Asia: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Asia

In 2022, the Asian crude coconut oil market increased by 31% to $X for the first time since 2019, thus ending a two-year declining trend. The total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Crude Coconut Oil Production in Asia

In value terms, crude coconut oil production fell slightly to $X in 2022 estimated in export price. Overall, production enjoyed a strong expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 105% 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 Asia

In 2022, shipments abroad of crude coconut (copra) oil increased by 3.5% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, continue to indicate a abrupt decline. The pace of growth was the most pronounced in 2021 with an increase of 40% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, crude coconut oil exports soared to $X in 2022. Overall, exports recorded a tangible increase. The most prominent rate of growth was recorded in 2021 with an increase of 68% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

The Philippines (X tons) and Indonesia (X tons) prevails in exports structure, together comprising 90% of total exports. It was distantly followed by Malaysia (X tons), creating a 5.2% share of total exports. The following exporters - Sri Lanka (X tons) and India (X tons) - each recorded a 3.9% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by India (with a CAGR of +59.4%), while the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X) remains the largest crude coconut oil supplier in Asia, comprising 68% of total exports. The second position in the ranking was held by Indonesia ($X), with a 25% share of total exports. It was followed by Sri Lanka, with a 3.2% share.

In the Philippines, crude coconut oil exports increased at an average annual rate of +8.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (-1.6% per year) and Sri Lanka (+22.7% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, surging by 35% against the previous year. Over the period under review, the export price showed prominent growth. The most prominent rate of growth was recorded in 2014 an increase of 49%. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

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 Asia

In 2022, after two years of growth, there was significant decline in purchases abroad of crude coconut (copra) oil, when their volume decreased by -19.4% to X tons. In general, imports saw a noticeable downturn. The pace of growth was the most pronounced in 2018 with an increase of 53%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, crude coconut oil imports declined notably to $X in 2022. Over the period under review, imports saw a mild shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 73% against the previous year. As a result, imports attained the peak of $X, and then fell markedly in the following year.

Imports by Country

Malaysia was the major importer of crude coconut (copra) oil in Asia, with the volume of imports recording X tons, which was near 74% of total imports in 2022. It was distantly followed by Indonesia (X tons) and Thailand (X tons), together constituting an 18% share of total imports. The following importers - Sri Lanka (X tons) and China (X tons) - each resulted at a 4.1% 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, Sri Lanka (+15.6%) and Thailand (+8.4%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing importer imported in Asia, with a CAGR of +15.6% from 2012-2022. Indonesia experienced a relatively flat trend pattern. By contrast, China (-29.9%) illustrated a downward trend over the same period. While the share of Malaysia (+30 p.p.), Indonesia (+4.5 p.p.), Thailand (+3.7 p.p.) and Sri Lanka (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of China (-36.9 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) constitutes the largest market for imported crude coconut (copra) oil in Asia, comprising 68% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 14% share of total imports. It was followed by Thailand, with a 5.8% share.

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 Asia stood at $X per ton in 2022, growing by 2.4% against the previous year. Import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +2.7% 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 +42.3% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 48%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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 Sri Lanka (+8.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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