Thailand: Coconut Market 2024

Coconut Market Size in Thailand

In 2022, the Thai coconut market decreased by -38.5% to $X, falling for the fifth year in a row after two years of growth. In general, consumption recorded a abrupt decrease. Coconut consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Coconut Production in Thailand

In value terms, coconut production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 22%. Coconut production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

The average yield of coconuts in Thailand stood at X tons per ha in 2022, increasing by 3% on the year before. In general, the yield indicated a temperate increase from 2012 to 2022: its figure increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut yield decreased by -8.8% against 2018 indices. The pace of growth was the most pronounced in 2017 when the yield increased by 32%. The coconut yield peaked at X tons per ha in 2018; however, from 2019 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of coconuts production in Thailand reduced modestly to X ha, almost unchanged from 2021. Over the period under review, the harvested area showed a abrupt contraction. The growth pace was the most rapid in 2021 when the harvested area increased by 2.2% against the previous year. Over the period under review, the harvested area dedicated to coconut production attained the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

Coconut Exports

Exports from Thailand

For the eleventh consecutive year, Thailand recorded growth in shipments abroad of coconuts, which increased by 42% to X tons in 2022. In general, exports recorded significant growth. The growth pace was the most rapid in 2021 when exports increased by 53%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

In value terms, coconut exports surged to $X in 2022. Overall, exports recorded a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 63%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

China (X tons) was the main destination for coconut exports from Thailand, with a 90% share of total exports. It was followed by the United States (X tons), with a 2.5% share of total exports. The third position in this ranking was held by Singapore (X tons), with a 2.4% share.

From 2012 to 2022, the average annual growth rate of volume to China totaled +76.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-4.1% per year) and Singapore (+25.5% per year).

In value terms, China ($X) remains the key foreign market for coconuts exports from Thailand, comprising 87% of total exports. The second position in the ranking was taken by the United States ($X), with a 4.4% share of total exports. It was followed by Singapore, with a 2.6% share.

From 2012 to 2022, the average annual growth rate of value to China stood at +84.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+3.9% per year) and Singapore (+26.7% per year).

Export Prices by Country

In 2022, the average coconut export price amounted to $X per ton, declining by -8.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2014 an increase of 22%. 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 remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 the United States (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Imports

Imports into Thailand

Coconut imports into Thailand shrank markedly to X tons in 2022, waning by -27.5% on the year before. Overall, imports, however, recorded a prominent expansion. The growth pace was the most rapid in 2020 when imports increased by 174%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, coconut imports fell sharply to $X in 2022. In general, imports, however, continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 192% against the previous year. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

Indonesia (X tons) and Vietnam (X tons) were the main suppliers of coconut imports to Thailand.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +85.5%).

In value terms, Indonesia ($X) and Vietnam ($X) constituted the largest coconut suppliers to Thailand.

Vietnam, with a CAGR of +63.6%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review.

Import Prices by Country

The average coconut import price stood at $X per ton in 2022, which is down by -18.3% against the previous year. In general, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut import price decreased by -18.8% against 2020 indices. The most prominent rate of growth was recorded in 2019 an increase of 30%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Vietnam stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.6%).

Source: IndexBox Platform

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