Coconut oil and fractions market in ASEAN

Earlier Report Observations

The market volume for coconut oil and fractions in ASEAN fluctuated between 2018 and 2023, reaching a peak of 1 357 thousand tons in 2019 before declining to 948 thousand tons in 2020. Production followed a similar pattern, falling from 2 540 thousand tons in 2018 to 1 873 thousand tons in 2020, then recovering to 2 301 thousand tons in 2022. Indonesia and the Philippines, as the region's dominant producers and exporters, consistently shaped supply and trade flows.

In 2022, a reported 5.9% increase in refined coconut oil production coincided with the region's output rebound. Global supply constraints, stemming from aging plantations and slow replanting, tightened copra availability, while market innovations such as the launch of cold-pressed Virgin Coconut Oil catered to growing demand for natural products. Rising consumption in cosmetic and personal care applications further supported market activity.

Emerging segments like organic and cold-pressed oils, alongside investments in sustainable plantations, signaled ongoing market diversification. The entry and activity of major players, including SPS Coconut Products, intensified competition and reinforced a focus on product development aligned with health and sustainability trends.

Production coconut oil and fractions in ASEAN

In kind, 2017-2020, K t

Top producers of coconut oil and fractions, 2017-2020

World map of production of coconut oil and fractions, 2017-2020

Coconut oil and fractions production in ASEAN declined for the second consecutive year. In 2020, production reached 1 873 K t, marking a 20.4% decrease compared to 2019. Between 2017 and 2020, production fell by 24.7%, which translates to an annualized decline of 9.0%. The highest production level was recorded in 2018 at 2 540 K t, with the largest year-on-year increase of 2.1% also occurring that year.

Annual dynamics of production in ASEAN in kind, 2017-2020, K t

In value, 2017-2020, M $ US

In 2020, the value of coconut oil and fractions output in ASEAN was 3 013 M $ US, representing a 14.7% decrease from the previous year. Over the 2017-2020 period, production value declined by 30.2%, with a compound annual growth rate (CAGR) of -11.3%. The most significant drop occurred in 2018 at 27.2%, while the largest increase was recorded in 2019 at 12.4%.

Annual dynamics of production in ASEAN in value, 2017-2020, M $ US

Exports coconut oil and fractions from ASEAN

Exports in kind, K t

ASEAN's volume of coconut oil and fractions exports declined for the second consecutive year. In 2020, exports totaled 1 005 K t, showing a gradual decrease of 3.4% compared to 2019. Between 2017 and 2020, export volumes fell by 32.1%, with a CAGR of -12.1%. The peak export volume was recorded in 2018 at 1 617 K t, which also saw the largest increase of 9.2%. The most substantial decline occurred in 2019 at 35.6%.

Annual dynamics of product's exports from ASEAN in kind, 2017-2020, K t

From 2017 to 2020, the United States (27.4% of export volume), the Netherlands (25.0%), and China (10.6%) accounted for the largest share of ASEAN's coconut oil and fractions exports by volume. Together, these three markets represented 63.1% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ASEAN in kind, 2017-2020

Exports in value, M $ US

After two years of decline, ASEAN's coconut oil and fractions exports by value increased in 2020. Export value reached 1 617 M $ US, up 3.5% from 2019. However, over the 2017-2020 period, export value decreased by 37.1%, with a CAGR of -14.3%. The lowest value was recorded in 2019 at 1 562 M $ US, while the largest decline occurred in 2018 at 22.2%.

Annual dynamics of product's exports from ASEAN in value, 2017-2020, M $ US

Throughout 2017-2020, the Netherlands (28.1% of export value), the United States (27.4%), and China (9.1%) played the leading roles in ASEAN's coconut oil and fractions exports by value. Collectively, these three destinations accounted for 64.7% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ASEAN in value, 2017-2020

Imports coconut oil and fractions to ASEAN

Imports in kind, K t

ASEAN's coconut oil and fractions import volumes showed noticeable fluctuations during the period. The lowest volume was recorded in 2019 at 44 K t, which also saw the largest decline of 39.8%. In 2020, imports surged to 80 K t, representing an 83.2% increase from 2019 and reaching the period's maximum. The difference between the 2019 minimum and 2020 maximum was 1.8-fold.

Annual dynamics of product's imports to ASEAN in kind, 2017-2020, K t

From 2017 to 2020, ASEAN's coconut oil and fractions imports by volume were not heavily concentrated. The top three sources—Papua New Guinea (9.0% of import volume), Australia (1.1%), and Fiji (0.9%)—together accounted for only 11.0% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ASEAN in kind, 2017-2020

Imports in value, M $ US

After two years of decline, ASEAN's coconut oil and fractions imports by value increased in 2020. Import value reached approximately 307 M $ US, marking a steep 33.0% rise from 2019. Over the 2017-2020 period, import value increased by 3.6%, with a CAGR of 1.2%. The lowest value was recorded in 2019 at 231 M $ US, which also saw the largest decline of 19.7%.

Annual dynamics of product's imports to ASEAN in value, 2017-2020, M $ US

During 2017-2020, ASEAN's coconut oil and fractions imports by value were distributed across many different markets. Even the largest sources—Papua New Guinea, India, and Australia—together represented only 11.3% of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ASEAN in value, 2017-2020