Asia: Coconut Market 2024

Coconut Market Size in Asia

In 2022, the Asian coconut market increased by less than 0.1% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Coconut Production in Asia

In value terms, coconut production stood at $X in 2022 estimated in export price. Over the period under review, production, however, recorded a temperate increase. The most prominent rate of growth was recorded in 2017 with an increase of 104%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Indonesia (X tons), the Philippines (X tons) and India (X tons), together accounting for 86% of total production. Sri Lanka, Vietnam, Myanmar and Thailand lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +3.5%), while production for the other leaders experienced more modest paces of growth.

In 2022, the average yield of coconuts in Asia declined to X tons per ha, approximately equating the previous year's figure. Overall, the yield, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 13%. As a result, the yield reached the peak level of X tons per ha. From 2019 to 2022, the growth of the coconut yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of coconuts were harvested in Asia; approximately reflecting the previous year's figure. Over the period under review, the harvested area saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 1.4%. Over the period under review, the harvested area dedicated to coconut production attained the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Coconut Exports

Exports in Asia

After three years of growth, shipments abroad of coconuts decreased by -19.8% to X tons in 2022. Overall, exports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 32%. The volume of export peaked at X tons in 2021, and then reduced markedly in the following year.

In value terms, coconut exports contracted to $X in 2022. Over the period under review, exports, however, posted buoyant growth. The growth pace was the most rapid in 2014 when exports increased by 44% against the previous year. The level of export peaked at $X in 2021, and then reduced in the following year.

Exports by Country

Thailand represented the main exporter of coconuts in Asia, with the volume of exports amounting to X tons, which was near 44% of total exports in 2022. Indonesia (X tons) ranks second in terms of the total exports with a 26% share, followed by Vietnam (19%) and India (5.4%). Malaysia (X tons) and Sri Lanka (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Thailand (with a CAGR of +28.3%), while the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) remains the largest coconut supplier in Asia, comprising 60% of total exports. The second position in the ranking was held by Indonesia ($X), with a 16% share of total exports. It was followed by Vietnam, with a 12% share.

In Thailand, coconut exports increased at an average annual rate of +31.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (+10.7% per year) and Vietnam (+3.7% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, growing by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. The growth pace was the most rapid in 2018 when the export price increased by 16%. Over the period under review, the export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

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 Thailand ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.6%), while the other leaders experienced more modest paces of growth.

Coconut Imports

Imports in Asia

Coconut imports expanded notably to X tons in 2022, surging by 9.2% on the previous year's figure. Overall, imports saw a resilient expansion. The growth pace was the most rapid in 2014 with an increase of 87% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, coconut imports rose remarkably to $X in 2022. Over the period under review, imports recorded a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 79%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Imports by Country

China was the key importer of coconuts in Asia, with the volume of imports finishing at X tons, which was approx. 67% of total imports in 2022. Malaysia (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (8.9%). The United Arab Emirates (X tons) held a minor share of total imports.

China was also the fastest-growing in terms of the coconuts imports, with a CAGR of +19.7% from 2012 to 2022. At the same time, Thailand (+17.9%), the United Arab Emirates (+8.1%) and Malaysia (+7.2%) displayed positive paces of growth. From 2012 to 2022, the share of China and Thailand increased by +23 and +2.2 percentage points, respectively.

In value terms, China ($X) constitutes the largest market for imported coconuts in Asia, comprising 74% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 7.7% share of total imports. It was followed by Thailand, with a 5.5% share.

In China, coconut imports increased at an average annual rate of +24.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+11.6% per year) and Thailand (+19.4% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Over the last decade, it increased at an average annual rate of +3.8%. The growth pace was the most rapid in 2013 an increase of 16% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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