(Coconut Oil and it’s Fraction, Whether or Not Refined But Not Chemically Modified, Excluding Crude)

As of 2021, market dynamics are still supporting the fact that cosmeceutical and health awareness are the key factors supporting demand in the coconut oil industry. The boom in personal care products has increased the demand for healthy vegetable oils used in the production of cosmetic products. Coconut oil stands out in these markets due to its health benefit.

The increasing demand for personal care and cosmetics products is expected to drive the growth of the global virgin coconut oil market. Besides being used in these cosmetic products, the oil is also used in various other applications such as a natural skin moisturizer.

Coconut oil is used as a replacement for mineral oil in moisturizers and it also has antiseptic effects. Virgin coconut oil has been known to treat various skin conditions such as infections, wounds, blemishes and burns.

Besides cosmetics, the coconut oil has been steadily gaining grounds as a superfood amongst consumers. With the emergence of the COVID 19 pandemic, the global economy was hampered as factories were shut down all around the world. On a positive note, there have been a rising awareness towards healthy foods like coconut oil. In the next few years, the consumption of coconut oil will continue to increase, driven by rising awareness and the availability of various products that improve health. To help meet this demand, the coconut oil industry is growing rapidly.

Also, the rapid emergence of the organic food industry is expected to drive the growth of the coconut oil market. This is because the companies that are involved in the production of coconut oil are helping farmers get certified.

Leading Market For Coconut Oil.

Asia pacific is known to be the leading market of the coconut industry. The region has witness a remarkable increase in coconut plantations and the acceptance of coconut oil in the region has increased consumption in the region. The Asia Pacific is said to be the fastest growing in the region as the region holds records for the largest production and consumption. The three leading exporters of coconut oil are Indonesia, Philippines and Malaysia.

Top 10 Exporters of Coconut Oil

Below, we will be analyzing the  top ten exporters of coconut oil in the world as of 2021. Our main focus will be on coconut oil and its fractions, whether or not refined but not chemically modified (excluding crude). The top exporter in this market for the year 2020 and 2021 has been Indonesia, followed by the Philippines and Netherlands.

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Indonesia

The leading exporter of coconut oil in 2021 is Indonesia with a share in world export of 28.5% exporting over 332 thousand tons of coconut oil with a market value of over $538.9 Million USD. Indonesia recorded an annual growth in value between 2020 and 2021 of about 74%. In 2020, Indonesia held a market share of 25.5% and exported over 311 thousand tons of coconut oil with a market value of over $309.4 Million USD. In 2020, Indonesia recorded an annual growth in value of just 21% and compared to 2021, the value has more than tripled.

Philippines

The Philippines is at the second spot of the leading exporters of coconut oil. The Philippines exported over 243 tons of coconut oil in 2021 with a market or export value of over $392.7 million USD. The Philippines recorded an annual growth in value of 61% between 2020 and 2021 with a share in global export of 28.8%. In 2020, the Philippines experienced a negative annual growth in value of about -16% and a market share of 20.1%. In the previous year, the Philippines exported over 222 thousand tons of coconut oil whether or not refined but not chemically modified (excluding crude) with a market value of over $243.8 million USD.

Netherlands

The Netherlands is at the third position with a global market share of 18.2% exporting over 205 thousand tons of coconut oil. The Netherlands reported an export value of over $343.4 million USD and with an annual growth in value of 42% between 2020 and 2021. In 2020, 20.2% of the global share export of coconut oil, not chemically modified and excluding crude was held by the Netherlands. The Netherlands exported over 203 thousand tons of coconut oil with a market value of over $245.5 million USD in the year 2020.

Malaysia

Malaysia is at the fourth position with a share in global export of 13.6% and exported over 162 thousand tons with a market value of over $256.9 million USD. The annual growth rate in value between 2021 and 2022 was at 55%. In the previous year, Malaysia controlled a market share of 13.7%, with a market value of over $165.9 million USD and exported over 157 thousand tons of coconut oil.

United States of America

The US is at the fifth spot of the leading exporters of coconut oil with a share in global export of 2.7%, exporting over 162 thousand tons of coconut oil with a market value of over $50.8 million USD. The US recorded an annual growth in value of 26%. In the year 2020, the US controlled 3.3% of the market share and exported over 16 thousand tons of coconut oil with a market value of over $40.3 million USD.

India

India is the sixth leading exporter of coconut oil, exporting over 14 thousand tons of coconut oil with a market share of 2.3% with a value exported of over $43.7 million USD. India’s annual growth in value between 2020 and 2021 was at 49% a 2% drop compared to a 51% in 2020. In 2020, India exported over 10 thousand tons, with a market value of over $29.2 million USD.

Sri Lanka

Sri Lanka stands out as the seventh leading exporter of coconut oil. With a share in global export of 2.2% with a value exported of over $40.7 million USD and an annual growth in value of 11% between 2020 and 2021.

Germany

As of 2021, Germany is at the 8^th position of the top leading exporters of coconut oil. Germany controlled a 1.8% share in global exports and exported over 17 thousand tons of coconut oil with a market value of over $33 million USD. Germany recorded an annual growth in value of over 61% between 2020 and 2021, a positive increase compared to the previous year annual growth in value of -20%, between 2019 and 2020. In 2020, Germany exported over 12 thousand tons with a market value of over $20.3 million USD.

Italy

At the 9^th position is Italy with a market share in global export of 1.2%, exporting over 12 thousand tons of coconut oil with a market export value of over $23.4 million USD and an annual growth in value between 2020 and 2021 of 48%. This is a remarkable increase compared to the previous year annual growth rate in value of just 16% between 2019 and 2020. In the year 2020, Italy exported over 12 thousand tons with a market export value of over $15.9 million USD with a market share in global export of 1.3%.

Spain

Spain is the 10^th leading exporter of coconut oil whether or not refined but not chemically modified, excluding crude. As of 2021, Spain exported over 11 thousand tons of coconut oil  with a value exported of over $22.6 million USD with an annual growth rate in value between 2020 and 2021 of 68%. Spain controlled over 1.2% of the share in global export of coconut oil.

From the above analysis, Indonesia, Philippines, the Netherlands, and Malaysia still remain as the top exporters of coconut oil in the world. They currently control an export market share of 81.1%, a 2.1% increase compared to the previous year. The combined countries exported over 944 thousand tons of coconut oil whether or not refined but not chemically modified (excluding crude), over a 50 thousand ton increase from previous year. A combined market value exported stood at over $1.5 trillion USD as of 2021.

As in 2021, Canada and Vietnam dropped off the list of the top ten exporters of coconut oil in the world and Sri Lanka and Spain made it back into the list.