In 2023, the import value of groundnut oilcake and other solid residues to the UK stood at approximately 24.5 thousand US dollars. Forecasts from 2024 suggest a downward trend, with values decreasing annually. From 2024 to 2028, the expected annual changes show a consistent negative variation: 2024 (-6.8%), 2025 (-7.5%), 2026 (-8.0%), 2027 (-8.5%), and 2028 (-9.1%), indicating a sustained contraction in import values.
The Compound Annual Growth Rate (CAGR) over the five-year period implies an average annual decline of about 8%. This suggests that the importation of groundnut oilcake is set to diminish consistently, signalling a shift perhaps due to changes in demand, local production capability, or alternative sources and products.
Future trends to watch for:
- Shifts in UK's agricultural and food processing industries affecting demand.
- Global supply chain adjustments impacting the cost and availability of groundnut products.
- Potential substitution effects with alternative animal feed or residue products.
- Changes in trade policies or tariffs influencing import dynamics.
