Guatemala: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Guatemala

The Guatemalan refined coconut oil market rose modestly to $X in 2022, growing by 4.5% against the previous year. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Refined Coconut Oil Production in Guatemala

In value terms, refined coconut oil production expanded notably to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when the production volume increased by 27%. Refined coconut oil production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Refined Coconut Oil Exports

Exports from Guatemala

In 2022, overseas shipments of refined coconut (copra) oil increased by 388% to X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 2,677%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined coconut oil exports surged to $X in 2022. In general, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 4,145% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Nicaragua (X tons) was the main destination for refined coconut oil exports from Guatemala, accounting for a 81% share of total exports. Moreover, refined coconut oil exports to Nicaragua exceeded the volume sent to the second major destination, the Dominican Republic (X kg), more than tenfold. The third position in this ranking was held by Costa Rica (X kg), with a 5% share.

From 2016 to 2022, the average annual growth rate of volume to Nicaragua amounted to +318.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (0.0% per year) and Costa Rica (+59.8% per year).

In value terms, Nicaragua ($X) emerged as the key foreign market for refined coconut (copra) oil exports from Guatemala, comprising 60% of total exports. The second position in the ranking was taken by Costa Rica ($X), with a 17% share of total exports. It was followed by El Salvador, with a 9.5% share.

From 2016 to 2022, the average annual rate of growth in terms of value to Nicaragua totaled +275.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+59.7% per year) and El Salvador (+86.2% per year).

Export Prices by Country

The average refined coconut oil export price stood at $X per ton in 2022, falling by -29.9% against the previous year. Over the period under review, the export price faced a abrupt downturn. The most prominent rate of growth was recorded in 2018 when the average export price increased by 53%. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: 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 2016 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Honduras (+12.5%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Coconut Oil Imports

Imports into Guatemala

In 2022, after two years of decline, there was significant growth in overseas purchases of refined coconut (copra) oil, when their volume increased by 18% to X tons. Overall, imports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2016 when imports increased by 215%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, refined coconut oil imports skyrocketed to $X in 2022. In general, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2016 when imports increased by 291%. 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 refined coconut oil supplier to Guatemala, accounting for a 62% share of total imports. Moreover, refined coconut oil imports from the United States exceeded the figures recorded by the second-largest supplier, Sri Lanka (X tons), fourfold. Mexico (X tons) ranked third in terms of total imports with a 6.2% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to +34.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+13.5% per year) and Mexico (-11.8% per year).

In value terms, the United States ($X) constituted the largest supplier of refined coconut (copra) oil to Guatemala, comprising 62% of total imports. The second position in the ranking was held by Sri Lanka ($X), with a 13% share of total imports. It was followed by the Philippines, with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +34.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Sri Lanka (+24.9% per year) and the Philippines (+93.8% per year).

Import Prices by Country

In 2022, the average refined coconut oil import price amounted to $X per ton, with an increase of 1.5% against the previous year. Over the period under review, import price indicated strong growth from 2012 to 2022: its price 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, refined coconut oil import price increased by +65.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 38%. Over the period under review, average import prices attained the peak figure at $X per ton in 2016; however, from 2017 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 Philippines ($X per ton), while the price for Mexico ($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