The import of crude canola, rape, colza, or mustard oil to the UK is projected to decline steadily from 2024 to 2028, starting at $11.251 million in 2024 and decreasing to $7.8181 million by 2028. This represents a year-on-year decrease of approximately 7.9% from 2024 to 2025, 8.4% from 2025 to 2026, 8.95% from 2026 to 2027, and 9.62% from 2027 to 2028. The compound annual growth rate (CAGR) for this period is around -9%.
Future trends to watch for include:
- The potential impact of global trade policies and Brexit on oil imports.
- Changes in domestic agricultural production affecting import needs.
- Shifts in consumer preferences towards alternative oils or substitutes.
- Influence of climate change on oil crop yield and production costs.
