Asia: Coconut Oil Market 2024

Coconut Oil Market Size in Asia

The Asian coconut oil market surged to $X in 2022, growing by 27% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +89.4% against 2013 indices. The level of consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Coconut Oil Production in Asia

In value terms, coconut oil production reduced modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 37% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Coconut Oil Exports

Exports in Asia

In 2022, shipments abroad of coconut (copra) oil increased by 14% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, recorded a slight contraction. The pace of growth appeared the most rapid in 2021 with an increase of 15% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, coconut oil exports soared to $X in 2022. Overall, exports posted a strong increase. The most prominent rate of growth was recorded in 2021 when exports increased by 60% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.

Exports by Country

Indonesia (X tons) and the Philippines (X tons) represented roughly 83% of total exports in 2022. It was distantly followed by Malaysia (X tons), comprising a 13% share of total exports. India (X tons) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +13.8%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest coconut oil supplying countries in Asia were the Philippines ($X), Indonesia ($X) and Malaysia ($X), together comprising 95% of total exports. These countries were followed by India, which accounted for a further 1.7%.

Among the main exporting countries, India, with a CAGR of +13.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, jumping by 24% against the previous year. In general, the export price saw resilient growth. The pace of growth appeared the most rapid in 2014 an increase of 51% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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 (+11.7%), while the other leaders experienced mixed trends in the export price figures.

Coconut Oil Imports

Imports in Asia

In 2022, the amount of coconut (copra) oil imported in Asia dropped to X tons, stabilizing at the previous year's figure. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 22%. As a result, imports attained the peak of X tons, leveling off in the following year.

In value terms, coconut oil imports amounted to $X in 2022. Total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +96.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 69% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

China (X tons) and Malaysia (X tons) represented roughly 59% of total imports in 2022. It was distantly followed by South Korea (X tons), Japan (X tons) and Indonesia (X tons), together generating an 18% share of total imports. The following importers - Turkey (X tons), Singapore (X tons), Sri Lanka (X tons), the United Arab Emirates (X tons), Thailand (X tons) and Iran (X tons) - together made up 15% of total imports.

From 2012 to 2022, the biggest increases were recorded for Sri Lanka (with a CAGR of +19.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest coconut oil importing markets in Asia were China ($X), Malaysia ($X) and South Korea ($X), with a combined 65% share of total imports. Japan, Turkey, Indonesia, Singapore, the United Arab Emirates, Sri Lanka, Thailand and Iran lagged somewhat behind, together comprising a further 27%.

Sri Lanka, with a CAGR of +26.8%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, rising by 8.9% against the previous year. Import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil import price increased by +67.1% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 41% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2017; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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