Dominican Republic: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in the Dominican Republic

The Dominican refined coconut oil market expanded remarkably to $X in 2022, rising by 10% against the previous year. In general, consumption posted a resilient expansion. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Refined Coconut Oil Production in the Dominican Republic

In value terms, refined coconut oil production expanded notably to $X in 2022 estimated in export price. Over the period under review, production posted a resilient expansion. The growth pace was the most rapid in 2020 with an increase of 81%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Refined Coconut Oil Exports

Exports from the Dominican Republic

In 2022, shipments abroad of refined coconut (copra) oil decreased by -17.3% to X tons, falling for the fourth consecutive year after five years of growth. In general, exports recorded a sharp slump. The most prominent rate of growth was recorded in 2016 when exports increased by 68%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined coconut oil exports skyrocketed to $X in 2022. Overall, exports showed a deep setback. The pace of growth appeared the most rapid in 2015 when exports increased by 75% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Italy (X tons) was the main destination for refined coconut oil exports from the Dominican Republic, accounting for a 57% share of total exports. Moreover, refined coconut oil exports to Italy exceeded the volume sent to the second major destination, Panama (X tons), threefold. The third position in this ranking was held by the United States (X kg), with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Italy totaled -19.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (-14.7% per year) and the United States (-23.5% per year).

In value terms, the largest markets for refined coconut oil exported from the Dominican Republic were Italy ($X), the United States ($X) and Trinidad and Tobago ($X), with a combined 56% share of total exports. Panama, Saudi Arabia, Germany, France, Jamaica and the Netherlands lagged somewhat behind, together comprising a further 33%.

Saudi Arabia, with a CAGR of +55.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average refined coconut oil export price amounted to $X per ton, rising by 41% against the previous year. Overall, the export price continues to indicate resilient growth. The pace of growth was the most pronounced in 2015 when the average export price increased by 49% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

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 Germany ($X per ton), while the average price for exports to Italy ($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 Germany (+40.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports into the Dominican Republic

After two years of growth, purchases abroad of refined coconut (copra) oil decreased by -32.2% to X tons in 2022. Over the period under review, imports, however, enjoyed a buoyant increase. The growth pace was the most rapid in 2016 when imports increased by 269%. Over the period under review, imports hit record highs at X tons in 2021, and then declined notably in the following year.

In value terms, refined coconut oil imports declined dramatically to $X in 2022. Overall, imports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 324% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then contracted notably in the following year.

Imports by Country

Malaysia (X tons), India (X tons) and the United States (X tons) were the main suppliers of refined coconut oil imports to the Dominican Republic, together accounting for 82% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +102.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined coconut oil suppliers to the Dominican Republic were the United States ($X), India ($X) and Malaysia ($X), with a combined 84% share of total imports.

Among the main suppliers, India, with a CAGR of +115.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined coconut oil import price stood at $X per ton in 2022, waning by -2.1% against the previous year. Over the period under review, the import price, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2017 when the average import price increased by 51%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat 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 ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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