Coconut oilcake market in ASEAN

Earlier Report Observations

The ASEAN coconut oilcake market experienced fluctuating volumes but steady value growth from 2018 to 2023. Market volume rose from 648 thousand tons in 2018 to 793 thousand tons in 2019, then declined to 744 thousand tons in 2020 and further to 655 thousand tons in 2021. It rebounded strongly to 857 thousand tons in 2022 before easing slightly to 838 thousand tons in 2023. In value terms, the market expanded consistently from $138.6 million to $221.0 million over the same period, indicating rising prices or a shift towards higher-value segments.

The drop in market volume in 2021 coincided with a surge in coconut product exports from the Philippines, where copra meal/cake shipments grew by 50.6% year-on-year due to investments in processing facilities and government support for village-level buying centers. This increased export orientation reduced domestic availability. The subsequent recovery in 2022 was supported by these earlier investments, which boosted production capacity, leading to a significant rise in output to 1 415 thousand tons and allowing the domestic market volume to expand.

In 2023, market volume dipped slightly as the Philippine Coconut Authority emphasized diversifying coconut use beyond copra into virgin coconut oil, sugar, coir, and cosmetics. This broader industry focus may have redirected some raw materials away from traditional oil extraction, affecting oilcake production. Meanwhile, stable palm oil prices and extraction rates in Malaysia maintained competitive pressure in the edible oil sector, influencing coconut product dynamics across ASEAN.

Production coconut oilcake in ASEAN

In kind, 2017-2020, K t

Top producers of coconut oilcake, 2017-2020

World map of production of coconut oilcake, 2017-2020

ASEAN's coconut oilcake production declined for the second consecutive year. In 2020, production reached 1 105 thousand tonnes, marking a significant decrease of 11.8% compared to 2019. Looking at the period from 2017 to 2020, overall production grew by 12.9%, which translates to an average annual increase of 4.1%. The highest production level was recorded in 2018 at 1 254 thousand tonnes, with that year also seeing the largest annual growth of 28.1%.

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

In value, 2017-2020, M $ US

Following two years of growth, ASEAN's coconut oilcake production volume declined. In 2020, the output was valued at 246.9 million US dollars, representing a 5.2% drop from the previous year. Over the 2017-2020 period, production value increased by 14.7%, with a compound annual growth rate of 4.7%. The peak value occurred in 2019 at 260.5 million US dollars, while the largest annual increase was in 2018 at 12.7%.

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

Exports coconut oilcake from ASEAN

Exports in kind, K t

ASEAN's cross-border shipments of coconut oilcake declined for the second consecutive year. In 2020, exports amounted to 374.7 thousand tonnes, down 24.7% from 2019. From 2017 to 2020, exports decreased by 19%, with an average annual decline of 6.8%. The highest export volume was recorded in 2018 at 646.1 thousand tonnes, which also saw the largest annual increase of 39.7%.

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

Between 2017 and 2020, India, South Korea, and China were the primary destinations for ASEAN's coconut oilcake exports in volume terms. India accounted for 45.2% of exports, South Korea for 30.9%, and China for 5.7%. Together, these three markets represented 81.8% 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

Coconut oilcake exports from ASEAN declined for the second consecutive year. In 2020, export value totaled 83.7 million US dollars, a decrease of 19.1% year-on-year. From 2017 to 2020, exports fell by 17.7%, with an average annual decline of 6.3%. The peak export value was in 2018 at 124.9 million US dollars, which also experienced the largest annual increase of 22.9%.

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

During the 2017-2020 period, India, South Korea, and China remained the key markets for ASEAN's coconut oilcake exports in value terms. Together, these three countries accounted for 77.4% 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 oilcake to ASEAN

Imports in kind, K t

ASEAN's coconut oilcake import volume declined for the second consecutive year. In 2020, imports stood at 12.9 thousand tonnes, a sharp decrease of 65.2% compared to 2019. Between 2017 and 2020, imports dropped by 48.1%, with an average annual decline of 19.6%. The highest import volume was in 2018 at 39.8 thousand tonnes, which also saw the largest annual increase of 59.7%.

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

Data from 2017 to 2020 show that ASEAN's coconut oilcake imports in volume terms were not heavily concentrated. Papua New Guinea accounted for 18.8% of imports, India for 9.9%, and Vanuatu for 3.5%. Combined, these three sources represented only 32.2% 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

ASEAN's coconut oilcake import volume declined for the third consecutive year. In 2020, imports were valued at 16.0 million US dollars, reflecting a 6.5% decrease from 2019. Over the 2017-2020 period, import value fell by 44.2%, with a compound annual growth rate of -17.7%.

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

From 2017 to 2020, Papua New Guinea, India, and Vanuatu formed the core group of markets for ASEAN's coconut oilcake imports in value terms. Papua New Guinea accounted for 8.7% of imports, India for 4.8%, and Vanuatu for 1.8%. Together, they represented 15.3% of total import flows.

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

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