Latin America and the Caribbean: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Latin America and the Caribbean

The Latin American refined coconut oil market dropped to $X in 2022, with a decrease of -2% against the previous year. In general, consumption continues to indicate a slight shrinkage. The pace of growth was the most pronounced in 2018 when the market value increased by 6.8% against the previous year. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Coconut Oil Production in Latin America and the Caribbean

In value terms, refined coconut oil production reduced modestly to $X in 2022 estimated in export price. In general, production continues to indicate a slight setback. The pace of growth was the most pronounced in 2018 when the production volume increased by 7.5%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Coconut Oil Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of refined coconut (copra) oil increased by 68% to X tons for the first time since 2019, thus ending a two-year declining trend. Total exports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, refined coconut oil exports skyrocketed to $X in 2022. Overall, exports recorded a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 64% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Trinidad and Tobago (X tons) and Uruguay (X tons) prevails in exports structure, together comprising 85% of total exports. It was distantly followed by Chile (X tons), comprising a 6.8% share of total exports. Brazil (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +143.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest refined coconut oil supplying countries in Latin America and the Caribbean were Trinidad and Tobago ($X), Uruguay ($X) and Chile ($X), with a combined 89% share of total exports.

Among the main exporting countries, Chile, with a CAGR of +106.4%, 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

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, declining by -8.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.0%. The growth pace was the most rapid in 2020 when the export price increased by 11% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Uruguay ($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 (+8.8%), while the other leaders experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of refined coconut (copra) oil decreased by -21.1% to X tons, falling for the second year in a row after seven years of growth. In general, imports, however, enjoyed a moderate increase. The growth pace was the most rapid in 2020 when imports increased by 28% against the previous year. 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 fell to $X in 2022. Over the period under review, imports, however, recorded a measured increase. The growth pace was the most rapid in 2017 when imports increased by 42%. Over the period under review, imports attained the maximum at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Brazil (X tons), distantly followed by Argentina (X tons), Jamaica (X tons) and Ecuador (X tons) represented the major importers of refined coconut (copra) oil, together comprising 66% of total imports. Mexico (X tons), Trinidad and Tobago (X tons), Chile (X tons), Panama (X tons), Colombia (X tons), the Dominican Republic (X tons), El Salvador (X tons) and Saint Lucia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Panama (with a CAGR of +90.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined coconut oil importing markets in Latin America and the Caribbean were Brazil ($X), Argentina ($X) and Jamaica ($X), with a combined 60% share of total imports. Mexico, Chile, Colombia, Ecuador, Trinidad and Tobago, Panama, Saint Lucia, the Dominican Republic and El Salvador lagged somewhat behind, together accounting for a further 28%.

In terms of the main importing countries, Panama, with a CAGR of +99.3%, recorded the highest growth rate of the value of imports, 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, picking up by 9.6% against the previous year. Import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.1% 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 +50.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 36% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per ton), while Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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