Coconut Oil Price Trend

Coconut Oil Prices March 2024

The price of coconut oil in Brazil for Q1 2024 reached 8,010/ Ton in March. The coconut oil prices in Europe saw significant fluctuations due to a global decline in coconut production, trade disruptions, and adverse weather in the Asia Pacific region. Moreover, the tightened supply and delayed shipments resulted in higher prices. Additionally, the increased downstream demand, inventory buildup by traders, and currency fluctuations also contributed to the elevated prices. Despite supply constraints, the manufacturing sector showed signs of improvement, maintaining a positive market outlook.

Similarly, the price trend for coconut oil in Korea in reached 6,170 USD/Ton in Q1 March 2024. Additionally, coconut oil prices in the Philippines climbed by more than 4% in the first quarter of 2024 in the Asia Pacific region due to the growing freight costs ahead of possible trade disruptions, restricted supply, and high demand domestically and internationally. Moreover, increased demand from the biofuels, cosmetics, and food processing industries increased exports, which restricted domestic supplies and raised prices. Also, rising labor, transportation, and fertilizer expenses during production contributed to an increase in market pricing.

Coconut Oil Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Coconut Oil Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of coconut oil pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of price trends across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing coconut oil price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Coconut Oil Market Analysis

The global coconut oil market size reached US$ 6.2 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 11 Billion, at a projected CAGR of 6.60% during 2023-2032.

• The demand for coconut oil as a substitute for animal fats has increased dramatically due to the global trend toward vegan and plant-based diets. Growing health consciousness, ethical concerns about animal suffering, and environmental issues are driving this movement. For instance, studies from the University of Oxford in the United Kingdom (UK) suggest that a global vegan movement would cut greenhouse gas (GHG) emissions from agriculture by as much as 66%. These emissions reductions have the potential to save $1.5 trillion in mitigation of climate change expenditures with this significant shift in consumer preferences. Besides this, plant-based foodies and vegans are choosing coconut oil due to its several health advantages. It is regularly used in baking and cooking and as a dairy substitute in a variety of culinary goods. Numerous cuisines like to use oil as an ingredient owing to its distinct taste character and high smoke point. Thus, the growing popularity of plant-based diets and veganism is increasing the demand for coconut oil across the globe.
•  The market for coconut oil has grown at an impressive rate, especially in the food industry due to the consumers shifting preferences for healthier food alternatives. As a result of this change brought about by increased knowledge of the health advantages of using natural ingredients, coconut oil gaining traction as a flexible and wholesome substitute. Moreover, plant-based food claimed that the sales of plant-based foods reached $8 billion in the US by 2022, with annual growth of 6.6% and an annual increase of 44.5% in 3 years. As a result, the growing demand from consumers for sustainable and nourishing food options is reflected in the growth of the plant-based food industry and the coconut oil market.
• The market is expanding due to coconut oil's rising appeal in the pharmaceutical industry. Additionally, it is the desirable component for a variety of pharmaceutical applications due to its distinct therapeutic qualities for creating ointments, lotions, and other pharmaceutical goods owing to its well-known antibacterial, antiviral, and anti-inflammatory qualities. Consequently, coconut oil's lauric acid content enhances its potency in treating skin diseases, thus contributing to market growth. A report released by IMARC GROUP states that the Indian pharmaceutical market grew to be valued at US$ 54.6 billion in 2023. The report also projects significant growth, with the pharmaceutical industry in India expected to grow by 163.1 billion by 2032, at a compound annual growth rate (CAGR) of 12.3% between 2024 and 2032.

Coconut Oil News

The report covers the latest developments, updates, and trends impacting the global coconut oil market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in coconut oil production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that shape the industry landscape.

Latest developments in the coconut oil industry:

• September 2023, Kannadi Karshaka Kootayma, a new company formed by a group of farmers introduced three varieties of herb-infused virgin coconut oil under the Kannadi brand.

Product Description

Coconut oil is derived from the flesh or kernel of mature coconuts to obtain the versatile and edible oil. It is mostly grown in tropical areas and coconut oil is gaining popularity due to its unique taste and other health advantages, making it a common ingredient in many international cuisines. Due to its unique composition, it differs from conventional cooking oils and has a high concentration of medium-chain fatty acids, particularly lauric acid, which has antibacterial properties. It's a versatile choice for a range of culinary applications, including frying, baking, and salad dressings. Therefore, coconut oil's appeal is attributed to its numerous applications in several industries including dietary supplements and skincare products. Coconut oil is also frequently used in the production of soaps, candles, makeup, and biofuels.

Regional Coverage

The report provides a detailed analysis of the coconut oil market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the price trends. 

Global Coconut Oil Price

The report offers a holistic view of the global coconut oil pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.

Europe Coconut Oil Price

European coconut oil prices are examined, highlighting the market-specific influences in the region, especially in the Netherlands, varied due to the reductions in worldwide production, interruptions in commerce, and unfavorable weather in countries that export the commodity. As supply constraints and shipment delays occurred, prices increased. Traders stocked up their stock to meet demand, while consumers crowded in to avoid delivery delays.

This analysis can be extended to include detailed coconut oil price information for a comprehensive list of countries.

North America Coconut Oil Price

The coconut oil prices in North America is driven by the increased downstream demand brought on by inventory replenishment and the expansion of the biofuel business, coconut oil prices. Additionally, delays and higher transportation costs resulted from the market being worsened by geopolitical tensions and trade disruptions. Due to a limited supply, market participants increased prices to increase profits. As a result, US market participants increased their queries to exporting nations, which raised prices even further.

Specific data on coconut oil prices within the United States and Canada can also be provided.

Middle East and Africa Coconut Oil Price

The report explores the coconut oil pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on coconut oil prices for countries can also be provided.

Asia Pacific Coconut Oil Price

The coconut oil pricing trends in Asia Pacific are examined, with the Philippines witnessing a rise of more than 4% due to the rising demand domestically and internationally, constrained supply, and growing freight costs. The cost of labor and fertilizers increased throughout manufacturing, which also led to the price increase. As a result, the market players aggressively increased prices to take advantage of the spike in demand.

This analysis can be further extended to include detailed coconut oil prices for a comprehensive list of countries within the region.

Latin America Coconut Oil Price

The analysis of coconut oil prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of coconut oil pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting coconut oil price volatility, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights, ensuring they remain at the forefront of the coconut oil industry.