Costa Rica: Coconut Market 2024

Coconut Market Size in Costa Rica

The Costa Rican coconut market declined slightly to $X in 2022, reducing by -2.5% against the previous year. In general, consumption saw a noticeable decrease. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Coconut Production in Costa Rica

In value terms, coconut production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable downturn. The growth pace was the most rapid in 2015 with an increase of 17%. Coconut production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

In 2022, the average yield of coconuts in Costa Rica shrank slightly to X tons per ha, standing approx. at 2021. The yield figure increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2015 when the yield increased by 15% against the previous year. Over the period under review, the average coconut yield hit record highs at X tons per ha in 2021, and then dropped modestly 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.

The coconut harvested area in Costa Rica expanded slightly to X ha in 2022, with an increase of 3% on the year before. In general, the harvested area, however, recorded a abrupt descent. Over the period under review, the harvested area dedicated to coconut production reached the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

Coconut Exports

Exports from Costa Rica

In 2022, the amount of coconuts exported from Costa Rica surged to X tons, picking up by 16% against the previous year's figure. Over the period under review, total exports indicated a modest increase from 2012 to 2022: its volume increased at an average annual rate of +1.6% 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 +179.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 140% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, coconut exports surged to $X in 2022. In general, exports saw noticeable growth. The most prominent rate of growth was recorded in 2021 with an increase of 190%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons), the UK (X tons) and the United States (X tons) were the main destinations of coconut exports from Costa Rica, together comprising 88% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +56.1%), while the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), the United States ($X) and the UK ($X) constituted the largest markets for coconut exported from Costa Rica worldwide, with a combined 90% share of total exports.

Canada, with a CAGR of +57.2%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average coconut export price amounted to $X per ton, surging by 3% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 21%. The export price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+44.7%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Imports

Imports into Costa Rica

In 2022, the amount of coconuts imported into Costa Rica rose markedly to X tons, growing by 6.2% compared with the previous year's figure. Over the period under review, imports, however, recorded a deep contraction. The pace of growth appeared the most rapid in 2019 when imports increased by 526%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, coconut imports reduced notably to $X in 2022. Overall, imports, however, recorded a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of 281%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Nicaragua (X tons) and the United States (X tons) were the main suppliers of coconut imports to Costa Rica.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of -4.0%).

In value terms, the United States ($X) and Nicaragua ($X) constituted the largest coconut suppliers to Costa Rica.

The United States, with a CAGR of -4.0%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review.

Import Prices by Country

The average coconut import price stood at $X per ton in 2022, waning by -53% against the previous year. Overall, the import price saw a abrupt decline. The most prominent rate of growth was recorded in 2018 when the average import price increased by 529% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the average 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 Nicaragua totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+0.1%).

Source: IndexBox Platform