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A rethink of health benefits and falling prices for other olls have pinched the commodity. Doctors' Doubts Knock Down Coconut Oil Prices BY LUCY CRAYMER vegetable oils have made indus- cial food production, biodiesel trial coconut oil less cost effect personal-care products. HONG KONG-Prices of co- tive as an ingredient in health In addition, imports of coco- conut oil have dropped by more and beauty products and in nut oil into the U.S. from than half over the past year as biodiesel Southeast Asia and other re- the commodity, which is high in The wholesale price of in- gions dropped 4% in the 12 saturated fat, has fallen out of dustrial coconut oil averaged months through Sept. 30, ac- favor in kitchens and factories. $786.72 a metric ton in Novem- cording to data from the U.S. The health benefits of coco- ber, down 58% from its peak of Department of Agriculture. nut oil have been challenged in $1,869.76 in June 2017, accord- Consumption of virgin coco- recent years by the American ing to data from the World nut oil-a pure form of the Heart Association and other or- Bank. Industrial coconut oil, commodity that is extracted ganizations and that has hurt which comes from coconut without heat or chemicals-in-' demand. In addition, falling flesh, is often extracted with creased from around 2012 as it ( prices of crude and alternative chernicals and used in commer- Please turn to page B2-44% Coconut Cracked Coconut-oil prices have fallen a -31% Oil Hurt demand has taken a hit $2,000 a metric ton -39% By Doubts 1,750 1500 Continued from the prior page maintaining grew in popularity as a health 1250 the S&P 500. food and that pushed prices a rise of 16%% higher. Consumers used it in 1,000 nething that beverages like smoothies and eelistic for a bulletproof coffees-in which a 750 ers to have tablespoon of oil is added to hi Darrell hot coffee-and consumed it in 500 of the Wells ice cream, on toast and in Institute. baked goods. 2016 17 18 awdown in After a powerful typhoon Note: Monthly data through December pled with a decimated scores of coconut Source World Bank ntributed to trees in the Philippines-one of THE WALL STREET JOURNAL ings multi- the world's biggest producers their third- of the crop-more plantations for some companies that use 40 years, sprung up in the country and as an ingredient in their prod eating some elsewhere as farmers tried to ucts. However, analysts say tha tive valua- take advantage of greater de- with price declines in substi expansion mand. tute vegetable oils, there has But in June 2017, the Ameri- been a shift by larger compa- cutrently can Heart Association raised nies into other oils for use as es earnings fresh questions about coconut feedstock or in biodiesel. months, im- oil's benefits. It said the oil is Two years ago, Luke Geddie re as cheap 82% saturated fat, a higher and his mother, Joy Reese, e the broad level than what is found in but- launched Skinny & Co., a com- t level, ac- ter and beef fat. The associa- pany that uses coconut oil to tion also said coconut oil's sat- make products including sham- urated fat raises low-density poo and soap. lipoproteins-also known as "Global demand has taken a ket in bad cholesterol-in people con- hit," Mr. Geddie said. He added suming it: It recommended that that the fall in coconut off itely saturated fat should make up prices allowed him to reduce 'one less that 10% of a person's aver- prices by "a bit." age daily calories. Americans used 437,000 At present, coconut oil metric tons of coconut oil in makes up just 2% of all the veg- the year ended Sept. 30, com- etable oil consumed around the pared with 562,000 metric tons world. Demand has peaked, in the year that ended in Sep- who have said Dorab Mistry, a vegetable- tember 2015, according to argets re- oil analyst and director at Go- USDA data. Industrial consump- at about drej International, adding that tion, which accounted for two- prospects the market for exotic oils thirds of the total and includes "tends to move with whatever items such as cleaning and w calling has captured the imagination of household products made from S&P 500 discerning consumers," He said coconut oil, didn't change much nearly avocado oil is now favored by over the same period, so the that is consumers for its purported drop was largely due to lower market health benefits. individual consumption. irly well Uron Salum, executive direc- Brigitte Hermanns used to eases in tor of the International Coco- be a fan of virgin coconut oil, Id seem nut Community, an intergov- using it as an eye makeup re- nd, con- ernmental organization of mover and a body moisturizer. e still on coconut-growing countries, She even used it on her hair. said negative publicity about But then she "started to break to strug- the health benefits of coconut out everywhere," said Ms. Her- owing a oil has hurt demand. manns, who lives in Toronto hen logs The group, he said, is work- and has blogged about her de- sequent ing to change consumer opin- cision to stop using coconut oil. th peri- ions by touting health benefits "It was kind of controver- D analy- like coconut oil's role in boost- sial," she said, adding she is thly and ing levels of good cholesterol. sticking to olive oil in her diet or the Lower coconut-oil prices, because it comprises "healthy meanwhile, have been a boon fats "
