Asia-Pacific: Coconut Market 2024

Coconut Market Size in Asia-Pacific

In 2022, the Asia-Pacific 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 +2.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Coconut Production in Asia-Pacific

In value terms, coconut production amounted to $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.5% against 2019 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 93%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Indonesia (X tons), the Philippines (X tons) and India (X tons), with a combined 81% share of total production. Sri Lanka, Papua New Guinea, Vietnam and Myanmar lagged somewhat behind, together accounting for a further 13%.

From 2012 to 2022, the biggest increases were recorded for Papua New Guinea (with a CAGR of +4.0%), while production for the other leaders experienced more modest paces of growth.

The average coconut yield dropped modestly to X tons per ha in 2022, flattening at the year before. In general, the yield, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 12% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2019 to 2022, the growth of the coconut yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The coconut harvested area shrank modestly to X ha in 2022, remaining stable against the year before. Overall, the harvested area, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the harvested area increased by 1.3% against the previous year. Over the period under review, the harvested area dedicated to coconut production attained the maximum at X ha in 2021, and then dropped in the following year.

Coconut Exports

Exports in Asia-Pacific

After three years of growth, overseas shipments of coconuts decreased by -19.8% to X tons in 2022. In general, exports, however, recorded a strong increase. The pace of growth was the most pronounced in 2020 when exports increased by 32% against the previous year. The volume of export peaked at X tons in 2021, and then shrank rapidly in the following year.

In value terms, coconut exports fell to $X in 2022. Over the period under review, exports, however, posted a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 44% against the previous year. The level of export peaked at $X in 2021, and then dropped in the following year.

Exports by Country

Thailand represented the largest exporter of coconuts in Asia-Pacific, with the volume of exports amounting to X tons, which was near 44% of total exports in 2022. Indonesia (X tons) held the second position in the ranking, followed by Vietnam (X tons) and India (X tons). All these countries together held approx. 50% share of total exports. 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 ($X) remains the largest coconut supplier in Asia-Pacific, comprising 60% of total exports. The second position in the ranking was taken by Indonesia ($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. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+10.7% per year) and Vietnam (+3.7% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2022, increasing by 15% against the previous year. Over the last decade, it increased at an average annual rate of +3.1%. The growth pace was the most rapid in 2018 an increase of 15% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: 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-Pacific

For the sixth consecutive year, Asia-Pacific recorded growth in purchases abroad of coconuts, which increased by 10% to X tons in 2022. Over the period under review, imports enjoyed a strong increase. The pace of growth was the most pronounced in 2014 with an increase of 96%. The volume of import peaked in 2022 and is likely to continue growth in the near future.

In value terms, coconut imports stood at $X in 2022. In general, imports enjoyed a resilient increase. The growth pace was the most rapid in 2014 with an increase of 82% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

China represented the major importer of coconuts in Asia-Pacific, with the volume of imports recording X tons, which was near 70% of total imports in 2022. Malaysia (X tons) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (9.3%).

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%) and Malaysia (+7.2%) displayed positive paces of growth. China (+23 p.p.) and Thailand (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia saw its share reduced by -16.9% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported coconuts in Asia-Pacific, comprising 77% of total imports. The second position in the ranking was held by Malaysia ($X), with an 8% share of total imports.

From 2012 to 2022, the average annual growth rate of value in China amounted to +24.4%. In the other countries, the average annual rates were as follows: Malaysia (+11.6% per year) and Thailand (+19.4% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, growing by 2.6% against the previous year. Over the last decade, it increased at an average annual rate of +4.1%. The most prominent rate of growth was recorded in 2013 an increase of 19%. Over the period under review, import prices reached the peak figure in 2022 and is likely to see gradual growth in the immediate term.

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 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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