Asia: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Asia

After two years of growth, the Asian refined coconut oil market decreased by -1.3% to $X in 2022. In general, consumption, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the market value increased by 8.8%. Over the period under review, the market hit record highs at $X in 2021, and then dropped in the following year.

Refined Coconut Oil Production in Asia

In value terms, refined coconut oil production stood at $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 7.3%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Refined Coconut Oil Exports

Exports in Asia

In 2022, overseas shipments of refined coconut (copra) oil were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. The total export volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, refined coconut oil exports surged to $X in 2022. In general, exports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2014 when exports increased by 56%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Indonesia represented the main exporter of refined coconut (copra) oil in Asia, with the volume of exports resulting at X tons, which was near 47% of total exports in 2022. The Philippines (X tons) took the second position in the ranking, distantly followed by Malaysia (X tons). All these countries together took approx. 49% share of total exports. India (X tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +8.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest refined coconut oil supplying countries in Asia were Indonesia ($X), the Philippines ($X) and Malaysia ($X), together comprising 94% of total exports.

Indonesia, with a CAGR of +11.2%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, increasing by 17% against the previous year. Export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined coconut oil export price increased by +94.1% against 2019 indices. The pace of growth was the most pronounced in 2021 when the export price increased by 53% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per ton), while Malaysia ($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 (+7.4%), while the other leaders experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports in Asia

Refined coconut oil imports rose rapidly to X tons in 2022, with an increase of 12% on the previous year's figure. The total import volume increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 20%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, refined coconut oil imports surged to $X in 2022. Overall, imports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2021 when imports increased by 67%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

China represented the major importer of refined coconut (copra) oil in Asia, with the volume of imports accounting for X tons, which was approx. 47% of total imports in 2022. South Korea (X tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Japan (8.5%), Turkey (6.2%) and Singapore (5.6%). Malaysia (X tons), the United Arab Emirates (X tons), Iran (X tons), Pakistan (X tons) and Sri Lanka (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined coconut oil imports into China stood at +11.2%. At the same time, Sri Lanka (+23.0%), the United Arab Emirates (+9.4%), Turkey (+8.0%), Pakistan (+7.0%) and Iran (+5.4%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing importer imported in Asia, with a CAGR of +23.0% from 2012-2022. Singapore experienced a relatively flat trend pattern. By contrast, South Korea (-1.1%), Japan (-1.2%) and Malaysia (-9.0%) illustrated a downward trend over the same period. While the share of China (+21 p.p.) and Turkey (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-3.1 p.p.), Japan (-6.7 p.p.), Malaysia (-9 p.p.) and South Korea (-9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported refined coconut (copra) oil in Asia, comprising 48% of total imports. The second position in the ranking was held by South Korea ($X), with a 12% share of total imports. It was followed by Japan, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +15.1%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+2.9% per year) and Japan (+2.7% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, picking up by 10% against the previous year. Import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined coconut oil import price increased by +80.7% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 55% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is expected to retain growth in the near future.

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 Japan ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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