South-Eastern Asia: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in South-Eastern Asia

In 2022, the Southeast Asian crude coconut oil market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption showed a prominent expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Crude Coconut Oil Production in South-Eastern Asia

In value terms, crude coconut oil production declined to $X in 2022 estimated in export price. Over the period under review, production saw a prominent expansion. The growth pace was the most rapid in 2019 with an increase of 122% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Crude Coconut Oil Exports

Exports in South-Eastern Asia

In 2022, overseas shipments of crude coconut (copra) oil increased by 2.1% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, continue to indicate a abrupt contraction. The growth pace was the most rapid in 2021 when exports increased by 42%. 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, crude coconut oil exports surged to $X in 2022. Overall, exports enjoyed a perceptible expansion. The most prominent rate of growth was recorded in 2021 with an increase of 73% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

The Philippines (X tons) and Indonesia (X tons) dominates exports structure, together mixing up 94% of total exports. It was distantly followed by Malaysia (X tons), making up a 5.4% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Malaysia (with a CAGR of +1.6%), while the other leaders experienced a decline in the exports figures.

In value terms, the Philippines ($X) remains the largest crude coconut oil supplier in South-Eastern Asia, comprising 71% of total exports. The second position in the ranking was held by Indonesia ($X), with a 26% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the Philippines stood at +8.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (-1.6% per year) and Malaysia (+1.0% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, growing by 38% against the previous year. Overall, the export price enjoyed prominent growth. The most prominent rate of growth was recorded in 2014 an increase of 47%. The level of export peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+14.4%), while the other leaders experienced mixed trends in the export price figures.

Crude Coconut Oil Imports

Imports in South-Eastern Asia

In 2022, after two years of growth, there was significant decline in supplies from abroad of crude coconut (copra) oil, when their volume decreased by -21% to X tons. Overall, imports, however, continue to indicate a mild expansion. The most prominent rate of growth was recorded in 2018 with an increase of 72%. Over the period under review, imports reached the peak figure at X tons in 2021, and then declined dramatically in the following year.

In value terms, crude coconut oil imports shrank dramatically to $X in 2022. In general, imports, however, posted a perceptible increase. The growth pace was the most rapid in 2021 when imports increased by 78%. As a result, imports reached the peak of $X, and then fell remarkably in the following year.

Imports by Country

Malaysia was the largest importing country with an import of about X tons, which recorded 80% of total imports. Indonesia (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (5.6%).

From 2012 to 2022, average annual rates of growth with regard to crude coconut oil imports into Malaysia stood at +1.1%. At the same time, Thailand (+8.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +8.4% from 2012-2022. Indonesia experienced a relatively flat trend pattern. While the share of Thailand (+2.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) constitutes the largest market for imported crude coconut (copra) oil in South-Eastern Asia, comprising 76% of total imports. The second position in the ranking was held by Indonesia ($X), with a 16% share of total imports.

In Malaysia, crude coconut oil imports increased at an average annual rate of +2.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (+6.0% per year) and Thailand (+11.7% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, approximately equating the previous year. Import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude coconut oil import price increased by +45.1% against 2018 indices. The most prominent rate of growth was recorded in 2014 an increase of 44%. Over the period under review, import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($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 (+5.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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