Ecuador: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Ecuador

The Ecuadorian refined coconut oil market expanded slightly to $X in 2022, surging by 1.9% against the previous year. Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 -1.9% against 2020 indices. Refined coconut oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Refined Coconut Oil Production in Ecuador

In value terms, refined coconut oil production reached $X in 2022 estimated in export price. In general, the total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.7% against 2020 indices. The growth pace was the most rapid in 2015 when the production volume increased by 35%. Refined coconut oil production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Refined Coconut Oil Exports

Exports from Ecuador

In 2022, exports of refined coconut (copra) oil from Ecuador contracted sharply to X tons, reducing by -21.1% compared with 2021. Overall, exports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of 107% against the previous year. As a result, the exports attained the peak of X tons, and then shrank remarkably in the following year.

In value terms, refined coconut oil exports shrank to $X in 2022. In general, exports, however, recorded significant growth. The growth pace was the most rapid in 2015 with an increase of 259% against the previous year. The exports peaked at $X in 2021, and then fell in the following year.

Exports by Country

The United States (X tons), Panama (X tons) and Canada (X kg) were the main destinations of refined coconut oil exports from Ecuador, with a combined 99% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Panama (with a CAGR of +70.8%), while shipments for the other leaders experienced more modest paces of growth.

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

The average refined coconut oil export price stood at $X per ton in 2022, increasing by 15% against the previous year. In general, the export price showed strong growth. The growth pace was the most rapid in 2015 when the average export price increased by 102% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas 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.

Refined Coconut Oil Imports

Imports into Ecuador

Refined coconut oil imports into Ecuador skyrocketed to X tons in 2022, jumping by 17% compared with 2021 figures. Overall, imports showed a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 904%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, refined coconut oil imports rose notably to $X in 2022. In general, imports continue to indicate a significant increase. The growth pace was the most rapid in 2020 when imports increased by 690% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the Philippines (X tons) constituted the largest refined coconut oil supplier to Ecuador, accounting for a 22% share of total imports. Moreover, refined coconut oil imports from the Philippines exceeded the figures recorded by the second-largest supplier, India (X tons), tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Philippines amounted to +73.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+31.6% per year) and Sri Lanka (+26.5% per year).

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

From 2012 to 2022, the average annual rate of growth in terms of value from the Philippines amounted to +73.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+43.2% per year) and Sri Lanka (+31.6% per year).

Import Prices by Country

In 2022, the average refined coconut oil import price amounted to $X per ton, which is down by -6.5% against the previous year. Over the period under review, the import price showed a slight downturn. The most prominent rate of growth was recorded in 2017 an increase of 40%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a 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 India ($X per ton), while the price for the Philippines ($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 (+16.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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