ASEAN: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in ASEAN

In 2022, the ASEAN crude coconut oil market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption enjoyed a strong expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Crude Coconut Oil Production in ASEAN

In value terms, crude coconut oil production fell modestly to $X in 2022 estimated in export price. In general, production continues to indicate a strong increase. The pace of growth was the most pronounced in 2019 when the production volume increased by 122% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Crude Coconut Oil Exports

Exports in ASEAN

In 2022, overseas shipments of crude coconut (copra) oil increased by 2.1% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, continue to indicate a deep setback. The most prominent rate of growth was recorded in 2021 when exports increased by 42% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude coconut oil exports soared to $X in 2022. Overall, exports posted a measured expansion. The pace of growth was the most pronounced in 2021 when exports increased by 73% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports by Country

The Philippines (X tons) and Indonesia (X tons) prevails in exports structure, together mixing up 94% of total exports. It was distantly followed by Malaysia (X tons), comprising a 5.4% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Malaysia (with a CAGR of +1.6%), while the other leaders experienced a decline in the exports figures.

In value terms, the Philippines ($X) remains the largest crude coconut oil supplier in ASEAN, comprising 71% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 26% share of total exports.

In the Philippines, crude coconut oil exports increased at an average annual rate of +8.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (-1.6% per year) and Malaysia (+1.0% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, increasing by 38% against the previous year. Over the period under review, the export price posted buoyant growth. The pace of growth was the most pronounced in 2014 when the export price increased by 47%. Over the period under review, the export prices hit record highs in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+14.4%), while the other leaders experienced mixed trends in the export price figures.

Crude Coconut Oil Imports

Imports in ASEAN

In 2022, overseas purchases of crude coconut (copra) oil decreased by -21% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, saw modest growth. The most prominent rate of growth was recorded in 2018 with an increase of 72% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then fell significantly in the following year.

In value terms, crude coconut oil imports shrank remarkably to $X in 2022. Overall, imports, however, showed moderate growth. The most prominent rate of growth was recorded in 2021 when imports increased by 78%. As a result, imports reached the peak of $X, and then fell significantly in the following year.

Imports by Country

In 2022, Malaysia (X tons) was the largest importer of crude coconut (copra) oil, making up 80% of total imports. It was distantly followed by Indonesia (X tons) and Thailand (X tons), together achieving a 19% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude coconut oil imports into Malaysia stood at +1.1%. At the same time, Thailand (+8.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +8.4% from 2012-2022. Indonesia experienced a relatively flat trend pattern. From 2012 to 2022, the share of Thailand increased by +2.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) constitutes the largest market for imported crude coconut (copra) oil in ASEAN, comprising 76% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 16% share of total imports.

In Malaysia, crude coconut oil imports increased at an average annual rate of +2.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (+6.0% per year) and Thailand (+11.7% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, approximately equating the previous year. Import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude coconut oil import price increased by +45.1% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 44%. Over the period under review, import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform