Colombia: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Colombia

After three years of growth, the Colombian refined coconut oil market decreased by -0.1% to $X in 2022. In general, the total consumption indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +4.0% against 2018 indices. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Refined Coconut Oil Production in Colombia

In value terms, refined coconut oil production stood at $X in 2022 estimated in export price. In general, the total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.2% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 36% against the previous year. Refined coconut oil production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Refined Coconut Oil Exports

Exports from Colombia

Refined coconut oil exports from Colombia declined markedly to X tons in 2022, falling by -35.3% compared with 2021 figures. Over the period under review, exports saw a precipitous descent. The pace of growth appeared the most rapid in 2014 with an increase of 603% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, refined coconut oil exports dropped notably to $X in 2022. In general, exports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2015 when exports increased by 928%. Over the period under review, the exports reached the maximum 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 refined coconut oil exports from Colombia, accounting for a 64% share of total exports. Moreover, refined 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 rate of growth in terms of volume to Poland amounted to +833.8%.

In value terms, Poland ($X) and the Netherlands ($X) appeared to be the largest markets for refined coconut oil exported from Colombia worldwide.

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

Export Prices by Country

In 2022, the average refined coconut oil export price amounted to $X per ton, declining by -3.1% against the previous year. Over the period under review, the export price, however, enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2013 an increase of 209%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

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 Netherlands ($X per ton), while the average price for exports to Poland amounted to $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 mixed trend patterns.

Refined Coconut Oil Imports

Imports into Colombia

In 2022, refined coconut oil imports into Colombia shrank sharply to X tons, reducing by -22.3% against the previous year's figure. Over the period under review, imports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2015 with an increase of 541% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2021, and then declined sharply in the following year.

In value terms, refined coconut oil imports declined rapidly to $X in 2022. In general, imports, however, posted a resilient increase. The pace of growth appeared the most rapid in 2015 when imports increased by 333%. Imports peaked at $X in 2021, and then declined remarkably in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of refined coconut oil to Colombia, with a 40% share of total imports. Moreover, refined 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 ($X) constituted the largest supplier of refined coconut (copra) oil to Colombia, comprising 63% of total imports. The second position in the ranking was held by the Philippines ($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

The average refined coconut oil import price stood at $X per ton in 2022, surging by 3.3% against the previous year. Overall, import price indicated a slight expansion 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, refined coconut oil import price decreased by -5.7% against 2019 indices. The pace of growth appeared the most rapid in 2014 an increase of 83% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

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 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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