Philippines: Coconut Market 2024

Coconut Market Size in the Philippines

In 2022, after two years of growth, there was decline in the Philippine coconut market, when its value decreased by less than 0.1% to $X. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Coconut Production in the Philippines

In value terms, coconut production stood at $X in 2022 estimated in export price. Overall, production, however, posted perceptible growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 341%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

In 2022, the average coconut yield in the Philippines reduced slightly to X tons per ha, stabilizing at 2021. Over the period under review, the yield saw a mild downturn. The most prominent rate of growth was recorded in 2018 when the yield increased by 4.4%. Over the period under review, the average coconut yield hit record highs at X tons per ha in 2012; however, from 2013 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The coconut harvested area in the Philippines reached X ha in 2022, approximately mirroring 2021 figures. Overall, the harvested area showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 1.3% against the previous year. Over the period under review, the harvested area dedicated to coconut production attained the maximum at X ha in 2019; however, from 2020 to 2022, the harvested area remained at a lower figure.

Coconut Exports

Exports from the Philippines

In 2022, approx. X tons of coconuts were exported from the Philippines; reducing by -28.4% on 2021. Overall, exports showed a pronounced slump. The pace of growth appeared the most rapid in 2016 with an increase of 111%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, coconut exports dropped markedly to $X in 2022. Over the period under review, total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.5% 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 +18.5% against 2018 indices. The pace of growth was the most pronounced in 2016 with an increase of 71%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Iraq (X tons) and Canada (X tons) were the main destinations of coconut exports from the Philippines, with a combined 61% share of total exports. Australia, China, Japan, the United Arab Emirates and South Korea lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +34.3%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Iraq ($X) and Canada ($X) were the largest markets for coconut exported from the Philippines worldwide, together accounting for 63% of total exports. Australia, China, the United Arab Emirates, Japan and South Korea lagged somewhat behind, together accounting for a further 32%.

Australia, with a CAGR of +34.8%, saw the highest growth rate of the value of exports, among 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 export price amounted to $X per ton, with an increase of 9.2% against the previous year. Overall, the export price saw a strong expansion. The pace of growth was the most pronounced in 2017 an increase of 124%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iraq ($X per ton), while the average price for exports to Japan ($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 (+26.7%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Imports

Imports into the Philippines

Coconut imports into the Philippines surged to X tons in 2022, with an increase of 12,238% compared with 2021. Over the period under review, imports continue to indicate significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, coconut imports soared to $X in 2022. In general, imports continue to indicate significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

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

From 2013 to 2022, the biggest increases were recorded for the United States (with a CAGR of +1,222.8%).

In value terms, the largest coconut suppliers to the Philippines were the United States ($X) and Indonesia ($X).

In terms of the main suppliers, the United States, with a CAGR of +1,020.0%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

The average coconut import price stood at $X per ton in 2022, reducing by -39.3% against the previous year. Over the period under review, the import price continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2020 when the average import price increased by 102% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied noticeably 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 Indonesia stood at $X per ton.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-15.3%).

Source: IndexBox Platform

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