Singapore: Coconut Market 2024

Coconut Market Size in Singapore

The Singaporean coconut market surged to $X in 2022, increasing by 22% against the previous year. Overall, consumption continues to indicate a resilient increase. Coconut consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Coconut Production in Singapore

In value terms, coconut production reduced to $X in 2022 estimated in export price. In general, production saw noticeable growth. The most prominent rate of growth was recorded in 2017 with an increase of 126% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

The average yield of coconuts in Singapore was estimated at X tons per ha in 2022, almost unchanged from 2021. Overall, the yield, however, saw a perceptible downturn. The most prominent rate of growth was recorded in 2016 when the yield increased by 12% against the previous year. The coconut yield peaked at X tons per ha in 2013; however, from 2014 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of coconuts in Singapore was estimated at X ha, standing approx. at 2021. In general, the harvested area saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the harvested area increased by 21% against the previous year. The coconut harvested area peaked at X ha in 2014; however, from 2015 to 2022, the harvested area remained at a lower figure.

Coconut Exports

Exports from Singapore

In 2022, after two years of growth, there was significant decline in overseas shipments of coconuts, when their volume decreased by -25.1% to X tons. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 110%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then dropped rapidly in the following year.

In value terms, coconut exports reduced to $X in 2022. In general, exports, however, continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2020 with an increase of 63% against the previous year. The exports peaked at $X in 2021, and then reduced in the following year.

Exports by Country

Malaysia (X tons) was the main destination for coconut exports from Singapore, with a 71% share of total exports. Moreover, coconut exports to Malaysia exceeded the volume sent to the second major destination, Jordan (X tons), threefold. Brunei Darussalam (X tons) ranked third in terms of total exports with a 1.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia totaled +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jordan (-2.2% per year) and Brunei Darussalam (-5.4% per year).

In value terms, Malaysia ($X) remains the key foreign market for coconuts exports from Singapore, comprising 71% of total exports. The second position in the ranking was held by Jordan ($X), with a 26% share of total exports. It was followed by Brunei Darussalam, with a 1.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia stood at +18.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jordan (+24.1% per year) and Brunei Darussalam (+1.1% per year).

Export Prices by Country

In 2022, the average coconut export price amounted to $X per ton, picking up by 27% against the previous year. In general, the export price posted resilient growth. The growth pace was the most rapid in 2019 when the average export price increased by 37% against the previous year. As a result, the export price attained the peak level of $X per ton; afterwards, it flattened through to 2022.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Malaysia ($X per ton) and Jordan ($X per ton), while the average price for exports to Indonesia ($X per ton) and Brunei Darussalam ($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 Jordan (+26.9%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Imports

Imports into Singapore

Coconut imports into Singapore totaled X tons in 2022, approximately mirroring 2021. Over the period under review, total imports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.4% 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 +71.4% against 2017 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 39%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, coconut imports rose rapidly to $X in 2022. Overall, imports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2021 when imports increased by 54% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Thailand (X tons), Malaysia (X tons) and Indonesia (X tons) were the main suppliers of coconut imports to Singapore, together accounting for 97% of total imports. Vietnam and India lagged somewhat behind, together accounting for a further 2.6%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +150.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Malaysia ($X) and Indonesia ($X) appeared to be the largest coconut suppliers to Singapore, together accounting for 97% of total imports. Vietnam and India lagged somewhat behind, together comprising a further 2.6%.

Among the main suppliers, Vietnam, with a CAGR of +169.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average coconut import price stood at $X per ton in 2022, surging by 8.8% against the previous year. In general, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut import price increased by +39.3% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 21%. The import price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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