Coconut oil and fractions market in Eastern Asia

Earlier Report Observations

The market volume for coconut oil in Eastern Asia showed considerable fluctuation between 2018 and 2023, growing from 245.3 thousand tons to 273.6 thousand tons overall. The market peaked at 312.6 thousand tons in 2022, following a period of recovery from a dip in 2020, before contracting the following year. This market is fundamentally import-dependent, with local production remaining minimal at under 1 thousand tons annually, meaning shifts in import volumes directly shaped total market size.

Import trends, which drove the market's movements, were likely influenced by broader regional and global factors. The presence of major agribusinesses like Wilmar International and Cargill Incorporated underscored the market's integration into international supply chains. Concurrently, rising consumer preference for green and organic products boosted demand from the food, cosmetics, and pharmaceutical sectors, providing underlying support for consumption despite periodic supply disruptions from key producing nations and the impact of geopolitical events on logistics and costs.

Production coconut oil and fractions in Eastern Asia

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

In 2019, coconut oil and fractions production in Eastern Asia reached its peak at 732.2 tonnes, marking a significant 34.6% increase. However, in 2020, output dropped sharply to 450.7 tonnes, representing an abrupt 38.4% decline compared to the previous year. Over the period from 2017 to 2020, production decreased by 30.9%, with an average annual decline of 11.6%.

Annual dynamics of production in Eastern Asia in kind, 2017-2020, t

In value, 2017-2020, K $ US

Coconut oil and fractions production in Eastern Asia declined for the third consecutive year. In 2020, the output was valued at 1 050 thousand US dollars, down by 42.4% from the previous year. Between 2017 and 2020, production decreased by 48.6%, equating to an annualized rate of 19.9%.

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

Exports coconut oil and fractions from Eastern Asia

Exports in kind, K t

After a two-year decline, Eastern Asia's coconut oil and fractions export volume increased in 2020. Exports stood at 0.2 thousand tonnes, up by 62.4% from the previous year. Between 2017 and 2020, exports decreased by 51%, with an annualized rate of 21.2%. The lowest value was recorded in 2019 at 0.1 thousand tonnes, following the largest decline of 57.7% in 2018.

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

From 2017 to 2020, Indonesia, the United States, and Thailand were notable buyers of coconut oil and fractions from Eastern Asia, accounting for 6.2%, 3.3%, and 2.8% of exports in kind, respectively. However, their combined share reached only 12.3% of total exports, indicating they were not dominant in the market.

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

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

Exports in value, M $ US

After a two-year loss, Eastern Asia's coconut oil and fractions export volume increased in 2020. Exports were recorded at 0.4 million US dollars, which is 51.9% higher than the previous year. Between 2017 and 2020, exports decreased by 63.5%, with an annualized rate of 28.6%. The minimum value was recorded in 2019 at 0.3 million US dollars, following the largest decline of 53.6% in 2018.

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

From 2017 to 2020, the United States, the United Kingdom, and Indonesia were the largest buyers of coconut oil and fractions from Eastern Asia in value terms, with shares of 7.8%, 4.8%, and 4.1%, respectively. Together, they accounted for 16.7% of total exports, but this was not dominant compared to the broader range of smaller partners.

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

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

Imports coconut oil and fractions to Eastern Asia

Imports in kind, K t

After a two-year increase, coconut oil and fractions deliveries to Eastern Asia declined in 2020. Imports registered 248.2 thousand tonnes, reflecting a moderate reduction of 7.7% compared to 2019. Between 2017 and 2020, imports increased by 10.1%, with an annualized rate of 3.3%. The maximum value was recorded in 2019 at 269.0 thousand tonnes, which saw the largest increase of 9.8%.

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

From 2017 to 2020, Indonesia and the Philippines remained the main suppliers of coconut oil and fractions to Eastern Asia, with a combined share of 93.9% of total imports in kind. The remainder was fragmented across other countries.

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

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

Imports in value, M $ US

After a two-year fall, Eastern Asia's coconut oil and fractions imports increased in 2020. Imports came to 254.7 million US dollars, up by 1.7% compared to 2019. Between 2017 and 2020, imports decreased by 37.6%, with an annualized rate of 14.5%. The minimum value was recorded in 2019 at 250.4 million US dollars, which saw the largest decline of 23.5%.

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

From 2017 to 2020, Indonesia and the Philippines remained the main suppliers of coconut oil and fractions to Eastern Asia, with a combined share of 91.3% of total imports in value terms. The rest was fragmented across other countries.

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

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