Singapore: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Singapore

The Singaporean refined coconut oil market dropped to $X in 2022, standing approx. at 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). In general, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +37.8% against 2020 indices. Refined coconut oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Refined Coconut Oil Exports

Exports from Singapore

In 2022, approx. X tons of refined coconut (copra) oil were exported from Singapore; picking up by 28% compared with 2021 figures. Overall, exports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2018 when exports increased by 40% 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 remained at a lower figure.

In value terms, refined coconut oil exports surged to $X in 2022. In general, exports, however, continue to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 138%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Pakistan (X tons), the United Arab Emirates (X tons) and Yemen (X tons) were the main destinations of refined coconut oil exports from Singapore, with a combined 60% share of total exports. Russia, Japan, Burkina Faso, the United States, Ireland, Taiwan (Chinese), Malaysia, Canada and Bahrain lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +82.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined coconut oil exported from Singapore were Japan ($X), the United Arab Emirates ($X) and Yemen ($X), with a combined 54% share of total exports.

Japan, with a CAGR of +85.1%, recorded the highest rates of growth with regard to 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, rising by 15% against the previous year. In general, the export price posted a perceptible expansion. The pace of growth appeared the most rapid in 2017 when the average export price increased by 77% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: 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 Canada (+15.2%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports into Singapore

In 2022, the amount of refined coconut (copra) oil imported into Singapore contracted to X tons, declining by -7.2% compared with the year before. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 56% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, refined coconut oil imports totaled $X in 2022. Over the period under review, total imports indicated noticeable growth from 2012 to 2022: its value 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, imports increased by +95.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 81% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of refined coconut oil to Singapore, with a 82% share of total imports. Moreover, refined coconut oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), sixfold.

From 2012 to 2022, the average annual growth rate of volume from Indonesia stood at +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-7.9% per year) and the Philippines (+34.2% per year).

In value terms, Indonesia ($X) constituted the largest supplier of refined coconut (copra) oil to Singapore, comprising 78% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia amounted to +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-3.5% per year) and the Philippines (+36.1% per year).

Import Prices by Country

In 2022, the average refined coconut oil import price amounted to $X per ton, surging by 16% against the previous year. Over the period under review, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined coconut oil import price increased by +108.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 79%. Over the period under review, average import prices hit record highs at $X per ton in 2017; afterwards, it flattened through to 2022.

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 (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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