Vietnam: Refined Coconut Oil Market 2025

Refined Coconut Oil Market Size in Vietnam

The Vietnamese refined coconut oil market expanded to $X in 2022, increasing by 2.9% against the previous year. Overall, consumption, however, continues to indicate a pronounced descent. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Refined Coconut Oil Production in Vietnam

In value terms, refined coconut oil production reached $X in 2022 estimated in export price. In general, production, however, recorded a perceptible descent. The pace of growth appeared the most rapid in 2015 when the production volume increased by 9%. Refined coconut oil production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Refined Coconut Oil Exports

Exports from Vietnam

After two years of growth, overseas shipments of refined coconut (copra) oil decreased by -3.8% to X tons in 2022. Overall, exports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2015 when exports increased by 918%. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined coconut oil exports declined to $X in 2022. Over the period under review, exports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2015 with an increase of 1,043%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for refined coconut oil exports from Vietnam, accounting for a 60% share of total exports. Moreover, refined coconut oil exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), twofold. South Korea (X tons) ranked third in terms of total exports with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +52.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+8.5% per year) and South Korea (+11.5% per year).

In value terms, the United States ($X) remains the key foreign market for refined coconut (copra) oil exports from Vietnam, comprising 61% of total exports. The second position in the ranking was held by Canada ($X), with a 28% share of total exports. It was followed by South Korea, with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +68.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+20.6% per year) and South Korea (+22.7% per year).

Export Prices by Country

The average refined coconut oil export price stood at $X per ton in 2022, dropping by -2.5% against the previous year. In general, the export price, however, enjoyed prominent growth. The growth pace was the most rapid in 2019 an increase of 70%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then contracted in the following year.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were the United States ($X per ton) and Taiwan (Chinese) ($X per ton), while the average price for exports to China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports into Vietnam

In 2022, approx. X tons of refined coconut (copra) oil were imported into Vietnam; picking up by 7.3% compared with the previous year. Overall, imports recorded prominent growth. The most prominent rate of growth was recorded in 2017 when imports increased by 43% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, refined coconut oil imports shrank to $X in 2022. Over the period under review, imports saw a buoyant increase. The pace of growth appeared the most rapid in 2017 when imports increased by 72%. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

India (X tons), Indonesia (X tons) and Malaysia (X tons) were the main suppliers of refined coconut oil imports to Vietnam, together comprising 74% of total imports. The United States, the Philippines, South Korea and China lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Philippines (with a CAGR of +61.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined coconut oil suppliers to Vietnam were India ($X), Indonesia ($X) and Malaysia ($X), together accounting for 81% of total imports. The United States, the Philippines, South Korea and China lagged somewhat behind, together accounting for a further 18%.

In terms of the main suppliers, the Philippines, with a CAGR of +57.5%, saw 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 refined coconut oil import price amounted to $X per ton, dropping by -18.2% against the previous year. In general, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined coconut oil import price increased by +35.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 52%. As a result, import price reached the peak level of $X per ton, and then fell dramatically in the following year.

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 India ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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