South-Eastern Asia: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in South-Eastern Asia

In 2022, after two years of growth, there was significant decline in the Southeast Asian refined coconut oil market, when its value decreased by -12.4% to $X. Over the period under review, consumption continues to indicate a pronounced reduction. The growth pace was the most rapid in 2020 when the market value increased by 7.5%. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Coconut Oil Production in South-Eastern Asia

In value terms, refined coconut oil production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 17%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Refined Coconut Oil Exports

Exports in South-Eastern Asia

After three years of decline, shipments abroad of refined coconut (copra) oil increased by 23% to X tons in 2022. The total export volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, refined coconut oil exports soared to $X in 2022. Overall, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 58%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

In 2022, Indonesia (X tons) was the largest exporter of refined coconut (copra) oil, creating 48% of total exports. The Philippines (X tons) held the second position in the ranking, distantly followed by Malaysia (X tons). All these countries together held near 51% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +4.7%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Indonesia ($X), the Philippines ($X) and Malaysia ($X) were the countries with the highest levels of exports in 2022, together accounting for 98% of total exports.

Among the main exporting countries, Indonesia, with a CAGR of +11.2%, 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

In 2022, the export price in South-Eastern Asia amounted to $X per ton, increasing by 18% against the previous year. Export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.6% 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 export price increased by +102.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 59% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: 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 (+7.4%), while the other leaders experienced mixed trends in the export price figures.

Refined Coconut Oil Imports

Imports in South-Eastern Asia

In 2022, refined coconut oil imports in South-Eastern Asia was estimated at X tons, picking up by 2.6% against 2021. Over the period under review, imports, however, saw a pronounced descent. The most prominent rate of growth was recorded in 2014 when imports increased by 72% 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, refined coconut oil imports rose to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 118%. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Singapore represented the key importing country with an import of about X tons, which amounted to 54% of total imports. It was distantly followed by Malaysia (X tons), Vietnam (X tons) and Indonesia (X tons), together achieving a 44% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Indonesia (with a CAGR of +23.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constitutes the largest market for imported refined coconut (copra) oil in South-Eastern Asia, comprising 60% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 22% share of total imports. It was followed by Vietnam, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore amounted to +3.8%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (-9.6% per year) and Vietnam (+15.0% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, remaining constant against the previous year. Import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% 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 +63.7% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by 65% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Singapore ($X per ton) and Vietnam ($X per ton), while Malaysia ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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