Coconut Oil Price Trend

Coconut Oil Prices March 2024

The price of coconut oil in Brazil for Q1 2024 reached 8,010 USD/Ton in March. Similarly, the price trend for coconut oil in Korea in reached 6,170 USD/Ton in Q1 March 2024. Coconut oil prices in the APAC region saw an overall optimistic trend. High demand, limited supply, rising freight costs, and higher production expenses represent some of the key factors driving the prices on an upward trajectory.

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 price of coconut oil at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of coconut oil price trend 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, according to industry reports, the sales of plant-based foods reached $8 billion in the US in 2022, with annual growth of 6.6%. As a result, the growing demand from consumers for sustainable and nourishing food options is reflected in the growth of the plant-based food industry and the coconut oil market.
• The market is expanding due to coconut oil's rising appeal in the pharmaceutical industry. Additionally, it is a desirable component for a variety of pharmaceutical applications due to its distinct therapeutic qualities for creating ointments, lotions, and other pharmaceutical goods owing to its well-known antibacterial, antiviral, and anti-inflammatory qualities. Coconut oil's lauric acid content enhances its potency in treating skin diseases, thus contributing to market growth. A report released by IMARC Group states that the Indian pharmaceutical market was valued at US$ 54.6 billion in 2023. The report also projects significant growth, with the pharmaceutical industry in India expected to grow to 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 impact the coconut oil price trend.

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 extracted from the kernel of mature coconuts, grown primarily in tropical regions. This edible oil has become popular for its distinct taste and various health benefits. It is now a popular choice in various global cuisines. Unlike traditional cooking oils, coconut oil has a high amount of medium-chain fatty acids, especially lauric acid that has antibacterial benefits. It is multifunctional in culinary uses like frying, baking and salad dressings. The broad uses of coconut oil make it desirable in numerous industries like dietary supplements and skincare products. It is also widely used in producing soaps, candles, cosmetics, 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, price forecast 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 coconut oil price trend. 

Global Coconut Oil Price

The report offers a holistic view of the global coconut oil pricing trends in the form of coconut oil price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of coconut oil but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed coconut oil demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Coconut Oil Price

In the first quarter of 2024, there was a noticeable shift in European coconut oil prices, especially in the Netherlands. This fluctuation was due to decreasing worldwide coconut production, trade issues and bad weather. These problems made the supplies scarce and shipping slower, which pushed up prices. Also, more need for this oil in the food and cosmetics industries along with higher transportation expenses and changing currencies resulted in costly import prices. Even with better production processes, there wasn't enough supply to meet demand, due to which the prices stayed high.

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

North America Coconut Oil Price

In the first quarter of 2024, the price of coconut oil in North America went up due to high demand. Problems between different countries and issues with trade also made things worse for the market. Shipping troubles led to high costs, delays, and insufficient supply. There were also worries about blockages in the Mississippi River, raising prices further. As a result, market players intensified inquiries to exporting countries, pushing prices further up.

Specific coconut oil historical data 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

In APAC, coconut oil rates went up in the first quarter of 2024. This particularly happened in the Philippines because of more demand and less supply. A hike in delivery charges and production expenses such as fertilizers, workforce, and shipping also caused this increase. Despite local supply becoming scarce, the Philippines reported substantial exports. Market traders boosted prices strategically to profit from demand, leading to a generally favorable market trend.

This coconut oil price analysis can be expanded to include 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 trend, 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. The coconut oil price charts ensure our clients remain at the forefront of the industry.