New Zealand: Coconut Oil Market 2024

Coconut Oil Market Size in New Zealand

The New Zealand coconut oil market dropped to $X in 2022, reducing by -4.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a resilient increase. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Coconut Oil Exports

Exports from New Zealand

For the third consecutive year, New Zealand recorded growth in overseas shipments of coconut (copra) oil, which increased by 114% to X tons in 2022. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 284% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, coconut oil exports surged to $X in 2022. Overall, exports saw a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 503% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; afterwards, it flattened through to 2022.

Exports by Country

Australia (X tons), Vietnam (X tons) and Thailand (X tons) were the main destinations of coconut oil exports from New Zealand, together comprising 94% of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +205.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for coconut oil exported from New Zealand were Vietnam ($X), Australia ($X) and Hong Kong SAR ($X), with a combined 88% share of total exports.

Vietnam, with a CAGR of +203.4%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average coconut oil export price amounted to $X per ton, falling by -3% against the previous year. Over the period under review, the export price, however, posted strong growth. The growth pace was the most rapid in 2017 when the average export price increased by 92%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to New Caledonia ($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 Hong Kong SAR (+19.4%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Oil Imports

Imports into New Zealand

For the fourth consecutive year, New Zealand recorded decline in purchases abroad of coconut (copra) oil, which decreased by -16% to X tons in 2022. Overall, imports, however, posted a strong expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 62%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, coconut oil imports rose markedly to $X in 2022. In general, imports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2021 with an increase of 43% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of coconut oil to New Zealand, with a 73% share of total imports. Moreover, coconut oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), sixfold. Solomon Islands (X tons) ranked third in terms of total imports with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia stood at +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+21.2% per year) and Solomon Islands (+52.5% per year).

In value terms, Malaysia ($X) constituted the largest supplier of coconut (copra) oil to New Zealand, comprising 69% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 12% share of total imports. It was followed by the Philippines, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia amounted to +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+28.0% per year) and the Philippines (+11.0% per year).

Import Prices by Country

The average coconut oil import price stood at $X per ton in 2022, growing by 26% against the previous year. Over the period under review, import price indicated a pronounced expansion from 2012 to 2022: its price 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. Based on 2022 figures, coconut oil import price increased by +100.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 48%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for Solomon Islands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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