Singapore: Coconut Oil Market 2024

Coconut Oil Market Size in Singapore

The Singaporean coconut oil market shrank to $X in 2022, dropping by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Coconut oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Coconut Oil Exports

Exports from Singapore

In 2022, approx. X tons of coconut (copra) oil were exported from Singapore; with an increase of X% against 2021 figures. In general, exports, however, saw a deep contraction. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, coconut oil exports soared to $X in 2022. Over the period under review, exports, however, recorded a noticeable descent. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Pakistan (X tons), the United Arab Emirates (X tons) and Yemen (X tons) were the main destinations of coconut oil exports from Singapore, together accounting for X% of total exports. Bangladesh, Russia, Japan, Madagascar, Burkina Faso, the United States, Ireland and Taiwan (Chinese) lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for coconut oil exported from Singapore were Japan ($X), the United Arab Emirates ($X) and Yemen ($X), with a combined X% share of total exports.

Japan, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average coconut oil export price amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price posted temperate growth. The pace of growth appeared the most rapid in 2017 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Coconut Oil Imports

Imports into Singapore

For the fourth year in a row, Singapore recorded decline in purchases abroad of coconut (copra) oil, which decreased by X% to X tons in 2022. In general, imports saw a slight decline. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, coconut oil imports reached $X in 2022. Over the period under review, total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of coconut oil to Singapore, with a X% share of total imports. Moreover, coconut oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and the Philippines (X% per year).

In value terms, Indonesia ($X) constituted the largest supplier of coconut (copra) oil to Singapore, comprising X% of total imports. The second position in the ranking was taken by Malaysia ($X), with an X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Indonesia totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and the Philippines (X% per year).

Import Prices by Country

The average coconut oil import price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Philippines ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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