Latin America and the Caribbean: Coconut Market 2024

Coconut Market Size in Latin America and the Caribbean

After three years of growth, the Latin American coconut market decreased by -0.4% to $X in 2022. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2021, and then contracted in the following year.

Coconut Production in Latin America and the Caribbean

In value terms, coconut production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 37%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

The country with the largest volume of coconut production was Brazil (X tons), accounting for 52% of total volume. Moreover, coconut production in Brazil exceeded the figures recorded by the second-largest producer, Mexico (X tons), twofold. The Dominican Republic (X tons) ranked third in terms of total production with a 9% share.

In Brazil, coconut production shrank by an average annual rate of -1.7% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Mexico (-1.8% per year) and the Dominican Republic (+10.3% per year).

The average coconut yield declined slightly to X tons per ha in 2022, approximately equating 2021 figures. The yield figure increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 14% against the previous year. The level of yield peaked at X tons per ha in 2021, and then fell slightly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of coconuts were harvested in Latin America and the Caribbean; almost unchanged from 2021 figures. Over the period under review, the harvested area continues to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2013 with an increase of 0.7% against the previous year. As a result, the harvested area reached the peak level of X ha. From 2014 to 2022, the growth of the coconut harvested area failed to regain momentum.

Coconut Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of coconuts increased by 0.3% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 35%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, coconut exports stood at $X in 2022. Total exports indicated temperate growth 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, exports increased by +20.3% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 38%. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico (X tons) and Guyana (X tons) were the main exporters of coconuts in 2022, recording approx. 39% and 38% of total exports, respectively. It was distantly followed by Costa Rica (X tons) and Venezuela (X tons), together mixing up a 17% share of total exports. Brazil (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Brazil (with a CAGR of +22.3%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Guyana ($X) and Costa Rica ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 89% of total exports. Venezuela and Brazil lagged somewhat behind, together accounting for a further 6.7%.

Brazil, with a CAGR of +29.0%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, with an increase of 4.5% against the previous year. Export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut export price decreased by -9.2% against 2018 indices. The growth pace was the most rapid in 2016 when the export price increased by 23% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guyana (+7.6%), while the other leaders experienced more modest paces of growth.

Coconut Imports

Imports in Latin America and the Caribbean

In 2022, the amount of coconuts imported in Latin America and the Caribbean fell to X tons, reducing by -10.8% on 2021 figures. Overall, imports, however, showed a strong expansion. The pace of growth was the most pronounced in 2013 when imports increased by 70% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, coconut imports stood at $X in 2022. In general, imports, however, recorded strong growth. The pace of growth appeared the most rapid in 2017 when imports increased by 44% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The Dominican Republic represented the key importer of coconuts in Latin America and the Caribbean, with the volume of imports resulting at X tons, which was approx. 63% of total imports in 2022. Colombia (X tons) held the second position in the ranking, distantly followed by El Salvador (X tons). All these countries together took near 20% share of total imports. Chile (X tons) and Barbados (X tons) held a little share of total imports.

The Dominican Republic was also the fastest-growing in terms of the coconuts imports, with a CAGR of +15.8% from 2012 to 2022. At the same time, El Salvador (+7.8%), Chile (+3.8%) and Barbados (+1.4%) displayed positive paces of growth. Colombia experienced a relatively flat trend pattern. From 2012 to 2022, the share of the Dominican Republic increased by +30 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Dominican Republic ($X) constitutes the largest market for imported coconuts in Latin America and the Caribbean, comprising 59% of total imports. The second position in the ranking was held by Colombia ($X), with a 9.8% share of total imports. It was followed by Chile, with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Dominican Republic stood at +9.6%. The remaining importing countries recorded the following average annual rates of imports growth: Colombia (+8.5% per year) and Chile (+10.8% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, growing by 18% against the previous year. In general, the import price, however, recorded a slight setback. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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