Singapore: Coconut Oil Market 2024

Coconut Oil Market Size in Singapore

The Singaporean coconut oil market contracted to $X in 2022, falling by -7.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Coconut Oil Exports

Exports from Singapore

In 2022, the amount of coconut (copra) oil exported from Singapore surged to X tons, growing by 30% on 2021 figures. Overall, exports, however, continue to indicate a abrupt shrinkage. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, coconut oil exports surged to $X in 2022. In general, exports, however, saw a noticeable curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 116%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Pakistan (X tons), the United Arab Emirates (X tons) and Yemen (X tons) were the main destinations of coconut oil exports from Singapore, with a combined 52% share of total exports. Bangladesh, Russia, Japan, Madagascar, Burkina Faso, the United States, Ireland and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +82.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for coconut oil exported from Singapore were Japan ($X), the United Arab Emirates ($X) and Yemen ($X), with a combined 47% share of total exports.

Among the main countries of destination, Japan, with a CAGR of +85.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average coconut oil export price stood at $X per ton in 2022, picking up by 11% against the previous year. Over the period under review, the export price showed a pronounced increase. The pace of growth appeared the most rapid in 2017 when the average export price increased by 74%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

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 Japan ($X per ton), while the average price for exports to Pakistan ($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 Taiwan (Chinese) (+12.7%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Oil Imports

Imports into Singapore

For the fourth consecutive year, Singapore recorded decline in supplies from abroad of coconut (copra) oil, which decreased by -12.5% to X tons in 2022. In general, imports saw a slight downturn. The most prominent rate of growth was recorded in 2018 when imports increased by 46%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, coconut oil imports rose slightly to $X in 2022. Overall, total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +78.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 75%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of coconut oil to Singapore, accounting for a 76% share of total imports. Moreover, coconut oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia totaled +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-9.9% per year) and the Philippines (+42.7% per year).

In value terms, Indonesia ($X) constituted the largest supplier of coconut (copra) oil to Singapore, comprising 73% of total imports. The second position in the ranking was held by Malaysia ($X), with an 18% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia amounted to +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-5.8% per year) and the Philippines (+44.4% per year).

Import Prices by Country

In 2022, the average coconut oil import price amounted to $X per ton, rising by 16% against the previous year. Over the period under review, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +3.8% 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 increased by +103.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 75% against the previous year. The import price peaked in 2022 and is likely to see steady growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :