United Kingdom: Palm Oil Market 2024

Palm Oil Market Size in the UK

In 2022, the UK palm oil market increased by X% to $X, rising for the third consecutive year after two years of decline. Over the period under review, the total consumption indicated slight growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in years to come.

Palm Oil Production in the UK

In value terms, palm oil production stood at $X in 2022 estimated in export price. Overall, production, however, showed a noticeable decrease. The pace of growth was the most pronounced in 2014 with an increase of X%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Palm Oil Exports

Exports from the UK

In 2022, approx. X tons of palm oil were exported from the UK; picking up by X% on the previous year's figure. In general, exports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, palm oil exports surged to $X in 2022. Overall, exports, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Ireland (X tons) was the main destination for palm oil exports from the UK, accounting for a X% share of total exports. Moreover, palm oil exports to Ireland exceeded the volume sent to the second major destination, the Netherlands (X tons), sevenfold. France (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Ireland amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and France (X% per year).

In value terms, Ireland ($X) remains the key foreign market for palm oil exports from the UK, comprising X% of total exports. The second position in the ranking was held by the Netherlands ($X), with an X% share of total exports. It was followed by Spain, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ireland amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Spain (X% per year).

Export Prices by Country

The average palm oil export price stood at $X per ton in 2022, almost unchanged from the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the 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 Spain ($X per ton), while the average price for exports to Ireland ($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 Germany (X%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into the UK

For the third consecutive year, the UK recorded decline in supplies from abroad of palm oil, which decreased by X% to X tons in 2022. Overall, imports showed a slight decline. The pace of growth was the most pronounced in 2019 with an increase of X%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, palm oil imports soared to $X in 2022. Over the period under review, total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Papua New Guinea (X tons), Indonesia (X tons) and Malaysia (X tons) were the main suppliers of palm oil imports to the UK, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest palm oil suppliers to the UK were Papua New Guinea ($X), Indonesia ($X) and Malaysia ($X), with a combined X% share of total imports.

Among the main suppliers, Indonesia, with a CAGR of X%, 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

The average palm oil import price stood at $X per ton in 2022, surging by X% against the previous year. Overall, the import price saw a measured expansion. The most prominent rate of growth was recorded in 2021 an increase of X%. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the Netherlands ($X per ton) and Germany ($X per ton), while the price for Solomon Islands ($X per ton) and Papua New Guinea ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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