Sri Lanka: Coconut Oil Market 2024

Coconut Oil Market Size in Sri Lanka

In 2022, the Sri Lankan coconut oil market increased by 7.2% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, saw a mild shrinkage. Coconut oil consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Coconut Oil Production in Sri Lanka

In value terms, coconut oil production fell slightly to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 62%. Coconut oil production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Coconut Oil Exports

Exports from Sri Lanka

In 2022, overseas shipments of coconut (copra) oil decreased by -0.2% to X tons, falling for the second consecutive year after two years of growth. In general, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 212% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, coconut oil exports fell significantly to $X in 2022. Overall, exports, however, recorded a significant expansion. The growth pace was the most rapid in 2014 when exports increased by 302% against the previous year. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for coconut oil exports from Sri Lanka, with a 32% share of total exports. Moreover, coconut oil exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), threefold. The Netherlands (X tons) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +19.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+43.9% per year) and the Netherlands (+26.7% per year).

In value terms, the United States ($X) remains the key foreign market for coconut (copra) oil exports from Sri Lanka, comprising 29% of total exports. The second position in the ranking was held by Germany ($X), with a 10% share of total exports. It was followed by the Netherlands, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +18.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+43.8% per year) and the Netherlands (+32.4% per year).

Export Prices by Country

In 2022, the average coconut oil export price amounted to $X per ton, falling by -15.3% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 29%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Pakistan ($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 Pakistan (+4.8%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Oil Imports

Imports into Sri Lanka

For the third consecutive year, Sri Lanka recorded growth in supplies from abroad of coconut (copra) oil, which increased by 92% to X tons in 2022. In general, imports showed a resilient expansion. The growth pace was the most rapid in 2013 with an increase of 161%. Imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, coconut oil imports skyrocketed to $X in 2022. Over the period under review, imports posted significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 187%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Malaysia (X tons), India (X tons) and Indonesia (X tons) were the main suppliers of coconut oil imports to Sri Lanka, with a combined 85% share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +54.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest coconut oil suppliers to Sri Lanka were Malaysia ($X), India ($X) and Indonesia ($X), with a combined 83% share of total imports.

Among the main suppliers, India, with a CAGR of +62.5%, 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

In 2022, the average coconut oil import price amounted to $X per ton, surging by 44% against the previous year. Over the period under review, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil import price increased by +85.5% against 2019 indices. The growth pace was the most rapid in 2015 an increase of 50% against the previous year. Over the period under review, average import prices hit record highs 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 supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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