coconut oil market Archives

IndexBox has just published a new report: ‘World – Coconut (Copra) Oil – Market Analysis, Forecast, Size, Trends and Insights‘. Here is a summary of the report’s key findings.

Coconut oil prices will grow moderately this year, following the fundamental trend relevant to all vegetable oils. The average annual coconut oil price is set to grow by 2.3% y-o-y to $1,674 per tonne in 2022 due to limited supply and rising logistic costs.

The average annual coconut oil price is forecast to rise by 2.3% y-o-y to $1,674 per tonne in 2022 (IndexBox calculates based on World Bank’s data). In 2021, the average annual coconut oil price soared by 62% y-o-y to $1,636 per tonne. Limited supply and high freight rates were the main drivers of that increase. Rising prices for other vegetable oils that follow the same fundamental trend also contribute to the price growth of coconut oil.

According to IndexBox estimates based on USDA data, global coconut oil production declined approximately by -0.6% y-o-y to 3.5M tonnes in 2021 owing to unfavourable weather and Covid-related labour shortages in Malaysia and Argentina. At the same time, the demand for coconut oil remained strong, which shattered the market balance and propelled prices.

Global Coconut Oil Imports

In 2020, global imports of coconut oil rose slightly to 2.2M tonnes, surging by 2.1% on the previous year. In value terms, supplies rose sharply to $2.5B (IndexBox estimates).

The U.S. (454K tonnes), the Netherlands (336K tonnes), Malaysia (240K tonnes), China (163K tonnes) and Germany (158K tonnes) represented roughly 62% of global coconut oil imports. Italy (85K tonnes), Sri Lanka (73K tonnes), France (62K tonnes), South Korea (48K tonnes), Belgium (42K tonnes), Spain (42K tonnes), Indonesia (41K tonnes) and Japan (37K tonnes) took a relatively small share of total volume.

In value terms, the largest coconut oil importing markets worldwide were the U.S. ($565M), the Netherlands ($296M) and Malaysia ($217M), with a combined 43% share of global international purchases. These countries were followed by Germany, China, Sri Lanka, Italy, France, Belgium, South Korea, Japan, Indonesia and Spain, which together accounted for a further 32%.

Top Largest Coconut Oil Suppliers Worldwide

In 2020, the Philippines (627K tonnes) and Indonesia (578K tonnes) were the key exporters of coconut oil, together amounting to near 65% of global exports. The Netherlands (220K tonnes) occupied a 12% share (based on tonnes) of total supplies, which put it in secon place, followed by Malaysia (11%). Papua New Guinea (32K tonnes) followed a long way behind the leaders.

In value terms, the Philippines ($774M), Indonesia ($546M) and the Netherlands ($268M) were the countries with the highest levels of exports in 2020, together accounting for 70% of global exports. Malaysia and Papua New Guinea lagged somewhat behind, together comprising a further 11%.

Source: IndexBox Platform

IndexBox has just published a new report: ‘World – Refined Coconut (Copra) Oil – Market Analysis, Forecast, Size, Trends And Insights’. Here is a summary of the report’s key findings.

Global refined coconut oil imports dropped by -5.5% y-o-y to 1M tonnes in 2020. The U.S., China, Germany and South Korea constitute the largest importers of refined coconut oil worldwide. In 2020, American and Chinese imports declined significantly, while the purchases in Turkey followed an upward trend. Last year, the average refined coconut oil import price rose by +4.5% compared to the figures of 2019.

Global Refined Coconut Oil Imports

Global refined coconut oil imports declined to 1M tonnes in 2020, waning by -5.5% compared with 2019. In value terms, refined coconut oil imports contracted modestly to $1.3B (IndexBox estimates) in 2020.

In 2020, the U.S. (266K tonnes), distantly followed by China (159K tonnes), Germany (59K tonnes) and South Korea (48K tonnes) represented the main importers of refined coconut (copra) oil, together committing 53% of total imports. Belgium (41K tonnes), Japan (37K tonnes), France (30K tonnes), Russia (30K tonnes), Poland (27K tonnes), Italy (24K tonnes), the UK (21K tonnes), Turkey (20K tonnes) and Singapore (17K tonnes) followed a long way behind the leaders.

In 2020, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Turkey (+24.6% y-o-y), while American (-11.8% y-o-y) and Chinese (-4.9% y-o-y) imports reduced.

In value terms, the U.S. ($369M) constitutes the largest market for imported refined coconut (copra) oil worldwide, comprising 29% of global imports. The second position in the ranking was occupied by China ($150M), with a 12% share of global imports. It was followed by Germany, with a 5.5% share.

In 2020, the average refined coconut oil import price amounted to $1,272 per tonne, surging by 4.5% against the previous year. There were significant differences in the average prices amongst the major importing countries. In 2020, the country with the highest price was Singapore ($1,495 per tonne), while China ($943 per tonne) was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by Singapore, while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

Coconut Oil Price Rally to Continue in 2022 on Boosting Demand

Global Refined Coconut Oil Imports

most viewed today