Coconut, palm kernel or babassu oil and fractions market in Latin America and the Caribbean

Earlier Report Observations

Between 2018 and 2021, the market for coconut, palm kernel or babassu oil and their fractions in Latin America and the Caribbean grew from 687 thousand tons to 802 thousand tons. This expansion was fueled by the rising popularity of natural ingredients in cosmetics and food products, which increased demand from health-conscious consumers seeking sustainable options. In 2020, global supply chain challenges prompted key industry players to strengthen their online presence and improve delivery logistics, helping to maintain product availability despite disruptions.

Following a peak in 2021, the total market volume contracted to 682 thousand tons in 2022 and then stabilized in 2023. Subsequently, imports continued to rise, reaching 351 thousand tons in 2024, supported by company investments in sustainable and eco-friendly production methods as well as the growth of digital marketing and direct-to-consumer sales strategies. Market dynamics were also influenced by price volatility due to weather conditions and limited supply, while organic and extra virgin coconut oil gained consumer preference through certifications guaranteeing the absence of pesticides and chemical additives.

Production coconut, palm kernel or babassu oil and fractions in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of coconut, palm kernel or babassu oil and fractions, 2017-2020

World map of production of coconut, palm kernel or babassu oil and fractions, 2017-2020

Production of coconut, palm kernel, or babassu oil and fractions in Latin America and the Caribbean has grown for the third year in a row. In 2020, the region produced 670.9 thousand tons, which represents a slight increase of 0.7% compared to 2019. Looking at the period from 2017 to 2020, production rose by 5.3%, with an average annual growth rate of 1.7%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following a two-year decline, the production value of coconut, palm kernel, or babassu oil and fractions in Latin America and the Caribbean saw an uptick. In 2020, output was valued at 613.8 million US dollars, marking a modest increase of 3.1% from the previous year. However, between 2017 and 2020, production value fell by 31.3%, translating to an annualized decline of 11.8%. The lowest point was in 2019 at 595.1 million US dollars, with the sharpest drop of 20.1% occurring that same year.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports coconut, palm kernel or babassu oil and fractions from Latin America and the Caribbean

Exports in kind, K t

Exports of coconut, palm kernel, or babassu oil and fractions from Latin America and the Caribbean reached 207.7 thousand tons in 2020, up by 20.6% from 2019. The lowest export volume was recorded in 2019 at 172.2 thousand tons, while the peak was in 2018 at 209.6 thousand tons. The most significant decline happened in 2019, with a drop of 17.8%.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, K t

From 2017 to 2020, exports of coconut, palm kernel, or babassu oil and fractions from Latin America and the Caribbean were distributed across numerous markets. Even the top destinations—the Netherlands, Germany, and Italy—accounted for just 36.3% of total export volume combined.

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

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, M $ US

After two years of decline, cross-border shipments of coconut, palm kernel, or babassu oil and fractions from Latin America and the Caribbean rebounded. In 2020, exports totaled 190.0 million US dollars, showing a robust increase of 23.6% compared to the previous year. Over the 2017-2020 period, however, export value decreased by 35.2%, with an average annual decline of 13.5%. The lowest value was in 2019 at 153.8 million US dollars, and the largest drop of 36.8% also occurred that year.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, M $ US

Between 2017 and 2020, the value of exports for coconut, palm kernel, or babassu oil and fractions from Latin America and the Caribbean was spread widely among partner countries. The Netherlands (28.0% of export value), Germany (4.8%), and Italy (4.1%) together represented only 37.0% of total export flows.

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

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports coconut, palm kernel or babassu oil and fractions to Latin America and the Caribbean

Imports in kind, K t

Following a two-year decline, imports of coconut, palm kernel, or babassu oil and fractions into Latin America and the Caribbean increased. In 2020, imports stood at 302.4 thousand tons, reflecting a strong rise of 19.6% from 2019. Over the 2017-2020 span, import volume grew by 15.1%, with an average annual growth rate of 4.8%. The minimum was recorded in 2019 at 252.9 thousand tons, while the largest decline of 3.0% took place in 2018.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, K t

From 2017 to 2020, the main suppliers of coconut, palm kernel, or babassu oil and fractions to Latin America and the Caribbean were Indonesia (63.7% of import volume), Malaysia (7.7%), and the Philippines (2.0%). Together, these three countries accounted for 73.3% of total import volume.

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

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, M $ US

After a two-year decrease, imports of coconut, palm kernel, or babassu oil and fractions into Latin America and the Caribbean rose. In 2020, the region imported 291.8 million US dollars worth of these products, amounting to a 20.7% increase compared to the previous year. However, over the 2017-2020 period, import value fell by 27.8%, with an average annual decline of 10.3%. The lowest point was in 2019 at 241.7 million US dollars, and the sharpest drop of 29.1% also occurred that year.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, M $ US

During 2017-2020, Indonesia (59.2% of import value), Malaysia (8.7%), and the Philippines (4.7%) formed the primary group of sources for imports of coconut, palm kernel, or babassu oil and fractions into Latin America and the Caribbean. Combined, they represented 72.7% of total import flows in value terms.

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

World map of product's imports to Latin America and the Caribbean in value, 2017-2020