Philippines: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in the Philippines

In 2022, the Philippine refined coconut oil market decreased by -49.3% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then reduced rapidly in the following year.

Refined Coconut Oil Production in the Philippines

In value terms, refined coconut oil production fell to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2017 with an increase of 38% against the previous year. Refined coconut oil production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Refined Coconut Oil Exports

Exports from the Philippines

After three years of decline, shipments abroad of refined coconut (copra) oil increased by 51% to X tons in 2022. Over the period under review, exports, however, recorded a slight decrease. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined coconut oil exports soared to $X in 2022. In general, exports saw a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons), the United States (X tons) and Malaysia (X tons) were the main destinations of refined coconut oil exports from the Philippines, with a combined 70% share of total exports. Japan, South Korea, the Netherlands and Greece lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for Greece (with a CAGR of +234.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Malaysia ($X) constituted the largest markets for refined coconut oil exported from the Philippines worldwide, with a combined 70% share of total exports. Japan, South Korea, the Netherlands and Greece lagged somewhat behind, together comprising a further 22%.

Greece, with a CAGR of +297.5%, recorded 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 refined coconut oil export price amounted to $X per ton, surging by 7.9% against the previous year. Overall, the export price showed strong growth. The most prominent rate of growth was recorded in 2014 an increase of 77%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United States ($X per ton) and Malaysia ($X per ton), while the average price for exports to China ($X per ton) and South Korea ($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 Greece (+18.8%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports into the Philippines

In 2022, the amount of refined coconut (copra) oil imported into the Philippines skyrocketed to X tons, with an increase of 120% against the year before. Overall, imports recorded significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 9,442%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, refined coconut oil imports surged to $X in 2022. Over the period under review, imports continue to indicate significant growth. The growth pace was the most rapid in 2014 with an increase of 13,095%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Singapore (X tons), Malaysia (X tons) and the United States (X tons) were the main suppliers of refined coconut oil imports to the Philippines, together comprising 78% 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 +119.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined coconut oil suppliers to the Philippines were Singapore ($X), Malaysia ($X) and the United States ($X), together comprising 78% of total imports.

The United States, with a CAGR of +125.3%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined coconut oil import price stood at $X per ton in 2022, picking up by 19% against the previous year. Overall, the import price, however, saw a noticeable downturn. The most prominent rate of growth was recorded in 2016 when the average import price increased by 124% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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