Coconuts market in Caribbean

Earlier Report Observations

From 2018 to 2020, the Caribbean coconut market volume showed moderate fluctuations. It started at 648.8 thousand tons in 2018, supported by global production growth and rising demand for processed coconut products like oil and water. In 2019, volume increased to 667.3 thousand tons, aided by government initiatives in the region, such as in Jamaica, promoting coconut cultivation efficiency. However, in 2020, volume dipped to 644.4 thousand tons, possibly due to stringent international labeling regulations for coconut sugar, which limited market growth.

The market entered a phase of strong expansion from 2021 onward. Volume rose to 676.3 thousand tons in 2021 and surged to 851.8 thousand tons in 2023. This growth was fueled by escalating global demand, particularly from China, which emerged as a major export destination, alongside increasing consumer preference for healthy coconut-based products like coconut water and milk, driven by vegan trends and nutritional awareness. Supportive government policies in producing countries further stimulated production and trade.

Production coconuts in Caribbean

In kind, 2017-2020, K t

Top producers of coconuts, 2017-2020

World map of production of coconuts, 2017-2020

Caribbean coconut production declined in 2020 after two years of growth. The region produced 638.1 K t of coconuts that year, marking a 4.5% decrease from 2019. Production had peaked in 2019 at 668.2 K t, which represented the largest annual increase of 3.4% during this period.

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

In value, 2017-2020, M $ US

In 2020, Caribbean coconut output was valued at 513.3 M $ US, showing a modest 2.1% year-over-year increase. The value reached its lowest point in 2019 at 502.9 M $ US, following a significant 15.9% decline from the previous year. The highest value was recorded in 2018 at 597.9 M $ US, which saw the largest annual increase of 16.3%.

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

Exports coconuts from Caribbean

Exports in kind, t

Caribbean coconut exports declined in 2020 after two consecutive years of growth. The region exported 10 961 t of coconuts that year, down 12.3% from 2019. Exports had reached their highest level in 2019 at 12 504 t, following the largest annual increase of 13.6% in 2018.

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

From 2017 to 2020, the United States, Canada, and Italy formed the core of Caribbean coconut exports by volume. The United States accounted for 56.8% of exports, Canada for 11.1%, and Italy for 0.6%, with these three countries together representing 68.5% of total export flows.

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

Caribbean coconut exports declined for the second consecutive year in 2020. The region exported 8 816 K $ US worth of coconuts that year, showing a limited 6.3% reduction from 2019. The highest export value was recorded in 2018 at 11 332 K $ US, which saw the largest annual increase of 30.6%. The largest decline occurred in 2019 with a 16.9% decrease.

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

Between 2017 and 2020, the United States, Canada, and France remained the leading destinations for Caribbean coconut exports by value. The United States accounted for 62.6% of export value, Canada for 10.5%, and France for 0.8%, with these three countries together representing 73.9% 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 coconuts to Caribbean

Imports in kind, t

Caribbean coconut imports reached 17 217 t in 2020, showing a substantial 47.6% increase from 2019. Imports had been at their lowest in 2019 at 11 665 t, following a 22.6% decline that year. Over the 2017-2020 period, imports grew by 17.3%, equivalent to a compound annual growth rate of 5.5%.

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

From 2017 to 2020, three main markets—Guyana, the United States, and Ghana—together accounted for 68.4% of total coconut imports by volume to the Caribbean.

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

Caribbean coconut imports totaled 14 634 K $ US in 2020, marking a significant 42.9% increase from 2019. The lowest import value was recorded in 2019 at 10 238 K $ US, following a 29.4% decline that year. Between 2017 and 2020, imports grew by 11.7%, equivalent to an annualized rate of 3.8%.

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

Between 2017 and 2020, Guyana, the United States, and Ghana together accounted for 72.3% of total Caribbean coconut imports by value. Guyana represented 37.3% of import value, the United States 29.6%, and Ghana 5.4%, making these countries the main sources of coconut imports to the region.

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

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