Canada: Coconut Market 2024

Coconut Market Size in Canada

The Canadian coconut market fell slightly to $X in 2022, approximately equating 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). Overall, consumption, however, posted a remarkable increase. Over the period under review, the market attained the peak level at $X in 2021, and then shrank in the following year.

Coconut Exports

Exports from Canada

In 2022, the amount of coconuts exported from Canada reduced dramatically to X tons, which is down by -38% compared with 2021 figures. Overall, exports, however, enjoyed significant growth. The growth pace was the most rapid in 2019 when exports increased by 1,063%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, coconut exports fell rapidly to $X in 2022. In general, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 1,187%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for coconut exports from Canada, accounting for a 79% share of total exports. Moreover, coconut exports to the United States exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), eightfold. France (X tons) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +27.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+12.2% per year) and France (+8.4% per year).

In value terms, the United States ($X) remains the key foreign market for coconuts exports from Canada, comprising 94% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 2.8% share of total exports. It was followed by France, with a 1.2% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +33.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+10.6% per year) and France (+2.2% per year).

Export Prices by Country

The average coconut export price stood at $X per ton in 2022, reducing by -6.5% against the previous year. Overall, the export price, however, continues to indicate perceptible growth. The pace of growth appeared the most rapid in 2017 when the average export price increased by 59%. The export price peaked at $X per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Barbados ($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 United States (+5.0%), while the prices for the other major destinations experienced a decline.

Coconut Imports

Imports into Canada

After five years of growth, supplies from abroad of coconuts decreased by -7.3% to X tons in 2022. Overall, imports, however, recorded a tangible increase. The most prominent rate of growth was recorded in 2017 with an increase of 44%. Over the period under review, imports reached the peak figure at X tons in 2021, and then fell in the following year.

In value terms, coconut imports amounted to $X in 2022. Over the period under review, imports, however, saw a strong expansion. The pace of growth appeared the most rapid in 2017 with an increase of 42%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Costa Rica (X tons) constituted the largest coconut supplier to Canada, with a 30% share of total imports. Moreover, coconut imports from Costa Rica exceeded the figures recorded by the second-largest supplier, Thailand (X tons), threefold. The third position in this ranking was taken by Sri Lanka (X tons), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Costa Rica amounted to +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-8.3% per year) and Sri Lanka (+18.4% per year).

In value terms, India ($X), Costa Rica ($X) and Thailand ($X) constituted the largest coconut suppliers to Canada, with a combined 44% share of total imports. Sri Lanka, Vietnam, Indonesia, the Dominican Republic, Mexico and Cote d'Ivoire lagged somewhat behind, together accounting for a further 46%.

Indonesia, with a CAGR of +79.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average coconut import price stood at $X per ton in 2022, picking up by 8.2% against the previous year. Over the last decade, it increased at an average annual rate of +4.3%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 23% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 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 India ($X per ton), while the price for Costa Rica ($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 (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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