Thailand Coconut & Coir Industry Market Intelligence
Thailand ~700K-tonne coconut crop anchors a downstream cluster across milk, water, oil, activated charcoal, and coir substrate. Thai Coconut COCOCO, Theppadungporn TIPCO, Malee, UCC, Carbokarn, Ampol Food map the operator landscape.
Key takeaways
- 1
Thailand harvested ~ tonnes of coconut in 2024 (down from ~ in 2020) with Surat Thani contributing ~ of national output and Prachuap Khiri Khan, Chumphon, and Nakhon Si Thammarat together delivering another ~. The 2024 drought knocked supply ~ below 2022.
- 2
Downstream mix (FY2024): coconut milk and cream ~, coconut water RTD ~, virgin and RBD coconut oil ~, activated charcoal from shell ~, desiccated and coconut sugar ~, coir fibre and coco-peat substrate ~, copra and feed ~.
- 3
Listed operators: Thai Coconut PCL (SET: COCOCO, 2023 IPO pure-play coconut milk and cream), Tipco Foods (SET: TIPCO, parent of Theppadungporn Coconut), Malee Group (SET: MALEE, coconut water co-pack). Private: United Coconut PCL, Ampol Food (Chaokoh, Aroy-D), Carbokarn (activated charcoal from shells).
- 4
Export markets: US dominant for coconut water, EU and Japan for coconut milk and coir substrate, China growing for water and milk, ASEAN steady for desiccated and oil. Activated charcoal from coconut shell goes globally to filtration, gas-mask, and water-treatment buyers.
- 5
Structural variables: PETA monkey-labor campaign still triggers EU/US retailer de-listing (Costco, Target, Morrisons, Waitrose, Tesco have all paused Thai coconut products at some point since 2020). Fair Labour certification adoption is the gate to recovery. Raw-nut imports from Indonesia and Vietnam already cover ~ of processor demand.
Executive summary
Thailand's coconut industry processed roughly tonnes of raw coconut in 2024 against an installed processor capacity that needs closer to tonnes β the gap is filled by raw-nut imports from Indonesia, Vietnam, and the Philippines, which together supply ~ of milk and water processor feedstock per OAE balance-sheet data. The 2024 drought, the worst in the coconut belt since 2016, knocked ~ off the 2022 peak and tightened raw-nut prices through 2H 2024 and into 2025.[, , ]
Downstream operators split into four cohorts. Listed pure-play: Thai Coconut PCL (SET: COCOCO, 2023 IPO) is the largest exclusive coconut milk and cream operator with substantial private-label export to US, EU, and Australia retail. Listed diversified: Tipco Foods (SET: TIPCO) holds Theppadungporn Coconut as a subsidiary covering milk and water; Malee Group (SET: MALEE) anchors coconut water under Malee Coco and significant private-label co-pack volumes. Private branded: Ampol Food owns Chaokoh and Aroy-D, the legacy global brand names in Thai coconut milk. Private mid-tier: United Coconut PCL (UCC) is a private-label coconut milk specialist. Industrial specialty: Carbokarn group is the largest Thai exporter of activated charcoal made from coconut shells, supplying filtration, gas-mask, and water-treatment markets across the US, EU, and Asia. Coir fibre and coco-peat substrate is a fragmented export segment supplying EU, Japan, and Korea hydroponics.[, , , , ]
The defining structural risk remains the PETA monkey-labor controversy. Investigations from 2019 onward documented allegations of trained pigtail macaques harvesting coconuts on certain Thai farms; UK retailers (Morrisons, Waitrose, Tesco, Co-op) and US retailers (Costco, Target) have de-listed Thai-origin coconut products at various points since 2020. The Thai Coconut Industry Association's Fair Labour certification scheme (human-labour-only, farm traceability, third-party audit) is now mandatory for the major exporters and gates EU/US re-listing. Most of the listed operators (Thai Coconut, Tipco/Theppadungporn, Malee, Ampol) are Fair Labour certified; the long tail of farms remains the audit gap. Climate stress (2024 drought, declining young-farmer succession in the coconut belt) reinforces import dependency on Indonesia and Vietnam.[, , , ]
