Asia-Pacific: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Asia-Pacific

In 2022, after two years of decline, there was significant growth in the Asia-Pacific crude coconut oil market, when its value increased by 31% to $X. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in years to come.

Crude Coconut Oil Production in Asia-Pacific

In value terms, crude coconut oil production dropped slightly to $X in 2022 estimated in export price. In general, production showed a buoyant increase. The pace of growth was the most pronounced in 2019 with an increase of 102%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Crude Coconut Oil Exports

Exports in Asia-Pacific

In 2022, overseas shipments of crude coconut (copra) oil increased by 1% to X tons, rising for the second consecutive year after two years of decline. In general, exports, however, saw a perceptible descent. The pace of growth was the most pronounced in 2021 with an increase of 42%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, crude coconut oil exports skyrocketed to $X in 2022. Overall, exports saw a resilient expansion. The pace of growth appeared the most rapid in 2021 with an increase of 74% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

The Philippines (X tons) and Indonesia (X tons) dominates exports structure, together comprising 83% of total exports. Papua New Guinea (X tons) ranks next in terms of the total exports with a 5.7% share, followed by Malaysia (4.8%). Sri Lanka (X tons) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Sri Lanka (with a CAGR of +23.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X) remains the largest crude coconut oil supplier in Asia-Pacific, comprising 65% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 24% share of total exports. It was followed by Papua New Guinea, with a 3.2% share.

From 2012 to 2022, the average annual growth rate of value in the Philippines totaled +8.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (-1.6% per year) and Papua New Guinea (+9.9% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, rising by 32% against the previous year. In general, the export price continues to indicate a buoyant increase. The pace of growth appeared the most rapid in 2014 an increase of 48% against the previous year. The level of export peaked 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 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 more modest paces of growth.

Crude Coconut Oil Imports

Imports in Asia-Pacific

After two years of growth, supplies from abroad of crude coconut (copra) oil decreased by -19.2% to X tons in 2022. Over the period under review, imports recorded a pronounced decrease. The growth pace was the most rapid in 2018 when imports increased by 54% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, crude coconut oil imports declined significantly to $X in 2022. In general, imports showed a slight decline. The most prominent rate of growth was recorded in 2021 with an increase of 74%. As a result, imports reached the peak of $X, and then fell dramatically in the following year.

Imports by Country

In 2022, Malaysia (X tons) represented the main importer of crude coconut (copra) oil, mixing up 75% of total imports. Indonesia (X tons) held the second position in the ranking, distantly followed by Thailand (X tons). All these countries together held approx. 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-Pacific, 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. From 2012 to 2022, the share of Malaysia, Indonesia, Thailand and Sri Lanka increased by +30, +4.5, +3.7 and +2.1 percentage points, respectively.

In value terms, Malaysia ($X) constitutes the largest market for imported crude coconut (copra) oil in Asia-Pacific, comprising 70% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 14% share of total imports. It was followed by Thailand, with a 6% share.

From 2012 to 2022, the average annual growth rate of value in Malaysia amounted to +2.8%. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+6.0% per year) and Thailand (+11.7% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, growing by 2.2% against the previous year. Import price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +2.6% 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 +42.0% against 2019 indices. The growth pace was the most rapid in 2014 an increase of 49% against the previous year. 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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