Bangladesh: Coconut Oil Market 2024

Coconut Oil Market Size in Bangladesh

In 2022, the Bangladeshi coconut oil market decreased by -1.1% to $X for the first time since 2016, thus ending a five-year rising trend. Overall, consumption saw a slight descent. Coconut oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Coconut Oil Production in Bangladesh

In value terms, coconut oil production rose significantly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a mild downturn. The growth pace was the most rapid in 2017 when the production volume increased by 47% against the previous year. Coconut oil production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Coconut Oil Exports

Exports from Bangladesh

In 2022, after three years of growth, there was significant decline in overseas shipments of coconut (copra) oil, when their volume decreased by -38.7% to X tons. In general, exports saw a mild shrinkage. The growth pace was the most rapid in 2021 with an increase of 295% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, coconut oil exports declined rapidly to $X in 2022. Over the period under review, exports continue to indicate a perceptible slump. The growth pace was the most rapid in 2021 with an increase of 335%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for coconut oil exports from Bangladesh, accounting for a 76% share of total exports. Moreover, coconut oil exports to the United Arab Emirates exceeded the volume sent to the second major destination, Malaysia (X tons), fivefold. Canada (X kg) ranked third in terms of total exports with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to +9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (0.0% per year) and Canada (-17.1% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for coconut (copra) oil exports from Bangladesh, comprising 74% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 10% share of total exports. It was followed by the UK, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates amounted to +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-2.8% per year) and the UK (-11.5% per year).

Export Prices by Country

The average coconut oil export price stood at $X per ton in 2022, approximately mirroring the previous year. Over the period under review, the export price, however, recorded a mild decrease. The pace of growth appeared the most rapid in 2017 when the average export price increased by 40% against the previous year. 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 external markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Malaysia ($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 India (+11.4%), while the prices for the other major destinations experienced mixed trend patterns.

Coconut Oil Imports

Imports into Bangladesh

Coconut oil imports into Bangladesh dropped dramatically to X tons in 2022, with a decrease of -35.8% compared with 2021 figures. In general, imports continue to indicate a noticeable contraction. The growth pace was the most rapid in 2021 when imports increased by 252% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, coconut oil imports dropped dramatically to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 441% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

The Philippines (X tons), Indonesia (X tons) and Malaysia (X tons) were the main suppliers of coconut oil imports to Bangladesh, with a combined 90% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +29.9%), while purchases for the other leaders experienced a decline.

In value terms, the Philippines ($X), Indonesia ($X) and Malaysia ($X) appeared to be the largest coconut oil suppliers to Bangladesh, together accounting for 79% of total imports.

In terms of the main suppliers, the Philippines, with a CAGR of +32.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average coconut oil import price amounted to $X per ton, declining by -7.7% against the previous year. Over the period under review, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 +110.3% against 2019 indices. The growth pace was the most rapid in 2021 when the average import price increased by 54%. As a result, import price attained the peak level of $X per ton, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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