Canada: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Canada

In 2022, the Canadian refined coconut oil market increased by 0.2% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, recorded a mild setback. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Coconut Oil Production in Canada

In value terms, refined coconut oil production reduced slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a pronounced decrease. The pace of growth was the most pronounced in 2015 with an increase of 13% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Refined Coconut Oil Exports

Exports from Canada

In 2022, shipments abroad of refined coconut (copra) oil decreased by -17.4% to X tons, falling for the seventh consecutive year after four years of growth. Over the period under review, exports saw a slight reduction. The most prominent rate of growth was recorded in 2013 when exports increased by 70%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, refined coconut oil exports shrank to $X in 2022. In general, exports showed a mild shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by 62%. 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 refined coconut oil exports from Canada, accounting for a 94% share of total exports. Moreover, refined coconut oil exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled -1.6%.

In value terms, the United States ($X) remains the key foreign market for refined coconut (copra) oil exports from Canada, comprising 96% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 4.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled -2.1%.

Export Prices by Country

The average refined coconut oil export price stood at $X per ton in 2022, picking up by 8.6% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 16%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas 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 the Netherlands totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-0.5%).

Refined Coconut Oil Imports

Imports into Canada

In 2022, supplies from abroad of refined coconut (copra) oil increased by 2.6% to X tons, rising for the second year in a row after two years of decline. In general, total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +4.0% 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 +9.0% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 71% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, refined coconut oil imports stood at $X in 2022. Overall, total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +45.1% against 2020 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 42%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Philippines (X tons) constituted the largest refined coconut oil supplier to Canada, accounting for a 67% share of total imports. Moreover, refined 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 Malaysia (X tons), with an 8.1% share.

From 2012 to 2022, the average annual growth rate of volume from the Philippines stood at +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.1% per year) and Malaysia (-4.3% per year).

In value terms, the Philippines ($X) constituted the largest supplier of refined coconut (copra) oil to Canada, comprising 60% of total imports. The second position in the ranking was held by the United States ($X), with a 20% share of total imports. It was followed by Malaysia, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Philippines stood at +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+8.4% per year) and Malaysia (+1.8% per year).

Import Prices by Country

The average refined coconut oil import price stood at $X per ton in 2022, picking up by 7.8% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 31%. 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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