CIS: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in CIS

After two years of growth, the CIS refined coconut oil market decreased by -12.5% to $X in 2022. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then shrank in the following year.

Refined Coconut Oil Production in CIS

In value terms, refined coconut oil production amounted to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 19%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Refined Coconut Oil Exports

Exports in CIS

In 2022, after three years of growth, there was significant decline in shipments abroad of refined coconut (copra) oil, when their volume decreased by -26.4% to X tons. In general, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of 154%. Over the period under review, the exports hit record highs at X tons in 2021, and then declined rapidly in the following year.

In value terms, refined coconut oil exports reduced remarkably to $X in 2022. Over the period under review, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 234% against the previous year. As a result, the exports reached the peak of $X, and then fell dramatically in the following year.

Exports by Country

Russia prevails in exports structure, reaching X tons, which was near 94% of total exports in 2022. It was distantly followed by Kazakhstan (X tons), comprising a 4.5% share of total exports.

Russia was also the fastest-growing in terms of the refined coconut (copra) oil exports, with a CAGR of +32.3% from 2012 to 2022. At the same time, Kazakhstan (+13.0%) displayed positive paces of growth. Russia (+17 p.p.) significantly strengthened its position in terms of the total exports, while Kazakhstan saw its share reduced by -13.6% from 2012 to 2022, respectively.

In value terms, Russia ($X) remains the largest refined coconut oil supplier in the CIS, comprising 95% of total exports. The second position in the ranking was held by Kazakhstan ($X), with a 4.9% share of total exports.

In Russia, refined coconut oil exports expanded at an average annual rate of +29.2% over the period from 2012-2022.

Export Prices by Country

The export price in the CIS stood at $X per ton in 2022, dropping by -9.2% against the previous year. In general, the export price saw a perceptible reduction. The pace of growth was the most pronounced in 2021 an increase of 43%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Kazakhstan ($X per ton), while Russia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (-0.4%).

Refined Coconut Oil Imports

Imports in CIS

After three years of growth, overseas purchases of refined coconut (copra) oil decreased by -7.9% to X tons in 2022. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when imports increased by 30%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, refined coconut oil imports fell to $X in 2022. Total imports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.3% 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 +87.4% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 104% against the previous year. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

Russia dominates imports structure, accounting for X tons, which was approx. 77% of total imports in 2022. Uzbekistan (X tons) ranks second in terms of the total imports with a 9.3% share, followed by Belarus (6%). The following importers - Kyrgyzstan (X tons) and Azerbaijan (X tons) - together made up 5.2% of total imports.

Russia experienced a relatively flat trend pattern with regard to volume of imports of refined coconut (copra) oil. At the same time, Azerbaijan (+45.4%), Kyrgyzstan (+12.4%), Uzbekistan (+5.0%) and Belarus (+4.5%) displayed positive paces of growth. Moreover, Azerbaijan emerged as the fastest-growing importer imported in the CIS, with a CAGR of +45.4% from 2012-2022. From 2012 to 2022, the share of Uzbekistan, Kyrgyzstan, Azerbaijan and Belarus increased by +9.3, +2.3, +1.7 and +1.6 percentage points, respectively.

In value terms, Russia ($X) constitutes the largest market for imported refined coconut (copra) oil in the CIS, comprising 68% of total imports. The second position in the ranking was held by Uzbekistan ($X), with a 12% share of total imports. It was followed by Belarus, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Russia was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Uzbekistan (+17.0% per year) and Belarus (+7.5% per year).

Import Prices by Country

In 2022, the import price in the CIS amounted to $X per ton, dropping by -7% against the previous year. Import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined coconut oil import price increased by +58.3% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 59% against the previous year. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+11.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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