Philippines: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in the Philippines

In 2022, the Philippine crude coconut oil market was finally on the rise to reach $X after two years of decline. In general, consumption recorded a strong increase. Over the period under review, the market attained the maximum level in 2022 and is likely to see steady growth in years to come.

Crude Coconut Oil Production in the Philippines

In value terms, crude coconut oil production dropped to $X in 2022 estimated in export price. In general, production saw strong growth. The pace of growth was the most pronounced in 2019 when the production volume increased by 299%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Crude Coconut Oil Exports

Exports from the Philippines

In 2022, crude coconut oil exports from the Philippines shrank slightly to X tons, remaining relatively unchanged against 2021. Over the period under review, exports recorded a deep downturn. The pace of growth was the most pronounced in 2021 with an increase of 150% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, crude coconut oil exports soared to $X in 2022. In general, exports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 80% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

The Netherlands (X tons) was the main destination for crude coconut oil exports from the Philippines, accounting for a 48% share of total exports. Moreover, crude coconut oil exports to the Netherlands exceeded the volume sent to the second major destination, the United States (X tons), threefold. Malaysia (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands totaled -6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-7.8% per year) and Malaysia (+12.3% per year).

In value terms, the Netherlands ($X) remains the key foreign market for crude coconut (copra) oil exports from the Philippines, comprising 48% of total exports. The second position in the ranking was held by the United States ($X), with a 16% share of total exports. It was followed by Malaysia, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands totaled +8.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.3% per year) and Malaysia (+29.0% per year).

Export Prices by Country

In 2022, the average crude coconut oil export price amounted to $X per ton, rising by 50% against the previous year. Over the period under review, the export price continues to indicate a strong increase. The growth pace was the most rapid in 2019 an increase of 156% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per ton) and Malaysia ($X per ton), while the average price for exports to Italy ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+16.6%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Coconut Oil Imports

Imports into the Philippines

Crude coconut oil imports into the Philippines surged to X tons in 2022, rising by 71% on 2021. Over the period under review, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 when imports increased by 103,233% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, crude coconut oil imports soared to $X in 2022. Overall, imports saw a significant expansion. The growth pace was the most rapid in 2013 with an increase of 13,965% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X tons), Japan (X tons) and Singapore (X tons) were the main suppliers of crude coconut oil imports to the Philippines, with a combined 84% share of total imports. Sri Lanka, Malaysia and Germany lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sri Lanka (with a CAGR of +64.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X), Japan ($X) and Singapore ($X) were the largest crude coconut oil suppliers to the Philippines, together accounting for 84% of total imports. Sri Lanka, Malaysia and Germany lagged somewhat behind, together accounting for a further 15%.

Sri Lanka, with a CAGR of +57.2%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average crude coconut oil import price amounted to $X per ton, declining by -4.2% against the previous year. In general, the import price continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2017 a decrease of -4%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Germany ($X per ton) and Sri Lanka ($X per ton), while the price for Malaysia ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+37.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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