Thailand: Refined Coconut Oil Market 2025

Refined Coconut Oil Market Size in Thailand

The Thai refined coconut oil market expanded slightly to $X in 2022, increasing by 4.5% against the previous year. Over the period under review, consumption, however, showed a mild downturn. Refined coconut oil consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Refined Coconut Oil Production in Thailand

In value terms, refined coconut oil production rose slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a mild decrease. The pace of growth appeared the most rapid in 2020 with an increase of 20%. Refined coconut oil production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Refined Coconut Oil Exports

Exports from Thailand

After five years of growth, overseas shipments of refined coconut (copra) oil decreased by -52.8% to X tons in 2022. Over the period under review, exports, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2015 when exports increased by 147%. Over the period under review, the exports hit record highs at X tons in 2021, and then declined significantly in the following year.

In value terms, refined coconut oil exports dropped significantly to $X in 2022. In general, exports, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2015 when exports increased by 206%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Lao People's Democratic Republic (X tons) was the main destination for refined coconut oil exports from Thailand, accounting for a 52% share of total exports. Moreover, refined coconut oil exports to Lao People's Democratic Republic exceeded the volume sent to the second major destination, Japan (X tons), fourfold. The third position in this ranking was taken by Russia (X tons), with an 8.2% share.

From 2012 to 2022, the average annual growth rate of volume to Lao People's Democratic Republic stood at +11.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+65.9% per year) and Russia (+49.3% per year).

In value terms, the largest markets for refined coconut oil exported from Thailand were Japan ($X), Lao People's Democratic Republic ($X) and South Korea ($X), with a combined 63% share of total exports.

Among the main countries of destination, Japan, with a CAGR of +66.4%, 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 refined coconut oil export price stood at $X per ton in 2022, rising by 14% against the previous year. Over the period under review, the export price showed a modest increase. The pace of growth appeared the most rapid in 2014 an increase of 54%. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Lao People's Democratic Republic ($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 Cambodia (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports into Thailand

In 2022, supplies from abroad of refined coconut (copra) oil decreased by -81.4% to X tons, falling for the fourth consecutive year after two years of growth. Over the period under review, imports showed a significant decline. The growth pace was the most rapid in 2015 when imports increased by 196% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, refined coconut oil imports contracted sharply to $X in 2022. In general, imports showed a precipitous contraction. The growth pace was the most rapid in 2014 with an increase of 90%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany (X tons), the Philippines (X tons) and the Netherlands (X tons) were the main suppliers of refined coconut oil imports to Thailand, together comprising 87% of total imports. Sweden, Ghana and Malaysia lagged somewhat behind, together comprising a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ghana (with a CAGR of +59.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined coconut oil suppliers to Thailand were the Philippines ($X), Germany ($X) and Sweden ($X), together comprising 76% of total imports. The Netherlands, Ghana and Malaysia lagged somewhat behind, together accounting for a further 22%.

Ghana, with a CAGR of +108.7%, saw the highest rates of growth with regard to the value of imports, among the main suppliers 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 refined coconut oil import price amounted to $X per ton, picking up by 10% against the previous year. Over the period under review, the import price posted a buoyant expansion. The pace of growth was the most pronounced in 2020 when the average import price increased by 189%. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+31.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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