Latin America and the Caribbean: Coconut Oil Market 2025

Coconut Oil Market Size in Latin America and the Caribbean

The Latin American coconut oil market shrank slightly to $X in 2022, approximately reflecting the previous year. Overall, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Coconut Oil Production in Latin America and the Caribbean

In value terms, coconut oil production amounted to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 18%. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Coconut Oil Exports

Exports in Latin America and the Caribbean

In 2022, coconut oil exports in Latin America and the Caribbean surged to X tons, growing by 53% compared with 2021 figures. In general, exports, however, recorded a mild downturn. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, coconut oil exports soared to $X in 2022. Total exports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 76%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Trinidad and Tobago (X tons), Uruguay (X tons) and Honduras (X tons), together finishing at 80% of total export. Mexico (X tons) ranks next in terms of the total exports with a 5.3% share, followed by Chile (5.2%). The following exporters - the Dominican Republic (X tons) and Brazil (X tons) - together made up 5.7% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Chile (with a CAGR of +145.4%), while the other leaders experienced more modest paces of growth.

In value terms, Trinidad and Tobago ($X), Uruguay ($X) and Mexico ($X) were the countries with the highest levels of exports in 2022, together comprising 77% of total exports. Chile, Honduras, Brazil and the Dominican Republic lagged somewhat behind, together comprising a further 18%.

Among the main exporting countries, Chile, with a CAGR of +107.9%, saw the highest growth rate of 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 export price in Latin America and the Caribbean stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil export price decreased by -3.3% against 2020 indices. The most prominent rate of growth was recorded in 2015 an increase of 24% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+8.5%), while the other leaders experienced more modest paces of growth.

Coconut Oil Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of coconut (copra) oil decreased by -25.3% to X tons, falling for the second year in a row after two years of growth. In general, imports showed a slight reduction. The most prominent rate of growth was recorded in 2016 when imports increased by 66%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, coconut oil imports fell remarkably to $X in 2022. Over the period under review, imports, however, enjoyed a pronounced expansion. The most prominent rate of growth was recorded in 2016 with an increase of 51% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Brazil (X tons), distantly followed by Trinidad and Tobago (X tons), Argentina (X tons), Jamaica (X tons) and Ecuador (X tons) represented the key importers of coconut (copra) oil, together committing 72% of total imports. Chile (X tons), Mexico (X tons), Panama (X tons), Colombia (X tons), the Dominican Republic (X tons) and Suriname (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +66.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest coconut oil importing markets in Latin America and the Caribbean were Brazil ($X), Argentina ($X) and Jamaica ($X), together accounting for 54% of total imports. Trinidad and Tobago, Chile, Mexico, Colombia, Ecuador, the Dominican Republic, Panama and Suriname lagged somewhat behind, together comprising a further 32%.

Panama, with a CAGR of +56.2%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, surging by 7.2% against the previous year. Import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil import price increased by +36.7% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the import price increased by 71% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mexico ($X per ton), while Trinidad and Tobago ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+11.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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