Philippines: Coconut Oil Market 2024

Coconut Oil Market Size in the Philippines

In 2022, the Philippine coconut oil market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption enjoyed a strong expansion. Coconut oil consumption peaked in 2022 and is expected to retain growth in years to come.

Coconut Oil Production in the Philippines

In value terms, coconut oil production contracted to $X in 2022 estimated in export price. In general, production showed measured growth. The most prominent rate of growth was recorded in 2019 with an increase of 98% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Coconut Oil Exports

Exports from the Philippines

In 2022, shipments abroad of coconut (copra) oil increased by 17% to X tons, rising for the second consecutive year after two years of decline. In general, exports, however, saw a noticeable curtailment. The growth pace was the most rapid in 2021 when exports increased by 49%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, coconut oil exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 69% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

The Netherlands (X tons), the United States (X tons) and China (X tons) were the main destinations of coconut oil exports from the Philippines, together accounting for 65% of total exports. Malaysia, Italy, Japan, Indonesia and Spain lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +17.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for coconut oil exported from the Philippines were the Netherlands ($X), the United States ($X) and Malaysia ($X), together comprising 68% of total exports.

Malaysia, with a CAGR of +32.2%, recorded the highest growth rate of 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, rising by 30% against the previous year. Overall, the export price recorded buoyant growth. The growth pace was the most rapid in 2019 an increase of 75% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to China ($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 Indonesia (+15.4%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Oil Imports

Imports into the Philippines

In 2022, imports of coconut (copra) oil into the Philippines surged to X tons, jumping by 116% on 2021. Over the period under review, imports recorded a significant increase. The pace of growth appeared the most rapid in 2013 when imports increased by 9,473% against the previous year. Over the period under review, imports reached the maximum at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, coconut oil imports surged to $X in 2022. In general, imports recorded significant growth. The pace of growth was the most pronounced in 2013 with an increase of 4,813% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Singapore (X tons), the United States (X tons) and Malaysia (X tons) were the main suppliers of coconut oil imports to the Philippines, with a combined 77% share of total imports.

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 +121.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest coconut oil suppliers to the Philippines were Singapore ($X), the United States ($X) and Malaysia ($X), with a combined 77% share of total imports.

In terms of the main suppliers, the United States, with a CAGR of +128.1%, recorded the highest rates of growth with regard to 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

The average coconut oil import price stood at $X per ton in 2022, jumping by 15% against the previous year. Overall, the import price, however, showed a deep downturn. The pace of growth appeared the most rapid in 2016 when the average import price increased by 99%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Japan ($X per ton) and the United States ($X per ton), while the price for Croatia ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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