(Coconut oil and its fraction, whether or not refined but not chemically modified excluding crude)

Global production of coconut oil is estimated to reach USD 5.7 billion by 2027, with only a few minor fluctuations in its volume over the last decade. The leading exporters, Philippines, and Indonesia, account for over half of the world’s production. But Indonesia is expected to increase production in the coming years. While Indonesia is the dominant coconut oil producer, the Philippines is the second largest producer, accounting for 29.3% of global production. Several Southeast Asian nations, including Malaysia and the Philippines, are also major producers of coconut oil.

Refined coconut oil is mainly used in the food industry as a healthy alternative vegetable oil. It is used in the manufacture of confectionery, and other foods. It is even used in fluid milk replacements. Regular skim milk is homogenized with coconut oil. Its similar physical properties to butterfat are used in many food products, from creams and chocolates. Coconut oil has replaced butterfat in some products.

In the cosmetics industry, it is used as a natural skin moisturizer and as a replacement for mineral oils in moisturizers. Virgin coconut oil is also known to have antiseptic effects and also known to treat numerous skin conditions like burns, wounds, and blemishes. Coconut oil is heavily used as a carrier oil for essential oils.

It is important to note that our main focus here is for coconut oil and its fraction whether or not refined but not chemically modified (excluding crude). As of 2021 the global import value of coconut oil was over $2 billion USD with an annual growth rate in value between 2021 and 2022 of over 54%. The United States, China and Germany are the leading importers of coconut oil with a combined import share value of 45.3%. Below, we will be analyzing the top importers of coconut oil as of 2021.

Top Importers of Coconut Oil

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United States of America

The United States still stands as the leading importer of coconut oil as of 2021 with a market share of 28% (the same as of 2020) with an annual growth in value between 2020 and 2021 of about 56% a remarkable increase from -8% compared to the year 2020. As of 2021, the US imported over 291 thousand tons of coconut oil with a market value of over $564.1 million USD.

In the previous year of 2020, the United States imported over 265 thousand tons of coconut oil with a value import of over $368.5 million USD. This huge change in value imported can be attributed to the price paid per ton imported. In the year 2020, the price paid per ton imported was about $1,387 USD while the price per ton as of 2021 was at $1,935.

China

China remains as the second largest importer of coconut oil as of 2021 with 11.9% share in global imports (a 0.5% increase). China imported over 150 thousand tons of coconut oil with a market import value of over $240.4 million USD, recording a 60% annual growth in value between 2020 and 2021 (compared to a -1% between 2019 and 2020). In the year 2020, China controlled an import market share of about 11.4% and imported over 158 thousand tons of coconut oil with an import value of over $149.8 million USD.

Germany

At the third spot, is Germany with a share in global import of 5.4%, importing over 63 thousand tons of coconut oil with a market value imported of over $109 million USD. Germany recorded an annual growth in value between 2020 and 2021 of 54% an increase of 47% compared to the year between 2019 and 2020. In the year 2020, Germany imported over 60 thousand tons of coconut oil with an import market value of over $70 million USD.

Korea Republic

At the fourth position of the leading importers of coconut oil is Korea Republic. The Korean Republic controlled a 4.5% and imported over 55 thousand tons of coconut oil with an import market value of over $91 million USD. The annual growth in value recorded by the Korean Republic between 2020 and 2021 was at 80% a significant increase (77%) from a 3% between 2019 and 2020. This increase in value can be attributed to the price per ton imported. This price increase is of about $585 USD per ton imported.

In the year 2020, Korean Republic, imported over 48 thousand tons of coconut oil with a market value of over $50.5 million USD and controlled 3.8% of the global import.

Belgium

Belgium is the fifth top importer of coconut oil and imported over 52 thousand tons of coconut oil with an import value of over $84 million USD with a share in world imports of 4.2%. Belgium experienced an annual growth in value of 74% between 2020 and 2021 a 73% increase compared to the time period between 2019 and 2020. In the year 2020, Belgium reported a 3.6% share in global import and imported over 40 thousand tons of coconut oil with a market value of over $47.9 million USD.

Sri Lanka

Sri Lanka also known to be the 7^th leading exporter of coconut oil as of 2021 is the sixth leading importer. Sri Lanka controlled a 3.8% share in global import with a market value of over $75.8 million USD. Sri Lanka recorded a  annual growth in value between 2020 and 2021 of about 46%.

 Japan

Japan is the seventh leading importer of coconut oil with a market share in global imports of 3.7%, imported over 41 thousand tons with a value imported in 2021 of over $74.2 million USD. The annual growth in value is recorded at 79% between 2020 and 2021 a 68% increase compared to the time period between 2019 and 2020 which stood at 11%. In the previous year, Japan controlled 3.2% of global import, importing about 37 thousand tons of coconut oil and recorded an import value of over $41.4 million USD.

Russian Federation

Russia is at the eight spot of the top leading importers of coconut oil. Russia recorded an import value of over $65 million USD, importing over 36 thousand tons with an annual growth in value between 2020 and 2021 of 106%. Russia controlled a market share of global imports of 3.2%. This huge change in Russian import can be attributed to the price per ton imported and a huge acceptance of coconut oil in both the food and cosmetic industries.

France

France is the 9^th leading importer of coconut oil with a market share for global import of 2.5%, importing about 28 thousand tons of coconut oil with a market value of over $51.2 million USD. The annual growth in value between 2020 and 2021 was at 34%. Compare to 2020, the annual growth in value between 2019 and 2020 was at only 5%. France controlled a 2.9% share in global import in 2020 and imported over 29 thousand tons with a market value of over $38.1 million USD.

Canada

Canada is the 10^th leading importer of coconut oil, importing over 20 thousand tons with a market import value of over $48.6 million USD with a market share of global import of 2.4%. Annual growth in value recorded by Canada stood at 31%. In the previous year of 2020, Canada recorded an annual growth in value imported of -18%. Canada imported over 19 thousand tons and controlled a 2.8% share in global import with a market value of $37 million USD.

The list of the top importers of coconut oil has not witness much changes as the same nations who represented the top importers in 2020 still maintains in 2021 with the only entry of Russia, and exit of Poland among the top ten importers of coconut oil. In the previous, the annual growth in value between 2019 and 2020 was at a -2% but between 2020 and 2021 it went up to 54%.

The United States, China and Germany are the top three importers of coconut oil and control over 45% of the share in global import of coconut oil and its fraction, whether or not refined but not chemically modified (excluding crude). These leading importers recorded a market value of over $913.6 million USD and imported over 505 thousand tons of coconut oil.