Analysis of the demand for coconut oil in Belgium indicates a general growth trend from 2014 to 2023, with fluctuations observed in between. In 2023, the demand stood at 52,000 metric tons, up by 1.96% year-on-year. Notably, there was a significant surge of 47.5% in 2015 from the previous year, followed by a few years of decline and stabilization at a slower growth rate. Since 2019, the CAGR over the last five years was 2.04%, illustrating modest but steady growth.
Future trends to watch for include potential continued annual growth at a forecasted CAGR of 0.76% over the next five years, reaching 54,000 metric tons by 2028. Factors such as consumer health trends, sustainability concerns, and the expansion of coconut oil applications in the food and cosmetic industries might influence demand further. Monitoring these factors is essential to understand market dynamics and anticipate future shifts.
