Coconuts market in Eastern Asia

Earlier Report Observations

The coconut market volume in Eastern Asia grew from 896 thousand tons in 2018 to 1 615 thousand tons in 2023. This expansion was primarily driven by rising demand in China, where annual consumption reached 40 billion pieces, with domestic supply covering only 10%, leading to record imports from Southeast Asian countries like Vietnam, Indonesia, and Thailand. The COVID-19 pandemic in 2020 further boosted demand for healthy plant-based products such as coconut milk and cream as consumers focused on immunity and nutrition during lockdowns.

Supply-side dynamics included global coconut shortages due to climate change and pests, which pushed prices higher in 2023 and reinforced Vietnam's role as a key exporter to the U.S. and China. In 2024, China officially allowed imports of fresh coconuts from Vietnam starting August, facilitating trade. The coconut water segment gained momentum from health-conscious trends, supported by the success of brands like IF, which became a market leader in China, and the introduction of new group standards for coconut beverages in China in early 2024.

Market development was also evident in segments such as coconut oil-based cosmetics and coconut milk, supported by consumer preference for natural and organic products. Companies expanded distribution through online channels, including live commerce and social media marketing, while government and industry efforts in Vietnam focused on improving cultivation techniques, variety development, and sustainable practices to enhance export quality.

Production coconuts in Eastern Asia

In kind, 2017-2020, K t

Top producers of coconuts, 2017-2020

World map of production of coconuts, 2017-2020

Coconut production in Eastern Asia has declined for the second year in a row. In 2020, output remained stable at 365.7 thousand tons compared to the previous year. Over the period from 2017 to 2020, production grew by 11.8%, with an average annual growth rate of 3.8%. The highest production level was recorded in 2018 at 403.0 thousand tons, which represented a 23.2% increase. The largest decline occurred in 2019, when production fell by 8.9%.

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

In value, 2017-2020, M $ US

The value of coconut production in Eastern Asia has declined for the second consecutive year. In 2020, output was valued at 426.1 million US dollars, marking a significant decrease of 13.4% compared to 2019. From 2017 to 2020, production value dropped by 4.4%, with an average annual decline of 1.5%. The peak value was recorded in 2018 at 602.2 million US dollars, reflecting a 35.1% increase. The largest decline was in 2019, when the value fell by 18.3%.

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

Exports coconuts from Eastern Asia

Exports in kind, K t

Coconut exports from Eastern Asia have fallen for the second year in a row. In 2020, the region exported 6.6 thousand tons, down 54.4% from 2019. Between 2017 and 2020, exports decreased by 40.5%, with an average annual decline of 15.9%. The highest export volume was in 2018 at 17.0 thousand tons, which saw a 52.0% increase.

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

From 2017 to 2020, Bangladesh was the primary and most consistent destination for coconut exports in kind, accounting for 1.0% of total flows.

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

The value of coconut exports from Eastern Asia has declined for the second consecutive year. In 2020, exports reached 7.7 million US dollars, a 60.3% drop compared to 2019. Between 2017 and 2020, export value decreased by 49.2%, equating to an average annual decline of 20.2%. The peak value was recorded in 2018 at 25.3 million US dollars, representing a 66.7% increase.

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

From 2017 to 2020, the main destinations for coconut exports in value terms were Bangladesh, with 1.0% of total flows, and Vietnam, with 0.5%, together accounting for 1.6% of total flows.

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 coconuts to Eastern Asia

Imports in kind, K t

After two years of growth, coconut imports into Eastern Asia declined. In 2020, imports reached 678.7 thousand tons, a decrease of 5.5% compared to 2019. Over the period from 2017 to 2020, imports increased by 57.8%, with an average annual growth rate of 16.4%. The highest import volume was in 2019 at 718.0 thousand tons, which saw a 40.7% increase.

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

Throughout 2017 to 2020, Indonesia, Thailand, and Vietnam were the leading sources for coconut imports in kind to Eastern Asia. Indonesia accounted for 38.4% of imports, Thailand for 35.7%, and Vietnam for 20.3%, together making up 94.3% of total flows.

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

The value of coconut imports into Eastern Asia has increased for the third consecutive year. In 2020, imports were valued at 1 000 million US dollars, showing a modest rise of 3.5% compared to the previous year. From 2017 to 2020, import value grew by 55.5%, with an average annual increase of 15.8%.

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

From 2017 to 2020, the leading sources for coconut imports in value terms to Eastern Asia were Thailand, with 55.9% of imports, Indonesia, with 22.5%, and Vietnam, with 10.9%, collectively accounting for 89.3% of total flows.

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

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