Coconuts market in ECOWAS

Earlier Report Observations

From 2018 to 2020, the coconut market in ECOWAS remained relatively stable, with production anchored by Ghana's significant coastal belt crop, which provided steady income for thousands and benefited from established logistics for exporting fresh coconuts to Europe. Global demand for coconut products, particularly coconut water linked to vegan and clean-label trends, began to rise during this period. However, a slight dip in production in 2019 aligned with challenges faced by producers, including economic reliance on copra and the need to adapt farming practices to climate change, leading to a stabilized market volume around 1 008 тыс. т by 2020.

The market volume contracted to 946 тыс. т in 2021 as exports surged, driven by product diversification into higher-value items like dehydrated coconut meat, which boosted export revenues from key producers such as Ghana. This shift was followed by a recovery to 1 015 тыс. т in 2022, fueled by growing worldwide demand for health-conscious coconut products, including coconut butter, amid rising vegan dietary preferences. The expansion continued into 2023, with market volume reaching 1 173 тыс. т, reflecting sustained production increases to meet global appetite for coconut-based goods.

Production coconuts in ECOWAS

In kind, 2017-2020, K t

Top producers of coconuts, 2017-2020

World map of production of coconuts, 2017-2020

In 2018, ECOWAS recorded its highest coconut production at 1 062 thousand tonnes. This was followed by a slight decline to 1 041 thousand tonnes in 2019, representing a 2.0% decrease. Production then recovered marginally to 1 047 thousand tonnes in 2020, showing only minor year-over-year fluctuations.

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

Exports coconuts from ECOWAS

Exports in kind, t

ECOWAS exported 40 537 tonnes of coconuts in 2020, marking a significant 25.7% increase compared to the previous year. Over the 2017-2020 period, exports grew by 45.4%, with a compound annual growth rate of 13.3%. The largest annual increase occurred in 2018 at 31.4%, while the most substantial decline was recorded in 2019 at 11.9%.

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

Between 2017 and 2020, coconut exports from ECOWAS showed relatively low concentration among trading partners. The Netherlands accounted for 14.0% of exports, Belgium for 9.3%, and Italy for 4.5%. Together, these three countries represented just 27.8% of total export volumes.

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

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

Exports in value, K $ US

ECOWAS exported 30 018 thousand US dollars worth of coconuts in 2020, reflecting a substantial 82.4% increase from the previous year. The period from 2017 to 2020 saw notable market fluctuations, with the lowest value recorded in 2017 and the highest in 2020, representing a 2.1-fold difference between these extremes. The largest annual increase occurred in 2018 at 82.4%, while the most significant decline was in 2019 at 35.8%.

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

From 2017 to 2020, coconut exports from ECOWAS in value terms were distributed across a diverse range of partner countries. Belgium accounted for 16.0% of export value, the Netherlands for 14.7%, and Vietnam for 11.5%. Collectively, these three markets represented 42.3% of total export value.

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

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

Imports coconuts to ECOWAS

Imports in kind, t

ECOWAS imported 1 467 tonnes of coconuts in 2020, representing a 26.5% decrease from the previous year. This followed two consecutive years of growth. Over the 2017-2020 period, imports increased by 32.3%, equivalent to an annualized growth rate of 9.8%. The highest import volume was recorded in 2019 at 1 994 tonnes, which also marked the largest annual increase at 53.4%.

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

During the 2017-2020 period, Vietnam and Turkey were the primary sources for coconut imports to ECOWAS, though their combined share represented just 1.1% of total import volumes.

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

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

Imports in value, K $ US

ECOWAS imported 1 882 thousand US dollars worth of coconuts in 2020, showing a significant 15.4% decline from 2019. This followed two years of growth. Over the 2017-2020 period, imports decreased by 2.9%, with a compound annual growth rate of -1.0%. The highest import value was recorded in 2019 at 2 224 thousand US dollars, while the largest annual increase occurred in 2018 at 8.5%.

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

Between 2017 and 2020, coconut imports to ECOWAS in value terms were characterized by broad market distribution. Portugal accounted for 12.0% of import value, while India and Sri Lanka each represented 4.3%. Together, these three countries accounted for 20.6% of total import value.

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

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