Australia: Coconut Oil Market 2024

Coconut Oil Market Size in Australia

The Australian coconut oil market contracted to $X in 2022, declining by -7.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +34.4% against 2020 indices. Coconut oil consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Coconut Oil Exports

Exports from Australia

Coconut oil exports from Australia expanded rapidly to X tons in 2022, growing by 5.1% compared with the previous year's figure. Overall, exports continue to indicate prominent growth. The pace of growth appeared the most rapid in 2014 when exports increased by 200% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, coconut oil exports fell significantly to $X in 2022. In general, exports continue to indicate a perceptible increase. The pace of growth appeared the most rapid in 2014 when exports increased by 139%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

New Zealand (X tons) was the main destination for coconut oil exports from Australia, with a 85% share of total exports. Moreover, coconut oil exports to New Zealand exceeded the volume sent to the second major destination, France (X tons), more than tenfold. Singapore (X tons) ranked third in terms of total exports with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to New Zealand amounted to +40.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+69.7% per year) and Singapore (+39.2% per year).

In value terms, New Zealand ($X) emerged as the key foreign market for coconut (copra) oil exports from Australia, comprising 74% of total exports. The second position in the ranking was held by China ($X), with a 7.2% share of total exports. It was followed by Germany, with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to New Zealand stood at +29.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+87.3% per year) and Germany (+4.5% per year).

Export Prices by Country

The average coconut oil export price stood at $X per ton in 2022, waning by -30.1% against the previous year. Overall, the export price showed a drastic downturn. The growth pace was the most rapid in 2019 an increase of 39%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sri Lanka (+3.7%), while the prices for the other major destinations experienced mixed trend patterns.

Coconut Oil Imports

Imports into Australia

In 2022, the amount of coconut (copra) oil imported into Australia fell remarkably to X tons, waning by -15.1% against the year before. Overall, imports showed a perceptible decline. The most prominent rate of growth was recorded in 2015 with an increase of 16% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, coconut oil imports dropped to $X in 2022. In general, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +60.2% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 65%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest coconut oil supplier to Australia, accounting for a 63% share of total imports. Moreover, coconut oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Sri Lanka (X tons), fivefold. The third position in this ranking was taken by the Philippines (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia stood at -4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+22.3% per year) and the Philippines (-0.4% per year).

In value terms, Malaysia ($X) constituted the largest supplier of coconut (copra) oil to Australia, comprising 50% of total imports. The second position in the ranking was taken by the Philippines ($X), with an 18% share of total imports. It was followed by Sri Lanka, with a 17% share.

From 2012 to 2022, the average annual growth rate of value from Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+8.2% per year) and Sri Lanka (+23.9% per year).

Import Prices by Country

In 2022, the average coconut oil import price amounted to $X per ton, surging by 14% against the previous year. In general, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil import price increased by +62.9% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 59% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for Fiji ($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 (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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