Ecuador: Coconut Oil Market 2024

Coconut Oil Market Size in Ecuador

The Ecuadorian coconut oil market rose notably to $X in 2022, surging by 7% against the previous year. Over the period under review, consumption enjoyed buoyant growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Coconut Oil Production in Ecuador

In value terms, coconut oil production rose modestly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a buoyant expansion. The pace of growth was the most pronounced in 2015 when the production volume increased by 96% against the previous year. Coconut oil production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Coconut Oil Exports

Exports from Ecuador

In 2022, approx. X tons of coconut (copra) oil were exported from Ecuador; falling by -22.1% against 2021 figures. Over the period under review, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 108% against the previous year. As a result, the exports reached the peak of X tons, and then declined remarkably in the following year.

In value terms, coconut oil exports reduced to $X in 2022. In general, exports, however, showed a significant expansion. The pace of growth was the most pronounced in 2013 when exports increased by 281%. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

The United States (X tons), Panama (X tons) and Canada (X kg) were the main destinations of coconut oil exports from Ecuador, together accounting for 99% 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 Panama (with a CAGR of +70.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for coconut (copra) oil exports from Ecuador, comprising 64% of total exports. The second position in the ranking was taken by Panama ($X), with a 31% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +23.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+92.6% per year) and Canada (+55.1% per year).

Export Prices by Country

In 2022, the average coconut oil export price amounted to $X per ton, jumping by 15% against the previous year. Over the period under review, the export price enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 an increase of 97% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Canada ($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 the United States (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Oil Imports

Imports into Ecuador

In 2022, approx. X tons of coconut (copra) oil were imported into Ecuador; increasing by 17% compared with 2021 figures. Over the period under review, imports continue to indicate a significant expansion. The growth pace was the most rapid in 2020 when imports increased by 771% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, coconut oil imports rose sharply to $X in 2022. Overall, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2020 when imports increased by 515%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, the Philippines (X tons) constituted the largest supplier of coconut oil to Ecuador, with a 22% share of total imports. Moreover, coconut oil imports from the Philippines exceeded the figures recorded by the second-largest supplier, India (X tons), sixfold. The third position in this ranking was taken by Sri Lanka (X tons), with a 2.8% share.

From 2012 to 2022, the average annual growth rate of volume from the Philippines amounted to +72.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+38.4% per year) and Sri Lanka (+27.9% per year).

In value terms, the Philippines ($X) constituted the largest supplier of coconut (copra) oil to Ecuador, comprising 22% of total imports. The second position in the ranking was taken by India ($X), with a 6% share of total imports. It was followed by Sri Lanka, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Philippines stood at +68.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+51.3% per year) and Sri Lanka (+22.2% per year).

Import Prices by Country

In 2022, the average coconut oil import price amounted to $X per ton, falling by -5.6% against the previous year. Over the period under review, the import price continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2016 an increase of 61%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 Indonesia (+39.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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