Croatia: Coconut Oil Market 2024

Coconut Oil Market Size in Croatia

In 2022, the Croatian coconut oil market increased by 6.2% to $X, rising for the second consecutive year after two years of decline. Over the period under review, the total consumption indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% 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 +24.5% against 2020 indices. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Coconut Oil Exports

Exports from Croatia

After four years of growth, shipments abroad of coconut (copra) oil decreased by -65% to X tons in 2022. Over the period under review, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 1,694% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then shrank rapidly in the following year.

In value terms, coconut oil exports plummeted to $X in 2022. Overall, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 624% against the previous year. The exports peaked at $X in 2021, and then declined sharply in the following year.

Exports by Country

Austria (X tons), Slovenia (X tons) and Serbia (X tons) were the main destinations of coconut oil exports from Croatia, with a combined 75% share of total exports. Montenegro, Bosnia and Herzegovina, Hungary and Romania lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +202.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Austria ($X) emerged as the key foreign market for coconut (copra) oil exports from Croatia, comprising 44% of total exports. The second position in the ranking was held by Slovenia ($X), with a 17% share of total exports. It was followed by Hungary, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Austria stood at -2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovenia (+22.4% per year) and Hungary (+113.3% per year).

Export Prices by Country

The average coconut oil export price stood at $X per ton in 2022, rising by 23% against the previous year. Overall, the export price, however, continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2017 when the average export price increased by 201%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

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 Hungary ($X per ton), while the average price for exports to Romania ($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 Slovenia (+9.1%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Oil Imports

Imports into Croatia

In 2022, the amount of coconut (copra) oil imported into Croatia reduced to X tons, which is down by -2.7% compared with the previous year. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 19% against the previous year. Imports peaked at X tons in 2021, and then fell modestly in the following year.

In value terms, coconut oil imports declined to $X in 2022. In general, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 +40.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 42% against the previous year. As a result, imports attained the peak of $X, and then reduced modestly in the following year.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest coconut oil supplier to Croatia, accounting for a 69% share of total imports. Moreover, coconut oil imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Italy (X tons), sevenfold. The third position in this ranking was held by Sweden (X tons), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands totaled +12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-17.0% per year) and Sweden (+14.8% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of coconut (copra) oil to Croatia, comprising 58% of total imports. The second position in the ranking was taken by Italy ($X), with a 12% share of total imports. It was followed by Sweden, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands amounted to +13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-12.9% per year) and Sweden (+14.8% per year).

Import Prices by Country

The average coconut oil import price stood at $X per ton in 2022, remaining constant against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The pace of growth appeared the most rapid in 2021 an increase of 36%. The import price peaked at $X per ton in 2018; however, from 2019 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 Hungary ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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