Ecuador: Coconut Market 2024

Coconut Market Size in Ecuador

The Ecuadorian coconut market dropped modestly to $X in 2022, falling by -4.8% against the previous year. Over the period under review, the total consumption indicated a temperate expansion from 2012 to 2022: its value 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, consumption decreased by -15.7% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Coconut Production in Ecuador

In value terms, coconut production reduced to $X in 2022 estimated in export price. In general, production continues to indicate a strong increase. The pace of growth was the most pronounced in 2019 with an increase of 50%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

In 2022, the average yield of coconuts in Ecuador reached X tons per ha, almost unchanged from the previous year's figure. Over the period under review, the yield, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 2.2% against the previous year. Over the period under review, the average coconut yield reached the maximum level at X tons per ha in 2013; however, from 2014 to 2022, the yield failed to regain momentum. 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 Ecuador was estimated at X ha in 2022, remaining relatively unchanged against 2021 figures. Over the period under review, the harvested area, however, showed a noticeable decrease. The pace of growth was the most pronounced in 2016 when the harvested area increased by 3%. The coconut harvested area peaked at X ha in 2013; however, from 2014 to 2022, the harvested area failed to regain momentum.

Coconut Exports

Exports from Ecuador

For the seventh consecutive year, Ecuador recorded decline in overseas shipments of coconuts, which decreased by -44.8% to X tons in 2022. Over the period under review, exports continue to indicate a perceptible decline. The pace of growth was the most pronounced in 2015 when exports increased by 563%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, coconut exports fell notably to $X in 2022. Overall, exports, however, continue to indicate mild growth. The pace of growth appeared the most rapid in 2015 when exports increased by 590%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons), Spain (X kg) and Canada (X kg) were the main destinations of coconut exports from Ecuador, with a combined 44% share of total exports. Panama and Switzerland lagged somewhat behind, together accounting for a further 6.4%.

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 +681.0%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Spain ($X) and Canada ($X) appeared to be the largest markets for coconut exported from Ecuador worldwide, together comprising 55% of total exports. Panama and Switzerland lagged somewhat behind, together comprising a further 4.7%.

Among the main countries of destination, Panama, with a CAGR of +525.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average coconut export price stood at $X per ton in 2022, with a decrease of -2.6% against the previous year. In general, the export price, however, recorded a perceptible increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 31%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Spain ($X per ton), while the average price for exports to Switzerland ($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 Netherlands (+24.3%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Imports

Imports into Ecuador

In 2022, after two years of decline, there was significant growth in purchases abroad of coconuts, when their volume increased by 12,331% to X tons. Overall, imports continue to indicate a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, coconut imports surged to $X in 2022. In general, imports continue to indicate a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of coconut to Ecuador, with a 79% share of total imports. Moreover, coconut imports from the United States exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), fivefold. Peru (X tons) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to +111.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (-6.8% per year) and Peru (-5.6% per year).

In value terms, the United States ($X) constituted the largest supplier of coconuts to Ecuador, comprising 87% of total imports. The second position in the ranking was taken by the Philippines ($X), with an 8.8% share of total imports. It was followed by Chile, with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to +113.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (-11.7% per year) and Chile (+2.6% per year).

Import Prices by Country

The average coconut import price stood at $X per ton in 2022, increasing by 76% against the previous year. Overall, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Chile ($X per ton), while the price for Peru ($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 (+1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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