Eastern Asia: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Eastern Asia

In 2022, the East Asian refined coconut oil market increased by 0.2% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Refined Coconut Oil Production in Eastern Asia

In value terms, refined coconut oil production reduced to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2018 when the production volume increased by 18% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Refined Coconut Oil Exports

Exports in Eastern Asia

After two years of growth, overseas shipments of refined coconut (copra) oil decreased by -56% to X tons in 2022. In general, exports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 244%. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined coconut oil exports dropped sharply to $X in 2022. Over the period under review, exports, however, showed a noticeable increase. The pace of growth appeared the most rapid in 2015 with an increase of 91% 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 stood at a somewhat lower figure.

Exports by Country

China represented the main exporter of refined coconut (copra) oil in Eastern Asia, with the volume of exports resulting at X tons, which was near 60% of total exports in 2022. Hong Kong SAR (X tons) held a 23% share (based on physical terms) of total exports, which put it in second place, followed by Japan (7.7%) and Taiwan (Chinese) (6.7%). South Korea (X tons) held a little share of total exports.

China was also the fastest-growing in terms of the refined coconut (copra) oil exports, with a CAGR of +29.8% from 2012 to 2022. At the same time, Hong Kong SAR (+12.8%) displayed positive paces of growth. By contrast, South Korea (-1.3%), Japan (-8.8%) and Taiwan (Chinese) (-12.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and Hong Kong SAR increased by +52 and +12 percentage points, respectively.

In value terms, China ($X), Hong Kong SAR ($X) and Japan ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 82% share of total exports.

China, with a CAGR of +19.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, with an increase of 30% against the previous year. Overall, the export price, however, showed a pronounced descent. The most prominent rate of growth was recorded in 2014 an increase of 36% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+9.1%), while the other leaders experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports in Eastern Asia

Refined coconut oil imports rose remarkably to X tons in 2022, surging by 15% on 2021. Total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +5.7% 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 +69.8% against 2016 indices. The pace of growth appeared the most rapid in 2017 with an increase of 17%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, refined coconut oil imports soared to $X in 2022. In general, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 81% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

China represented the key importer of refined coconut (copra) oil in Eastern Asia, with the volume of imports amounting to X tons, which was approx. 69% of total imports in 2022. It was distantly followed by South Korea (X tons) and Japan (X tons), together constituting a 29% share of total imports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined coconut oil imports into China stood at +11.2%. At the same time, Taiwan (Chinese) (+22.9%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +22.9% from 2012-2022. By contrast, South Korea (-1.1%) and Japan (-1.2%) illustrated a downward trend over the same period. While the share of China (+27 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-12.1 p.p.) and South Korea (-16.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported refined coconut (copra) oil in Eastern Asia, comprising 68% of total imports. The second position in the ranking was held by South Korea ($X), with a 17% share of total imports. It was followed by Japan, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +15.1%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+2.9% per year) and Japan (+2.7% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, increasing by 15% against the previous year. Import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 increased by +107.3% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by 65%. The level of import peaked in 2022 and is likely to continue growth in the near future.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Japan ($X per ton) and South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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