Saudi Arabia: Coconut Oil Market 2024

Coconut Oil Market Size in Saudi Arabia

After five years of growth, the Saudi coconut oil market decreased by -84.5% to $X in 2022. Over the period under review, consumption saw a abrupt slump. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Coconut Oil Exports

Exports from Saudi Arabia

In 2022, the amount of coconut (copra) oil exported from Saudi Arabia contracted to X tons, which is down by -13% on 2021. In general, exports faced a abrupt decline. The most prominent rate of growth was recorded in 2020 when exports increased by 1,220% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, coconut oil exports dropped to $X in 2022. Overall, exports showed a abrupt shrinkage. The pace of growth was the most pronounced in 2020 with an increase of 805% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Canada (X tons) was the main destination for coconut oil exports from Saudi Arabia, with a 83% share of total exports. Moreover, coconut oil exports to Canada exceeded the volume sent to the second major destination, Bahrain (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada totaled +42.1%.

In value terms, Canada ($X) emerged as the key foreign market for coconut (copra) oil exports from Saudi Arabia, comprising 71% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Canada amounted to +44.8%.

Export Prices by Country

In 2022, the average coconut oil export price amounted to $X per ton, rising by 6.8% against the previous year. In general, the export price recorded a remarkable increase. The pace of growth appeared the most rapid in 2021 when the average export price increased by 62% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to Canada amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sudan (+18.6%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Oil Imports

Imports into Saudi Arabia

In 2022, purchases abroad of coconut (copra) oil decreased by -80.7% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports recorded a abrupt curtailment. The growth pace was the most rapid in 2014 when imports increased by 324% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, coconut oil imports fell remarkably to $X in 2022. In general, imports continue to indicate a deep slump. The growth pace was the most rapid in 2014 with an increase of 273% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Sri Lanka (X tons) constituted the largest supplier of coconut oil to Saudi Arabia, with a 29% share of total imports. Moreover, coconut oil imports from Sri Lanka exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. The UK (X tons) ranked third in terms of total imports with a 1.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Sri Lanka amounted to +29.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-53.1% per year) and the UK (0.0% per year).

In value terms, Sri Lanka ($X) constituted the largest supplier of coconut (copra) oil to Saudi Arabia, comprising 41% of total imports. The second position in the ranking was held by the United States ($X), with a 2.5% share of total imports. It was followed by the UK, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Sri Lanka stood at +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-45.7% per year) and the UK (0.0% per year).

Import Prices by Country

The average coconut oil import price stood at $X per ton in 2022, waning by -26.7% against the previous year. Over the period under review, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% 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 decreased by -37.1% against 2019 indices. The most prominent rate of growth was recorded in 2015 an increase of 74%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+27.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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