Australia: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Australia

The Australian refined coconut oil market declined to $X in 2022, dropping by -8.5% against the previous year. In general, consumption showed a pronounced setback. Refined coconut oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Refined Coconut Oil Production in Australia

In value terms, refined coconut oil production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, saw a pronounced slump. The pace of growth appeared the most rapid in 2019 with an increase of 19%. Refined coconut oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Coconut Oil Exports

Exports from Australia

For the third year in a row, Australia recorded growth in shipments abroad of refined coconut (copra) oil, which increased by 8.2% to X tons in 2022. Over the period under review, exports recorded a strong expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 297%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, refined coconut oil exports contracted notably to $X in 2022. Overall, exports continue to indicate a moderate expansion. The most prominent rate of growth was recorded in 2021 with an increase of 190% against the previous year. Over the period under review, the exports attained the peak figure 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 refined coconut oil exports from Australia, with a 93% share of total exports. It was followed by Singapore (X tons), with a 2.1% share of total exports. The third position in this ranking was held by Germany (X tons), with a 1.9% share.

From 2012 to 2022, the average annual growth rate of volume to New Zealand amounted to +42.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+39.8% per year) and Germany (+4.9% per year).

In value terms, New Zealand ($X) emerged as the key foreign market for refined coconut (copra) oil exports from Australia, comprising 86% of total exports. The second position in the ranking was held by Germany ($X), with a 4.6% share of total exports. It was followed by Singapore, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to New Zealand totaled +30.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+4.5% per year) and Singapore (+23.8% per year).

Export Prices by Country

In 2022, the average refined coconut oil export price amounted to $X per ton, shrinking by -31.9% against the previous year. Overall, the export price continues to indicate a deep setback. The growth pace was the most rapid in 2019 when the average export price increased by 41%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to New Zealand ($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 (+37.5%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Coconut Oil Imports

Imports into Australia

In 2022, the amount of refined coconut (copra) oil imported into Australia shrank rapidly to X tons, dropping by -17.3% on 2021 figures. Overall, imports recorded a noticeable decrease. The growth pace was the most rapid in 2015 when imports increased by 25% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, refined coconut oil imports contracted to $X in 2022. In general, total imports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 +54.8% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 61% against the previous year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of refined coconut oil to Australia, with a 67% share of total imports. Moreover, refined coconut oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Sri Lanka (X tons), fivefold. The Philippines (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia amounted to -4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+32.9% per year) and the Philippines (-0.1% per year).

In value terms, Malaysia ($X) constituted the largest supplier of refined coconut (copra) oil to Australia, comprising 53% of total imports. The second position in the ranking was taken by the Philippines ($X), with an 18% share of total imports. It was followed by Sri Lanka, with an 18% 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 (+8.3% per year) and Sri Lanka (+33.9% per year).

Import Prices by Country

In 2022, the average refined coconut oil import price amounted to $X per ton, surging by 16% against the previous year. Overall, import price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +6.6% 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 +64.7% against 2020 indices. The most prominent rate of growth was recorded in 2014 an increase of 52%. The import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for Vanuatu ($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 (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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