Coconut oil and fractions market in Caribbean

Earlier Report Observations

The Caribbean coconut oil market volume declined from 21.8 thousand tons in 2018 to 20.2 thousand tons in 2020. This contraction was influenced by heightened global demand for coconut water, which diverted mature coconuts away from oil production in the region. The COVID-19 pandemic in 2020 further strained supply chains and reduced farmer mobility, adding to the downturn.

From 2021 onward, the market rebounded strongly, reaching 29.1 thousand tons by 2023. This growth was underpinned by a €6 million European Union funding package announced in 2023 to support the Caribbean coconut industry through variety multiplication, waste management, and climate-smart practices, which bolstered local production efficiency.

Throughout the period, consumer preference for virgin, organic, and cold-pressed coconut oil in food and cosmetic applications remained a steady driver, encouraging both imports and adaptations in regional processing methods.

Production coconut oil and fractions in Caribbean

In kind, 2017-2020, t

Top producers of coconut oil and fractions, 2017-2020

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

Caribbean coconut oil and fractions production has declined for the third year in a row. In 2019, production stood at 19 562 tonnes, which fell by 1.2% to reach 19 562 tonnes in 2020. Over the 2017-2020 period, production decreased by 8.8%, with an average annual decline of 3.0%.

Annual dynamics of production in Caribbean in kind, 2017-2020, t

In value, 2017-2020, K $ US

After two years of decline, Caribbean coconut oil and fractions production value increased. In 2019, output was valued at 35 028 thousand US dollars, rising by 6.4% to 37 258 thousand US dollars in 2020. Between 2017 and 2020, production value decreased by 29.3%, equating to an average annual decline of 10.9%. The lowest value was recorded in 2019 at 35 028 thousand US dollars, with the largest single-year decline of 31.7% also occurring that year.

Annual dynamics of production in Caribbean in value, 2017-2020, K $ US

Exports coconut oil and fractions from Caribbean

Exports in kind, t

Caribbean coconut oil and fractions exports have increased for the second consecutive year. In 2019, export volume was 2 568 tonnes, showing a 4.5% year-on-year increase. Over the 2017-2020 period, exports grew by 23.8%, with an average annual growth rate of 7.4%. The lowest volume was recorded in 2018 at 1 902 tonnes, which saw an 8.3% decline. The largest increase occurred in 2019 with a 29.2% rise.

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

Between 2017 and 2020, the United States (5.0% of export volume), Italy (2.7%), and Guyana (0.9%) together accounted for 8.7% of total Caribbean coconut oil and fractions exports, making them the primary destinations.

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

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

Exports in value, K $ US

After two years of decrease, Caribbean coconut oil and fractions export value increased. In 2019, exports were valued at 4 346 thousand US dollars, rising by 12.6% to 4 892 thousand US dollars in 2020. Over the 2017-2020 period, export value decreased by 4%, with an average annual decline of 1.3%. The lowest value was recorded in 2019 at 4 346 thousand US dollars, while the largest decline of 10.6% occurred in 2018.

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

From 2017 to 2020, the United States and Italy remained the key destinations for Caribbean coconut oil and fractions exports in value terms, together accounting for 6.6% of total export flows.

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

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

Imports coconut oil and fractions to Caribbean

Imports in kind, t

The market showed an unstable trend throughout the period. Import volumes hit a low in 2018 at 2 268 tonnes and peaked in 2019 at 4 123 tonnes, with a 1.8-fold difference between these years. In 2020, Caribbean coconut oil and fractions imports totaled 3 200 tonnes, down by 22.4% compared to 2019. The largest increase was recorded in 2019 with an 81.8% rise.

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

Between 2017 and 2020, three main markets — Indonesia, Malaysia, and the United States — together accounted for 59.7% of total Caribbean coconut oil and fractions imports by volume.

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

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

Imports in value, K $ US

After two years of decline, Caribbean coconut oil and fractions import value increased. In 2019, imports were valued at 7 867 thousand US dollars, rising by 13.7% in 2020. Over the 2017-2020 period, import value decreased by 17.7%, with an average annual decline of 6.3%. The lowest value was recorded in 2019 at 7 867 thousand US dollars, while the largest decline of 18.0% occurred in 2018.

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

From 2017 to 2020, the partner structure for Caribbean coconut oil and fractions imports in value terms was balanced rather than concentrated: Indonesia (28.5% of import value), the United States (11.7%), and Malaysia (5.0%) jointly represented 45.3% of total flows, with many other countries accounting for the remaining 54.7%.

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

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