Thailand: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Thailand

The Thai crude coconut oil market rose markedly to $X in 2022, growing by 12% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the immediate term.

Crude Coconut Oil Production in Thailand

In value terms, crude coconut oil production expanded rapidly to $X in 2022 estimated in export price. In general, production saw a noticeable decrease. The most prominent rate of growth was recorded in 2020 when the production volume increased by 55%. Crude coconut oil production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Crude Coconut Oil Exports

Exports from Thailand

After four years of decline, overseas shipments of crude coconut (copra) oil increased by 130% to X tons in 2022. Over the period under review, exports saw significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 16,681%. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, crude coconut oil exports skyrocketed to $X in 2022. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 9,789% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X tons) was the main destination for crude coconut oil exports from Thailand, with a 52% share of total exports. Moreover, crude coconut oil exports to Russia exceeded the volume sent to the second major destination, Kuwait (X tons), sixfold. Japan (X tons) ranked third in terms of total exports with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia stood at +76.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+11.3% per year) and Japan (+62.5% per year).

In value terms, Russia ($X), Japan ($X) and Kuwait ($X) were the largest markets for crude coconut oil exported from Thailand worldwide, with a combined 58% share of total exports.

Among the main countries of destination, Japan, with a CAGR of +68.8%, saw the highest rates of growth with regard to 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

The average crude coconut oil export price stood at $X per ton in 2022, declining by -47.5% against the previous year. Over the period under review, the export price showed a abrupt setback. The pace of growth was the most pronounced in 2020 when the average export price increased by 53% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Pakistan ($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 Malaysia (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Coconut Oil Imports

Imports into Thailand

In 2022, the amount of crude coconut (copra) oil imported into Thailand soared to X tons, jumping by 51% on 2021. In general, imports saw resilient growth. The growth pace was the most rapid in 2020 when imports increased by 346%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, crude coconut oil imports soared to $X in 2022. Over the period under review, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2014 when imports increased by 247%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Indonesia (X tons) was the main supplier of crude coconut oil to Thailand, with a 93% share of total imports. Moreover, crude coconut oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia totaled +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+80.4% per year) and Vietnam (-40.5% per year).

In value terms, Indonesia ($X) constituted the largest supplier of crude coconut (copra) oil to Thailand, comprising 91% of total imports. The second position in the ranking was held by the Philippines ($X), with a 7.4% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Indonesia totaled +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+55.4% per year) and Vietnam (-33.6% per year).

Import Prices by Country

The average crude coconut oil import price stood at $X per ton in 2022, surging by 8.2% against the previous year. Over the period under review, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.0% 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 +66.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 54% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+11.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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