The palm oil market size in the UK has seen a significant rise from 421.75 million kilograms in 2013 to 663.35 million kilograms in 2023. The market volume experienced fluctuations with substantial growth periods in 2014 and 2017, and slight declines in 2015 and 2016. The year-on-year variation highlights a peak in growth in 2017 at 22.81% and consistent positive growth from 2019 onwards. By 2023, the year-on-year growth stood at 2.72%, with a 5-year CAGR of 2%. Forecasted data indicates a continued upward trend, projecting a market volume of 746.11 million kilograms by 2028, with a 5-year CAGR of 1.86% and overall growth rate of 9.63%.
Looking ahead, several trends are expected to impact the palm oil market in the UK:
- Increasing demand for sustainable and certified palm oil could drive changes in supply chain and production practices.
- Market expansion through innovative applications in non-food sectors such as biofuel and cosmetics.
- Potential regulatory changes focused on environmental impact and deforestation concerns might influence market dynamics.
- Enhanced consumer awareness and preference for organic products may shift demand patterns.
