sources, together supplying over 70% of volumeAverage import price fell -30.8% in 2024 to $2,506 per ton after a peak in 2023Exports contracted significantly by -50.2% in volume during 2024Market Forecast<\/p>\n
Driven by rising demand for crude coconut oil in the UK, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.6% for the period from 2024 to 2035, which is projected to bring the market volume to 6.4K tons by the end of 2035.<\/p>\n
In value terms, the market is forecast to increase with an anticipated CAGR of +0.7% for the period from 2024 to 2035, which is projected to bring the market value to $15M (in nominal wholesale prices) by the end of 2035.<\/p>\n
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ConsumptionUnited Kingdom’s Consumption of Crude Coconut (Copra) Oil<\/p>\n
After two years of decline, consumption of crude coconut (copra) oil increased by 192% to 6K tons in 2024. Over the period under review, consumption, however, continues to indicate a pronounced reduction. Over the period under review, consumption hit record highs at 9.9K tons in 2014; however, from 2015 to 2024, consumption stood at a somewhat lower figure.<\/p>\n
The size of the crude coconut oil market in the UK soared to $14M in 2024, increasing by 130% 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, consumption continues to indicate slight growth. Crude coconut oil consumption peaked at $20M in 2014; however, from 2015 to 2024, consumption failed to regain momentum.<\/p>\n
ImportsUnited Kingdom’s Imports of Crude Coconut (Copra) Oil<\/p>\n
In 2024, after two years of decline, there was significant growth in purchases abroad of crude coconut (copra) oil, when their volume increased by 169% to 6.2K tons. In general, imports, however, saw a pronounced slump. Over the period under review, imports attained the peak figure at 10K tons in 2014; however, from 2015 to 2024, imports failed to regain momentum.<\/p>\n
In value terms, crude coconut oil imports skyrocketed to $15M in 2024. Overall, imports saw a perceptible expansion. Over the period under review, imports attained the maximum at $23M in 2015; however, from 2016 to 2024, imports remained at a lower figure.<\/p>\n
Imports By Country<\/p>\n
Indonesia (2.5K tons), the Philippines (2.1K tons) and the Netherlands<\/a> (629 tons) were the main suppliers of crude coconut oil imports to the UK, together comprising 84% of total imports. Slovenia<\/a>, Sri Lanka, Vietnam<\/a>, Germany<\/a> and the United States<\/a> lagged somewhat behind, together comprising a further 15%.<\/p>\n From 2013 to 2024, the biggest increases were recorded for Vietnam (with a CAGR of +71.1%), while purchases for the other leaders experienced more modest paces of growth.<\/p>\n In value terms, the Philippines ($5.1M), Indonesia ($3.4M) and Slovenia ($2.3M) were the largest crude coconut oil suppliers to the UK, with a combined 70% share of total imports. Sri Lanka, the Netherlands, Vietnam, Germany and the United States lagged somewhat behind, together accounting for a further 28%.<\/p>\n In terms of the main suppliers, Vietnam, with a CAGR of +66.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.<\/p>\n Import Prices By Country<\/p>\n In 2024, the average crude coconut oil import price amounted to $2,506 per ton, shrinking by -30.8% against the previous year. Over the period under review, import price indicated a strong expansion from 2013 to 2024: its price increased at an average annual rate of +6.0% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, crude coconut oil import price increased by +8.5% against 2021 indices. The most prominent rate of growth was recorded in 2023 when the average import price increased by 54%. As a result, import price attained the peak level of $3,620 per ton, and then declined remarkably in the following year.<\/p>\n There were significant differences in the average prices amongst the major supplying countries. In 2024, amid the top importers, the country with the highest price was the United States ($17,673 per ton), while the price for Indonesia ($1,359 per ton) was amongst the lowest.<\/p>\n From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Malaysia (+53.6%), while the prices for the other major suppliers experienced more modest paces of growth.<\/p>\n ExportsUnited Kingdom’s Exports of Crude Coconut (Copra) Oil<\/p>\n In 2024, crude coconut oil exports from the UK reduced sharply to 106 tons, dropping by -50.2% on the year before. In general, exports saw a abrupt decrease. The most prominent rate of growth was recorded in 2015 with an increase of 378% against the previous year. As a result, the exports attained the peak of 774 tons. From 2016 to 2024, the growth of the exports remained at a lower figure.<\/p>\n In value terms, crude coconut oil exports declined remarkably to $464K in 2024. Overall, exports saw a deep downturn. The pace of growth was the most pronounced in 2015 when exports increased by 214% against the previous year. As a result, the exports attained the peak of $4.3M. From 2016 to 2024, the growth of the exports remained at a lower figure.<\/p>\n Exports By Country<\/p>\n Ireland<\/a> (19 tons), Saudi Arabia<\/a> (15 tons) and Sri Lanka (13 tons) were the main destinations of crude coconut oil exports from the UK, together accounting for 44% of total exports.<\/p>\n From 2013 to 2024, the biggest increases were recorded for Saudi Arabia (with a CAGR of +44.5%), while shipments for the other leaders experienced more modest paces of growth.<\/p>\n In value terms, Ireland ($101K) remains the key foreign market for crude coconut (copra) oil exports from the UK, comprising 22% of total exports. The second position in the ranking was held by Saudi Arabia ($46K), with a 10% share of total exports. It was followed by Lebanon, with an 8.1% share.<\/p>\n From 2013 to 2024, the average annual rate of growth in terms of value to Ireland stood at -9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+29.1% per year) and Lebanon (+8.2% per year).<\/p>\n Export Prices By Country<\/p>\n In 2024, the average crude coconut oil export price amounted to $4,383 per ton, surging by 12% against the previous year. Over the period under review, the export price, however, showed a abrupt decrease. The pace of growth appeared the most rapid in 2021 when the average export price increased by 248% against the previous year. As a result, the export price attained the peak level of $13,769 per ton. From 2022 to 2024, the average export prices remained at a somewhat lower figure.<\/p>\n Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($10,764 per ton), while the average price for exports to Cyprus ($1,187 per ton) was amongst the lowest.<\/p>\n From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+3.1%), while the prices for the other major destinations experienced mixed trend patterns.<\/p>\n