In 2023, the United States led the global demand for coconut oil with a significant share, despite a slight decline of 2.5% from the previous year. India, the second-largest consumer, saw a more considerable decrease of 4.16%. Countries like Vietnam and Indonesia, however, showed positive demand growth, with Indonesia experiencing an 11.26% increase. On the contrary, major European nations, including Germany and the Netherlands, faced reductions of 5.7% and 2.61%, respectively. Emerging demand was observed in countries such as Bangladesh, Belgium, and United Arab Emirates with noticeable growth rates.
Future trends to watch include potential growth in demand driven by increasing applications in the beauty and health sectors, as well as the expansion of the coconut oil market in developing regions. Sustainability and ethical sourcing may also positively impact consumption patterns globally.
Top countries in Coconut Oil Demand Share by Country (Thousand Metric Tons)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 15.43 | 2023 | -2.03% | -2.5% | View data |
| 2 | 2 India | 9.63 | 2023 | -3.21% | -4.16% | View data |
| 3 | 3 Vietnam | 6.47 | 2023 | 0% | +0.37% | View data |
| 4 | 4 China | 6.08 | 2023 | 0% | -0.26% | View data |
| 5 | 5 Mexico | 5.44 | 2023 | 0% | +0.6% | View data |
| 6 | 6 Germany | 5.16 | 2023 | -3.73% | -5.7% | View data |
| 7 | 7 Malaysia | 4.52 | 2023 | +1.8% | +0.36% | View data |
| 8 | 8 Netherlands | 4.52 | 2023 | -0.88% | -2.61% | View data |
| 9 | 9 Philippines | 4.32 | 2023 | -5.26% | -5.59% | View data |
| 10 | 10 Indonesia | 3 | 2023 | -6.25% | +11.26% | View data |
