Coconut oil and fractions market in Thailand

Earlier Report Observations

The coconut oil market in Thailand saw considerable volume shifts from 2018 to 2024. In 2018, the Ministry of Health's ban on partially hydrogenated oils under Notification No. 388 reshaped the edible oils landscape, potentially boosting attention to non-hydrogenated alternatives like coconut oil. That year, market volume reached 32 871 t, but it dropped sharply to 28 793 t in 2019 as imports collapsed from 5 437 t to just 230 t.

Imports rebounded strongly in 2020, pushing market volume to a high of 37 207 t. After a slight dip in 2021, the market peaked at 39 572 t in 2022, supported by elevated import levels around 12 000 t. By 2023, volume receded to 33 328 t, while the market value settled at $149.0 million, down from $203.4 million in 2018.

Domestic production remained steady between 27 600 t and 29 900 t throughout the period, indicating that supply-side movements were largely driven by trade flows rather than output changes.

Production coconut oil and fractions in Thailand

In kind, 2017-2020, t

From 2017 to 2020, Thailand held the 9th position globally in the production of coconut oil and fractions.

Top producers of coconut oil and fractions, 2017-2020

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

Thailand's production of coconut oil and fractions declined after two years of growth. In 2020, the country produced 27 600 tonnes, a decrease of 7.7% from the previous year. The peak was recorded in 2019 at 29 900 tonnes, while the largest increase occurred in 2018 with a rise of 4.4%.

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

In value, 2017-2020, M $ US

Thailand's production of coconut oil and fractions in value terms fell for the third year in a row. In 2020, output was valued at 153.9 million US dollars, down 7.8% compared to 2019. Over the period from 2017 to 2020, production decreased by 32.1%, which translates to an annualized decline of 12.1%.

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

Exports coconut oil and fractions from Thailand

Exports in kind, t

Thailand's exports of coconut oil and fractions in volume terms grew for the second consecutive year. In 2020, exports reached 1 745 tonnes, up 30.6% from the previous year. Between 2017 and 2020, exports increased by 31.1%, with an annualized growth rate of 9.4%. The lowest volume was recorded in 2018 at 1 266 tonnes, which also saw the largest decline of 4.9%.

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

From 2017 to 2020, the largest buyers of coconut oil and fractions from Thailand in volume terms were Laos, accounting for 20.2% of exports, Russia with 18.2%, and Japan at 11.0%. Together, these three countries made up 49.4% of total exports, indicating a diversified export structure with many other partners involved.

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

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

Exports in value, K $ US

After two years of decline, Thailand's exports of coconut oil and fractions in value terms rebounded. In 2020, export value stood at 9.733 million US dollars, a 30.4% increase year-on-year. Over the 2017-2020 period, exports decreased by 11.3%, with a compound annual growth rate of -3.9%. The lowest value was recorded in 2019 at 7.467 million US dollars, which also experienced the largest decline of 17.5%.

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

From 2017 to 2020, the export market in value terms was highly diversified. Japan was the top partner with 19.4% of exports, followed by Russia at 7.4% and Laos at 7.2%. Combined, these three countries accounted for only 34.0% of total export value, while the remaining 66.0% was distributed among numerous other countries.

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

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

Imports coconut oil and fractions to Thailand

Imports in kind, t

Thailand's imports of coconut oil and fractions in volume terms showed significant fluctuations during this period. In 2019, imports hit a low of 230 tonnes, marking a decline of 95.8%. By 2020, imports surged to 11 352 tonnes, an increase of 4,845.6% compared to 2019. Overall, import levels varied 49-fold between the low in 2019 and the high in 2020.

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

Throughout 2017 to 2020, Thailand's imports of coconut oil and fractions in volume terms were heavily concentrated, with Indonesia supplying 98.5% of the total.

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

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

Imports in value, K $ US

The import market for coconut oil and fractions in value terms was highly volatile from 2017 to 2020. In 2019, imports dropped to a low of 233 000 US dollars, a decrease of 96.8%. By 2020, imports rebounded sharply to 12.246 million US dollars, up 5,154.2% from the previous year. Over this period, import values fluctuated by a factor of 68, from the peak in 2017 to the trough in 2019.

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

From 2017 to 2020, Thailand's imports of coconut oil and fractions in value terms were highly concentrated, with Indonesia alone accounting for 94.8% of total imports.

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

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