Guatemala: Coconut Oil Market 2024

Coconut Oil Market Size in Guatemala

After two years of decline, the Guatemalan coconut oil market increased by 4.7% to $X in 2022. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Coconut Oil Production in Guatemala

In value terms, coconut oil production totaled $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 30%. Coconut oil production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Coconut Oil Exports

Exports from Guatemala

In 2022, the amount of coconut (copra) oil exported from Guatemala expanded sharply to X tons, increasing by 9.9% against the previous year's figure. In general, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 2,089%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, coconut oil exports fell to $X in 2022. Over the period under review, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 3,073% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Nicaragua (X tons) was the main destination for coconut oil exports from Guatemala, accounting for a 65% share of total exports. Moreover, coconut oil exports to Nicaragua exceeded the volume sent to the second major destination, Honduras (X tons), threefold. The third position in this ranking was held by Costa Rica (X kg), with a 6.2% share.

From 2012 to 2022, the average annual growth rate of volume to Nicaragua totaled +38.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+58.6% per year) and Costa Rica (+23.9% per year).

In value terms, the largest markets for coconut oil exported from Guatemala were Nicaragua ($X), Honduras ($X) and Costa Rica ($X), with a combined 87% share of total exports.

Honduras, with a CAGR of +77.4%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average coconut oil export price stood at $X per ton in 2022, waning by -11.3% against the previous year. In general, the export price showed a abrupt descent. The growth pace was the most rapid in 2018 when the average export price increased by 45%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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 Costa Rica ($X per ton), while the average price for exports to Nicaragua ($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 Honduras (+11.9%), while the prices for the other major destinations experienced mixed trend patterns.

Coconut Oil Imports

Imports into Guatemala

In 2022, supplies from abroad of coconut (copra) oil was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 155%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, coconut oil imports surged to $X in 2022. In general, imports saw a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 245%. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest coconut oil supplier to Guatemala, accounting for a 57% share of total imports. Moreover, coconut oil imports from the United States exceeded the figures recorded by the second-largest supplier, Sri Lanka (X tons), threefold. The third position in this ranking was taken by Mexico (X tons), with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+9.3% per year) and Mexico (-19.1% per year).

In value terms, the United States ($X) constituted the largest supplier of coconut (copra) oil to Guatemala, comprising 57% of total imports. The second position in the ranking was taken by Sri Lanka ($X), with a 14% share of total imports. It was followed by Mexico, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +22.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+11.5% per year) and Mexico (-9.8% per year).

Import Prices by Country

The average coconut oil import price stood at $X per ton in 2022, increasing by 1.9% against the previous year. In general, the import price enjoyed a strong increase. The most prominent rate of growth was recorded in 2013 when the average import price increased by 85%. The import price peaked at $X per ton in 2016; afterwards, it flattened through to 2022.

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 Philippines ($X per ton), while the price for Germany ($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 Philippines (+23.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform