As of 2023, the UK imported palm kernel and babassu oil fractions simply refined, with a recorded value of 16.026 million US dollars. The forecast from 2024 to 2028 shows a steady and gradual increase in import values, marking a consistent upward trend. Each year, an approximate increase of 1.3% to 1.5% is anticipated, reflecting a growing demand or adjustment for inflationary factors. By 2028, the forecasted value stands at 16.839 million US dollars, showcasing a compound annual growth rate (CAGR) over five years of about 1.6%.
Future trends to watch for include:
- Potential shifts in trade policies due to geopolitical factors, which may impact the import costs or volumes.
- Technological advancements in local production or substitutes that might reduce dependency on imports.
- Environmental and sustainability regulations impacting supply chain practices for palm kernel and babassu oil production and import.
- Currency fluctuations that could affect the import expenditure in real terms.
