Thailand: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Thailand

The Thai crude coconut oil market expanded notably to $X in 2022, increasing by X% against the previous year. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level in 2022 and is likely to see gradual growth in years to come.

Crude Coconut Oil Production in Thailand

In value terms, crude coconut oil production amounted to $X in 2022 estimated in export price. In general, production showed a noticeable descent. The most prominent rate of growth was recorded in 2020 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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Crude Coconut Oil Exports

Exports from Thailand

In 2022, after four years of decline, there was significant growth in overseas shipments of crude coconut (copra) oil, when their volume increased by X% to X tons. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, crude coconut oil exports surged to $X in 2022. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Russia (X tons) was the main destination for crude coconut oil exports from Thailand, with a X% share of total exports. Moreover, crude coconut oil exports to Russia exceeded the volume sent to the second major destination, Kuwait (X tons), sixfold. The third position in this ranking was held by Japan (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume to Russia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (X% per year) and Japan (X% per year).

In value terms, the largest markets for crude coconut oil exported from Thailand were Russia ($X), Japan ($X) and Kuwait ($X), with a combined X% share of total exports.

Japan, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of 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 crude coconut oil export price amounted to $X per ton, dropping by X% against the previous year. In general, the export price recorded a abrupt decrease. The most prominent rate of growth was recorded in 2020 when the average export price increased by X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, 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 Malaysia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Coconut Oil Imports

Imports into Thailand

Crude coconut oil imports into Thailand surged to X tons in 2022, with an increase of X% compared with the previous year's figure. Overall, imports showed a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, crude coconut oil imports soared to $X in 2022. In general, imports saw a resilient expansion. The growth pace was the most rapid in 2014 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Indonesia (X tons) was the main crude coconut oil supplier to Thailand, accounting for a X% share of total imports. Moreover, crude coconut oil imports from Indonesia exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), more than tenfold.

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

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

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

Import Prices by Country

In 2022, the average crude coconut oil import price amounted to $X per ton, growing by X% against the previous year. In general, import price indicated pronounced growth 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, crude coconut oil import price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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