Vietnam: Coconut Market 2024

Coconut Market Size in Vietnam

In 2022, the Vietnamese coconut market increased by 1.6% to $X, rising for the third year in a row after three years of decline. In general, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +25.5% against 2019 indices. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Coconut Production in Vietnam

In value terms, coconut production totaled $X in 2022 estimated in export price. Overall, production, however, continues to indicate a noticeable expansion. The pace of growth was the most pronounced in 2016 when the production volume increased by 80%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

In 2022, the average yield of coconuts in Vietnam declined modestly to X tons per ha, with a decrease of -2.7% compared with 2021. The yield figure increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 5.9% against the previous year. As a result, the yield attained the peak level of X tons per ha, and then shrank modestly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of coconuts were harvested in Vietnam; almost unchanged from the previous year's figure. The harvested area increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 when the harvested area increased by 4.6% against the previous year. The coconut harvested area peaked at X ha in 2021, and then shrank slightly in the following year.

Coconut Exports

Exports from Vietnam

In 2022, shipments abroad of coconuts decreased by -3.3% to X tons, falling for the third year in a row after two years of growth. Overall, exports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 94%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, coconut exports reduced remarkably to $X in 2022. In general, exports, however, enjoyed a measured increase. The most prominent rate of growth was recorded in 2019 when exports increased by 94% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for coconut exports from Vietnam, accounting for a 81% share of total exports. Moreover, coconut exports to China exceeded the volume sent to the second major destination, Thailand (X tons), sevenfold. Spain (X tons) ranked third in terms of total exports with a 1.8% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+55.1% per year) and Spain (+39.5% per year).

In value terms, the largest markets for coconut exported from Vietnam were China ($X), Thailand ($X) and Spain ($X), with a combined 90% share of total exports.

Among the main countries of destination, Thailand, with a CAGR of +52.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average coconut export price amounted to $X per ton, falling by -21.8% against the previous year. Overall, the export price saw a mild slump. The most prominent rate of growth was recorded in 2020 an increase of 32% against the previous year. The export price peaked at $X per ton in 2021, and then fell significantly in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to China ($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 Egypt (-1.0%), while the prices for the other major destinations experienced a decline.

Coconut Imports

Imports into Vietnam

For the third year in a row, Vietnam recorded decline in overseas purchases of coconuts, which decreased by -23.2% to X tons in 2022. In general, imports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 907%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, coconut imports skyrocketed to $X in 2022. Overall, imports, however, posted significant growth. The growth pace was the most rapid in 2017 with an increase of 949% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of coconut to Vietnam, with a 74% share of total imports. Moreover, coconut imports from Indonesia exceeded the figures recorded by the second-largest supplier, Nigeria (X tons), threefold. The third position in this ranking was taken by India (X tons), with a 2.6% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia stood at +77.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Nigeria (+5.6% per year) and India (+39.8% per year).

In value terms, Indonesia ($X) constituted the largest supplier of coconuts to Vietnam, comprising 74% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 19% share of total imports. It was followed by India, with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia stood at +96.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Nigeria (+18.3% per year) and India (+76.6% per year).

Import Prices by Country

In 2022, the average coconut import price amounted to $X per ton, with an increase of 67% against the previous year. In general, the import price recorded a prominent expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+26.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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