U.S.: Crude Coconut Oil Market 2023

Crude Coconut Oil Market Size in the U.S.

The U.S. crude coconut oil market soared to $X in 2021, growing by 23% 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). Overall, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Crude Coconut Oil Exports

Exports from the U.S.

In 2021, overseas shipments of crude coconut (copra) oil were finally on the rise to reach X tons after four years of decline. Overall, exports, however, continue to indicate a deep setback. The growth pace was the most rapid in 2015 with an increase of 214%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, crude coconut oil exports skyrocketed to $X in 2021. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 227% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Mexico (X tons) was the main destination for crude coconut oil exports from the United States, with a 75% share of total exports. Moreover, crude coconut oil exports to Mexico exceeded the volume sent to the second major destination, Canada (X tons), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Mexico amounted to -2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-14.8% per year) and Ecuador (+11.6% per year).

In value terms, the largest markets for crude coconut oil exported from the United States were Mexico ($X), Canada ($X) and Ecuador ($X), together accounting for 92% of total exports.

Ecuador, with a CAGR of +38.2%, saw 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 2021, the average crude coconut oil export price amounted to $X per ton, reducing by -32.4% against the previous year. In general, the export price, however, showed resilient growth. The pace of growth appeared the most rapid in 2018 when the average export price increased by 110% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ecuador (+23.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Coconut Oil Imports

Imports into the U.S.

In 2021, imports of crude coconut (copra) oil into the United States reduced to X tons, waning by -5.1% on the previous year. Overall, imports continue to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 29% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, crude coconut oil imports surged to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 64% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the Philippines (X tons) constituted the largest supplier of crude coconut oil to the United States, with a 70% share of total imports. Moreover, crude coconut oil imports from the Philippines exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold. India (X tons) ranked third in terms of total imports with a 5.6% share.

From 2012 to 2021, the average annual growth rate of volume from the Philippines amounted to -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-7.5% per year) and India (+85.3% per year).

In value terms, the Philippines ($X) constituted the largest supplier of crude coconut oil to the United States, comprising 69% of total imports. The second position in the ranking was taken by Indonesia ($X), with an 18% share of total imports. It was followed by India, with a 5% share.

From 2012 to 2021, the average annual growth rate of value from the Philippines stood at +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-6.5% per year) and India (+64.5% per year).

Import Prices by Country

In 2021, the average crude coconut oil import price amounted to $X per ton, with an increase of 63% against the previous year. Overall, import price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were the Philippines ($X per ton) and Malaysia ($X per ton), while the price for India ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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