The Philippines, India, and Indonesia Dominate the $35B-Worth Global Coconut Market - Global Trade Magazine
  September 25th, 2020 | Written by

The Philippines, India, and Indonesia Dominate the $35B-Worth Global Coconut Market

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  • The average coconut export price stood at $487 per tonne in 2019, with an increase of 1.9% against the previous year.
  • In 2019, the number of coconuts produced worldwide reached 62M tonnes.

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

In 2019, after two years of growth, there was decline in the global coconut market, when its value decreased by -3.2% to $35.2B. Overall, consumption, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the market value increased by 7.9% year-to-year. As a result, consumption reached a peak level of $36.4B, and then dropped modestly in the following year.

Consumption By Country

The countries with the highest volumes of coconut consumption in 2019 were Indonesia (18M tonnes), the Philippines (15M tonnes) and India (12M tonnes), together accounting for 71% of global consumption. These countries were followed by Sri Lanka, Brazil, Viet Nam, Papua New Guinea, Mexico and Thailand, which together accounted for a further 16%.

From 2013 to 2019, the most notable rate of growth in terms of coconut consumption, amongst the main consuming countries, was attained by Viet Nam, while coconut consumption for the other global leaders experienced mixed trends in the consumption figures.

In value terms, the largest coconut markets worldwide were the Philippines ($9.8B), India ($6.8B) and Indonesia ($4.8B), together comprising 61% of the global market. These countries were followed by Sri Lanka, Brazil, Thailand, Viet Nam, Papua New Guinea and Mexico, which together accounted for a further 18%.

The countries with the highest levels of coconut per capita consumption in 2019 were Papua New Guinea (140 kg per person), the Philippines (136 kg per person) and Sri Lanka (125 kg per person).

Production

In 2019, the number of coconuts produced worldwide reached 62M tonnes, approximately reflecting the previous year. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 2.4% year-to-year. Global production peaked at 62M tonnes in 2013; however, from 2014 to 2019, production stood at a somewhat lower figure.

Production by Country

The countries with the highest volumes of coconut production in 2019 were Indonesia (18M tonnes), the Philippines (15M tonnes) and India (12M tonnes), together accounting for 72% of global production. Sri Lanka, Brazil, Viet Nam, Papua New Guinea and Mexico lagged somewhat behind, together comprising a further 14%.

From 2013 to 2019, the biggest increases were in Viet Nam, while coconut production for the other global leaders experienced more modest paces of growth.

Harvested Area and Yield

In 2019, the global harvested area of coconuts amounted to 13M ha, approximately equating the previous year. Over the period under review, the harvested area recorded a relatively flat trend pattern. In 2019, the global average coconut yield declined to 5 tonnes per ha, standing approx. at the previous year’s figure.

Exports

For the fourth consecutive year, the global market recorded growth in overseas shipments of coconuts, which increased by 11% to 1.1M tonnes in 2019. Over the period under review, exports posted a prominent increase. Over the period under review, global exports attained the maximum in 2019 and are expected to retain growth in the immediate term. In value terms, coconut exports rose significantly to $527M (IndexBox estimates) in 2019.

Exports by Country

Indonesia represented the major exporter of coconuts in the world, with the volume of exports resulting at 474K tonnes, which was approx. 44% of total exports in 2019. Thailand (178K tonnes) ranks second in terms of the total exports with a 16% share, followed by Viet Nam (16%) and India (9.9%). Guyana (27K tonnes), Hong Kong SAR (25K tonnes) and Sri Lanka (21K tonnes) held a little share of total exports.

From 2013 to 2019, the average annual rates of growth with regard to coconut exports from Indonesia stood at +29.1%. At the same time, Hong Kong SAR (+47.5%), Thailand (+26.7%), Guyana (+17.3%), India (+13.6%) and Viet Nam (+6.2%) displayed positive paces of growth. By contrast, Sri Lanka (-14.7%) illustrated a downward trend over the same period.

In value terms, Thailand ($151M), Indonesia ($115M) and Viet Nam ($88M) appeared to be the countries with the highest levels of exports in 2019, together comprising 67% of global exports. India, Sri Lanka and Guyana lagged somewhat behind, together accounting for a further 18%.

Export Prices by Country

The average coconut export price stood at $487 per tonne in 2019, with an increase of 1.9% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 11% y-o-y. Over the period under review, average export prices attained the maximum at $528 per tonne in 2017; however, from 2018 to 2019, export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2019, the country with the highest price was Sri Lanka ($852 per tonne), while Indonesia ($242 per tonne) was amongst the lowest.

From 2013 to 2019, the most notable rate of growth in terms of prices was attained by Sri Lanka, while the other global leaders experienced more modest paces of growth.

Source: IndexBox AI Platform