Northern America: Coconut Oil Market 2024

Coconut Oil Market Size in Northern America

In 2022, the North American coconut oil market increased by 24% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Coconut Oil Production in Northern America

In value terms, coconut oil production totaled $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the production volume increased by 11,403,042,800% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Coconut Oil Exports

Exports in Northern America

In 2022, overseas shipments of coconut (copra) oil decreased by -7.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 63% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, coconut oil exports contracted to $X in 2022. Total exports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +7.3% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 49%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States was the key exporter of coconut (copra) oil in Northern America, with the volume of exports accounting for X tons, which was approx. 83% of total exports in 2022. It was distantly followed by Canada (X tons), achieving a 17% share of total exports.

Exports from the United States decreased at an average annual rate of -1.2% from 2012 to 2022. At the same time, Canada (+8.0%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +8.0% from 2012-2022. From 2012 to 2022, the share of Canada increased by +9.4 percentage points.

In value terms, the United States ($X) remains the largest coconut oil supplier in Northern America, comprising 73% of total exports. The second position in the ranking was taken by Canada ($X), with a 27% share of total exports.

In the United States, coconut oil exports increased at an average annual rate of +6.0% over the period from 2012-2022.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2022, surging by 7.1% against the previous year. Export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +4.9% 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 -13.5% against 2018 indices. The most prominent rate of growth was recorded in 2017 an increase of 33%. Over the period under review, the export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

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 Canada ($X per ton), while the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.3%).

Coconut Oil Imports

Imports in Northern America

In 2022, overseas purchases of coconut (copra) oil increased by 13% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports recorded a relatively flat trend pattern. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, coconut oil imports soared to $X in 2022. Total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +91.6% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 50% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

The United States dominates imports structure, accounting for X tons, which was near 96% of total imports in 2022. Canada (X tons) took a minor share of total imports.

The United States experienced a relatively flat trend pattern with regard to volume of imports of coconut (copra) oil. At the same time, Canada (+4.3%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in Northern America, with a CAGR of +4.3% from 2012-2022. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported coconut (copra) oil in Northern America, comprising 94% of total imports. The second position in the ranking was taken by Canada ($X), with a 5.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United States stood at +4.1%.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2022, surging by 13% against the previous year. Import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil import price increased by +61.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by 43% against the previous year. The level of import peaked at $X per ton in 2017; afterwards, it flattened through to 2022.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.6%).

Source: IndexBox Platform

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