Mexico: Coconut Oil Market 2024

Coconut Oil Market Size in Mexico

The Mexican coconut oil market reached $X in 2022, stabilizing at the previous year. In general, consumption showed a noticeable shrinkage. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Coconut Oil Production in Mexico

In value terms, coconut oil production amounted to $X in 2022 estimated in export price. In general, production, however, continues to indicate a perceptible downturn. The pace of growth was the most pronounced in 2015 with an increase of 23%. Coconut oil production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Coconut Oil Exports

Exports from Mexico

In 2022, after two years of decline, there was significant growth in overseas shipments of coconut (copra) oil, when their volume increased by 263% to X tons. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 495% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, coconut oil exports soared to $X in 2022. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 392% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Colombia (X tons) was the main destination for coconut oil exports from Mexico, accounting for a 68% share of total exports. Moreover, coconut oil exports to Colombia exceeded the volume sent to the second major destination, the United States (X tons), fourfold. Israel (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia stood at +27.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-2.2% per year) and Israel (-13.0% per year).

In value terms, Colombia ($X) emerged as the key foreign market for coconut (copra) oil exports from Mexico, comprising 62% of total exports. The second position in the ranking was taken by the United States ($X), with an 18% share of total exports. It was followed by Israel, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Colombia totaled +21.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-3.7% per year) and Israel (-5.2% per year).

Export Prices by Country

In 2022, the average coconut oil export price amounted to $X per ton, rising by 7.6% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by 25% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to Panama ($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 Israel (+9.0%), while the prices for the other major destinations experienced mixed trend patterns.

Coconut Oil Imports

Imports into Mexico

In 2022, supplies from abroad of coconut (copra) oil decreased by -82% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports faced a sharp downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 252%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, coconut oil imports shrank notably to $X in 2022. In general, imports showed a deep contraction. The pace of growth appeared the most rapid in 2016 with an increase of 191% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The Philippines (X tons) and the United States (X tons) were the main suppliers of coconut oil imports to Mexico.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +10.8%).

In value terms, the Philippines ($X) and the United States ($X) appeared to be the largest coconut oil suppliers to Mexico.

In terms of the main suppliers, the United States, with a CAGR of +21.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2022, the average coconut oil import price amounted to $X per ton, with an increase of 108% against the previous year. Over the period under review, the import price posted buoyant growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the Philippines stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+12.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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