In 2024, the Global Coconut Oil demand shows that the United States leads with 386.0 thousand metric tons, followed by India at 241.0, and Vietnam at 162.0. The United States saw a slight decline of 2.5%, while India experienced a more significant drop of 4.16%. Conversely, Vietnam recorded a marginal increase of 0.37%. Major European markets such as Germany and the Netherlands faced declines of 5.7% and 2.61% respectively, whereas Indonesia saw a notable rise of 11.26%. Smaller markets like Iran, Ghana, and Kuwait maintained steady demand, each seeing a modest 2.71% increase. Meanwhile, demand in Venezuela and Ukraine reduced by 2.33% and 4.9% respectively. Significantly, some countries like Benin and Kiribati saw substantial increases, 10.76% and 14.87% respectively, while Saudi Arabia exhibited a drastic 100% decline due to market exit.
Key trends to watch for in the future include:
- Potential rebound in European markets looking to recover from recent declines.
- Continued growth in emerging markets such as Indonesia and Vietnam driven by increasing health awareness and industrial applications.
- The impact of sustainability initiatives on demand in major consuming countries.
- Possible recovery or further decline in markets like Venezuela and Ukraine amidst geopolitical challenges.
- Stable growth expected in smaller markets that are beginning to adopt coconut oil more widely.
Top countries in Coconut Oil Demand by Country
# | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
---|---|---|---|---|---|---|
1 | 1 United States | 386 | 2023 | -2.03% | -2.5% | View data |
2 | 2 India | 241 | 2023 | -3.21% | -4.16% | View data |
3 | 3 Vietnam | 162 | 2023 | 0% | +0.37% | View data |
4 | 4 China | 152 | 2023 | 0% | -0.26% | View data |
5 | 5 Mexico | 136 | 2023 | 0% | +0.6% | View data |
6 | 6 Germany | 129 | 2023 | -3.73% | -5.7% | View data |
7 | 7 Malaysia | 113 | 2023 | +1.8% | +0.36% | View data |
8 | 8 Netherlands | 113 | 2023 | -0.88% | -2.61% | View data |
9 | 9 Philippines | 108 | 2023 | -5.26% | -5.59% | View data |
10 | 10 Indonesia | 75 | 2023 | -6.25% | +11.26% | View data |