Southern Asia: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Southern Asia

In 2022, the South Asian refined coconut oil market increased by 0.5% to $X, rising for the sixth year in a row after two years of decline. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The level of consumption peaked in 2022 and is likely to see gradual growth in years to come.

Refined Coconut Oil Production in Southern Asia

In value terms, refined coconut oil production stood at $X in 2022 estimated in export price. Over the period under review, production showed modest growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 16% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refined Coconut Oil Exports

Exports in Southern Asia

In 2022, approx. X tons of refined coconut (copra) oil were exported in Southern Asia; picking up by 25% compared with the previous year. Overall, exports saw a resilient increase. The most prominent rate of growth was recorded in 2016 when exports increased by 86% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, refined coconut oil exports rose markedly to $X in 2022. Over the period under review, exports continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2014 when exports increased by 69%. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, India (X tons) was the key exporter of refined coconut (copra) oil, mixing up 81% of total exports. It was distantly followed by Sri Lanka (X tons), making up a 19% share of total exports.

Exports from India increased at an average annual rate of +8.7% from 2012 to 2022. At the same time, Sri Lanka (+21.1%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +21.1% from 2012-2022. While the share of Sri Lanka (+12 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of India (-11.6 p.p.) displayed negative dynamics.

In value terms, India ($X) remains the largest refined coconut oil supplier in Southern Asia, comprising 80% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with a 20% share of total exports.

In India, refined coconut oil exports expanded at an average annual rate of +9.2% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, with a decrease of -15.5% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the export price increased by 46% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while India totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+3.2%).

Refined Coconut Oil Imports

Imports in Southern Asia

In 2022, purchases abroad of refined coconut (copra) oil increased by 49% to X tons, rising for the second year in a row after two years of decline. Total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +8.5% 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 +95.4% against 2020 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 78%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, refined coconut oil imports surged to $X in 2022. Overall, imports showed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 69%. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the near future.

Imports by Country

Pakistan (X tons) and Sri Lanka (X tons) prevails in imports structure, together mixing up 89% of total imports. It was distantly followed by Bangladesh (X tons), making up a 9.6% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Sri Lanka (with a CAGR of +23.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Sri Lanka ($X), Pakistan ($X) and Bangladesh ($X) were the countries with the highest levels of imports in 2022, with a combined 98% share of total imports.

Among the main importing countries, Sri Lanka, with a CAGR of +27.6%, recorded the highest growth rate of 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

In 2022, the import price in Southern Asia amounted to $X per ton, rising by 9.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2021 an increase of 29% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Sri Lanka ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+3.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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