Colombia: Coconut Oil Market 2024

Coconut Oil Market Size in Colombia

The Colombian coconut oil market plummeted to $X in 2022, with a decrease of -16.8% against the previous year. In general, consumption, however, enjoyed a resilient increase. Over the period under review, the market reached the peak level at $X in 2021, and then shrank sharply in the following year.

Coconut Oil Production in Colombia

In value terms, coconut oil production shrank sharply to $X in 2022 estimated in export price. In general, production recorded a deep setback. The growth pace was the most rapid in 2013 when the production volume increased by 209%. Coconut oil production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Coconut Oil Exports

Exports from Colombia

In 2022, the amount of coconut (copra) oil exported from Colombia fell markedly to X tons, which is down by -88.3% on 2021 figures. In general, exports faced a dramatic curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by 446%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, coconut oil exports reduced notably to $X in 2022. Over the period under review, exports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2015 when exports increased by 671% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Poland (X tons) was the main destination for coconut oil exports from Colombia, with a 64% share of total exports. Moreover, coconut oil exports to Poland exceeded the volume sent to the second major destination, the Netherlands (X kg), fourfold.

From 2012 to 2022, the average annual growth rate of volume to Poland totaled +833.8%.

In value terms, the largest markets for coconut oil exported from Colombia were Poland ($X) and the Netherlands ($X).

Poland, with a CAGR of +138.3%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

In 2022, the average coconut oil export price amounted to $X per ton, waning by -7.8% against the previous year. Overall, the export price, however, continues to indicate a strong increase. The growth pace was the most rapid in 2013 when the average export price increased by 284% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Poland stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+2.0%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Oil Imports

Imports into Colombia

In 2022, coconut oil imports into Colombia dropped notably to X tons, with a decrease of -22.3% against the year before. Overall, imports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2015 when imports increased by 541% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then declined markedly in the following year.

In value terms, coconut oil imports dropped dramatically to $X in 2022. In general, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2015 with an increase of 333%. Imports peaked at $X in 2021, and then fell remarkably in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of coconut oil to Colombia, accounting for a 40% share of total imports. Moreover, coconut oil imports from the United States exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), threefold. The third position in this ranking was held by Sweden (X tons), with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +25.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+10.5% per year) and Sweden (+128.9% per year).

In value terms, the United States ($X) constituted the largest supplier of coconut (copra) oil to Colombia, comprising 63% of total imports. The second position in the ranking was held by the Philippines ($X), with a 7.7% share of total imports. It was followed by Sweden, with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to +28.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+10.4% per year) and Sweden (+160.1% per year).

Import Prices by Country

In 2022, the average coconut oil import price amounted to $X per ton, with an increase of 3.3% against the previous year. Over the period under review, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil import price decreased by -5.7% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 83%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+23.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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