Canada: Coconut Oil Market 2024

Coconut Oil Market Size in Canada

In 2022, the Canadian coconut oil market increased by 5.5% to $X, rising for the second consecutive year after two years of decline. Overall, consumption recorded moderate growth. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Coconut Oil Production in Canada

In value terms, coconut oil production totaled $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 11,403,042,800%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Coconut Oil Exports

Exports from Canada

In 2022, overseas shipments of coconut (copra) oil decreased by -22.4% to X tons, falling for the second consecutive year after two years of growth. In general, total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -27.7% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 81% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, coconut oil exports shrank dramatically to $X in 2022. Over the period under review, exports, however, continue to indicate a noticeable expansion. The pace of growth was the most pronounced in 2013 with an increase of 68%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for coconut oil exports from Canada, accounting for a 82% share of total exports. Moreover, coconut oil exports to the United States exceeded the volume sent to the second major destination, Sri Lanka (X tons), ninefold. The Philippines (X tons) ranked third in terms of total exports with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (+803.4% per year) and the Philippines (-4.4% per year).

In value terms, the United States ($X) remains the key foreign market for coconut (copra) oil exports from Canada, comprising 96% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 2.9% share of total exports. It was followed by Sri Lanka, with a 0.5% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+102.0% per year) and Sri Lanka (+201.2% per year).

Export Prices by Country

In 2022, the average coconut oil export price amounted to $X per ton, growing by 4.9% against the previous year. In general, the export price, however, recorded a deep setback. The pace of growth appeared the most rapid in 2017 when the average export price increased by 9.5%. Over the period under review, the average export prices hit record highs 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 the Netherlands ($X per ton), while the average price for exports to the Philippines ($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 the Netherlands (-2.1%), while the prices for the other major destinations experienced a decline.

Coconut Oil Imports

Imports into Canada

In 2022, purchases abroad of coconut (copra) oil decreased by -2.8% to X tons, falling for the third year in a row after two years of growth. In general, total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -4.8% against 2019 indices. The pace of growth was the most pronounced in 2018 when imports increased by 61%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, coconut oil imports declined slightly to $X in 2022. Overall, total imports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +6.1% against 2020 indices. The pace of growth was the most pronounced in 2014 when imports increased by 28%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Philippines (X tons) constituted the largest coconut oil supplier to Canada, with a 63% share of total imports. Moreover, coconut oil imports from the Philippines exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was held by Vietnam (X tons), with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume from the Philippines amounted to +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.1% per year) and Vietnam (+72.3% per year).

In value terms, the Philippines ($X) constituted the largest supplier of coconut (copra) oil to Canada, comprising 55% of total imports. The second position in the ranking was taken by the United States ($X), with a 16% share of total imports. It was followed by Vietnam, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Philippines amounted to +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+8.3% per year) and Vietnam (+72.0% per year).

Import Prices by Country

The average coconut oil import price stood at $X per ton in 2022, picking up by 2.1% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 23% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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 Sri Lanka ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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