Thai coconut production (thousand tonnes, 2020-2024)
2020
Production (kt)
820
Context
Pre-drought baseline; COVID export disruption
2021
Production (kt)
790
Context
Mild yield decline; PETA campaign intensifies
2022
Production (kt)
760
Context
Recovery in exports; raw-nut tightening begins
2023
Production (kt)
720
Context
Surat Thani yields soften; import share rises
2024
Production (kt)
700
Context
Drought knocks ~12% off 2022; imports cover gap
| Year | Production (kt) | Context |
|---|---|---|
| 2020 | 820 | Pre-drought baseline; COVID export disruption |
| 2021 | 790 | Mild yield decline; PETA campaign intensifies |
| 2022 | 760 | Recovery in exports; raw-nut tightening begins |
| 2023 | 720 | Surat Thani yields soften; import share rises |
| 2024 | 700 | Drought knocks ~12% off 2022; imports cover gap |
Downstream product mix (% of FY2024 industry revenue)
Coconut milk and cream (canned, UHT)
Coconut water and juice RTD
Virgin and RBD coconut oil
Share %
Leading operators
Specialty VCO exporters, mid-tier private operators
Activated charcoal from shell (export)
Share %
Leading operators
Carbokarn group, private specialty operators
Desiccated coconut and coconut sugar
Share %
Leading operators
Regional processors, coconut-sugar specialty
Coir fibre and coco-peat substrate
Share %
7%
Leading operators
Fragmented private operators, hydroponics export cluster
Copra, feed, residuals
Share %
3%
Leading operators
Lower-value processing residuals
| Product | Share % | Leading operators |
|---|---|---|
| Coconut milk and cream (canned, UHT) | 32% | Thai Coconut COCOCO, Theppadungporn TIPCO, UCC, Ampol Food (Chaokoh, Aroy-D) |
| Coconut water and juice RTD | 22% | Malee Coco, Theppadungporn TIPCO, private-label co-pack |
| Virgin and RBD coconut oil | 14% | Specialty VCO exporters, mid-tier private operators |
| Activated charcoal from shell (export) | 12% | Carbokarn group, private specialty operators |
| Desiccated coconut and coconut sugar | 10% | Regional processors, coconut-sugar specialty |
| Coir fibre and coco-peat substrate | 7% | Fragmented private operators, hydroponics export cluster |
| Copra, feed, residuals | 3% | Lower-value processing residuals |
Analyst framing
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Key figures
Selected anchors from the report evidence pack.
Thailand coconut production volume (2020-2024)
Office of Agricultural Economics, Ministry of Agriculture and Cooperatives, Thailand Coconut Association
Thailand coconut water export value (2020-2024)
Thai Customs Department, Department of International Trade Promotion, Thai Coconut Association, Vita Coco 10-K filings
Thailand coconut milk and cream export value (2020-2024)
Thai Customs Department, DITP, Theppadungporn Coconut, Thai Coconut, USDA GAIN reports
Thailand coconut value-chain product mix
Thai Customs Department, DITP, Thailand Coconut Association, Coconut Development Board comparative data
Theppadungporn Coconut (Aroy-D) parent group revenue
Department of Business Development, Aroy-D corporate disclosures, industry import tracking, SET filings for Thai Coconut
Thailand coconut-shell activated charcoal export value
Thai Customs Department, DITP, Carbokarn, industry trade press
PETA monkey-labour campaign export impact
PETA campaign documentation, UK retail trade press, Theppadungporn Coconut audit disclosures, Thai Coconut Association responses
2024 El Nino drought impact on coconut yield
Office of Agricultural Economics, Thailand Meteorological Department, Thai Coconut Association, USDA GAIN reports
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