Guatemala: Coconut Market 2024

Coconut Market Size in Guatemala

After three years of decline, the Guatemalan coconut market increased by 11% to $X in 2022. Over the period under review, consumption, however, continues to indicate a perceptible shrinkage. Coconut consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Coconut Production in Guatemala

In value terms, coconut production declined slightly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a pronounced decrease. The growth pace was the most rapid in 2018 when the production volume increased by 260% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

In 2022, the average yield of coconuts in Guatemala was estimated at X tons per ha, surging by 1.6% on 2021 figures. Overall, the yield, however, recorded a mild shrinkage. The most prominent rate of growth was recorded in 2017 when the yield increased by 60% against the previous year. Over the period under review, the average coconut yield reached the maximum level at X tons per ha in 2015; however, from 2016 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of coconuts were harvested in Guatemala; rising by 3% against the year before. In general, the harvested area, however, continues to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2019 when the harvested area increased by 4%. Over the period under review, the harvested area dedicated to coconut production reached the peak figure at X ha in 2013; however, from 2014 to 2022, the harvested area failed to regain momentum.

Coconut Exports

Exports from Guatemala

Coconut exports from Guatemala contracted markedly to X tons in 2022, with a decrease of -75.5% against the previous year's figure. Over the period under review, exports showed a abrupt slump. The most prominent rate of growth was recorded in 2019 with an increase of 574% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, coconut exports shrank sharply to $X in 2022. Overall, exports saw a abrupt contraction. The growth pace was the most rapid in 2014 with an increase of 111% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

El Salvador (X tons) was the main destination for coconut exports from Guatemala, accounting for a 96% share of total exports. Moreover, coconut exports to El Salvador exceeded the volume sent to the second major destination, Honduras (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to El Salvador totaled -19.6%.

In value terms, El Salvador ($X) remains the key foreign market for coconuts exports from Guatemala, comprising 67% of total exports. The second position in the ranking was held by Honduras ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual growth rate of value to El Salvador totaled -19.8%.

Export Prices by Country

The average coconut export price stood at $X per ton in 2022, shrinking by -8.8% against the previous year. Overall, the export price, however, continues to indicate tangible growth. The growth pace was the most rapid in 2018 an increase of 280%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

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 Honduras ($X per ton), while the average price for exports to El Salvador stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (-0.4%).

Coconut Imports

Imports into Guatemala

In 2022, coconut imports into Guatemala surged to X tons, jumping by 349% on 2021. Overall, imports saw significant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 3,518% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, coconut imports soared to $X in 2022. In general, imports showed significant growth. The pace of growth was the most pronounced in 2015 when imports increased by 2,659% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Philippines (X tons) constituted the largest coconut supplier to Guatemala, accounting for a 73% share of total imports. Moreover, coconut imports from the Philippines exceeded the figures recorded by the second-largest supplier, El Salvador (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Philippines totaled +5,410.9%. The remaining supplying countries recorded the following average annual rates of imports growth: El Salvador (+67.5% per year) and the United States (-74.6% per year).

In value terms, the largest coconut suppliers to Guatemala were the Philippines ($X), El Salvador ($X) and the United States ($X).

The Philippines, with a CAGR of +2,043.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average coconut import price amounted to $X per ton, stabilizing at the previous year. Over the period under review, the import price continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2017 when the average import price increased by 65% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 the United States (+34.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform