Coconut Oil Market was valued at USD 8.5638 billion by 2032, CAGR of 6.40% | MRFR
Coconut Oil Market Outlook
The global coconut oil market is rising continually, witnessing a
massive demand across the industries such as food & beverages,
pharmaceutical, and health & wellness. Also, the usages of the oil in several
household applications stimulate the demand in the market. Besides, the vast
consumption in the manufacturing of personal care & cosmetic products
escalates the market demand. High preference for coconut oil among consumers is
a major factor bolstering the market demand exponentially.
The increase in market demand is predominantly led by the growing
awareness of the health benefits of Coconut Oil Market benefits across
the globe. The populaces in the APAC region have already been aware of the
medicinal benefits of coconut oil in various pharmaceutical & beauty
products. On the other hand, consumers in the US and Europe are increasingly
relying on this oil for its rich source of medium-chain triglycerides (MCTs),
useful in vegan gourmet, weight management products, and health supplements.
According to Market Research Future (MRFR), the Coconut Oil Market Size
was valued at USD 4.9 billion in 2022. The Coconut Oil market industry is
projected to grow from USD5.2136 billion in 2023 to USD 8.5638 billion by 2032,
exhibitinga compound annual growth rate (CAGR) of 6.40% during the forecast
period (2023 - 2032) The important position that coconut oil holds in all major
industries, including F&B, pharmaceuticals, cosmetics & personal care,
and the biofuel industry, acts as a key tailwind for the growth of the market.
Conversely, factors such as price volatility and the demand-supply gap
act as a considerable barrier to the growth of the market. Nevertheless,
technological advances in yielding techniques would support the growth of the
market over the review period, increasing coconut production. Besides, the
substantial R&D investments would keep influencing the market growth in the
year to come.
Coconut Oil Market - Segmentations
The report has been segmented
into three major dynamics.
By Type: Virgin and Refined Coconut Oil.
By End-user: Industry, Food, and
others.
By Regions: Americas, Europe, Asia
Pacific, Middle East & Africa, and Rest-of-the-World.
Global Coconut Oil Market - Geographical Analysis
The Asia Pacific dominates the global coconut oil market, perceiving the
most significant production of coconut. The massive production of coconuts
attributes to the ample arable land and suitable weather conditions required
for coconut yield in the region. Also, substantial consumption of oil across
industrial and household uses drives a large share of the market growth. The
APAC coconut oil market is estimated to retain its dominance throughout the
forecast period, accounting for the largest exporter of 100% natural, organic,
and virgin coconut oil, and 60%-70% of value addition in coconut oil produced
in the region.
North America stands second in the global Coconut oil market benefits,
following the APAC market closely. Factors such as huge imports of the oil, new
product developments by various manufacturers, and substantial consumption of
coconut oil in the burgeoning cosmetics & personal care industry, drive the
increase in the size of the market. Furthermore, the increased cultivation of
coconuts in the regions of Colombia, alongside the rising consumption of oil in
agrochemicals and cosmetics applications, impacts the growth of the market.
The coconut oil market in Europe is projected to demonstrate modest
growth due to the rising usage of oil as cooking oil. Besides, the increasing
consumption of oil in the production of bread spreads & other coconut milk
products food items drives the growth of the market. Moreover, augmenting demand
from the pharmaceuticals & personal care products industry fosters regional
market growth. The European coconut oil market is estimated to witness
significant growth in the future, heading with the increasing consumer
awareness about coconut oil benefits.
Coconut Oil Market - Competitive Landscape
Highly competitive, the coconut oil market appears to be
well-established with the presence of several noteworthy players churning the
competition in this market. To gain a larger competitive share, market players
adopt strategies such as mergers & acquisitions, expansion, collaboration,
and product/ extraction technology launches. Coconut oil producers continue
expanding their product portfolio, enhancing sustainable sourcing &
production, increasing brand awareness & widening distribution. Growth in
terms of product innovations and oil-deriving techniques creates strong
investment opportunities for market players.
Key Players:
Players active in the Key Coconut Oil Market Players market are Tantuco Enterprises Inc. Coconut Oil
market, includingBarlean's Organic Oils LLC (US), Mahavir Coconut Industries
(MaxCare VCO), Hain (US), Nutiva Inc. (US), Carrington Tourangelle (US), SC
Coco (Philippines), Celebes Coconut Celestial Group Farms (US), La Products
Inc. Corporation (Philippines), Farmerindia (India), Jarrow Formulas, Inc.
(US), Premier Organics Inc., and Viva Naturals (Canada)., and others.
Industry/
Innovation/ Related News:
January 31,
2020 ---- Marico Limited
(India), producer of Parachute coconut oil and Saffola edible oil, announced an
11% increase in its net profit for the year 2019. FMCG major’s EBIDTA (earnings
before interest, taxes, depreciation, and amortization) margin also expanded by
116 bps to 20.4%. Last year, the company expanded its portfolio with a range of
coconut oil, including 100% organic virgin coconut oil, natural virgin coconut
oil, and naturally infused variants of cold-pressed virgin coconut oil.
January 31,
2020 ---- the Ateneo de
Manila University and Spring Hill Neonatolody, Inc. published their recent
study titled “The Potential of Coconut Oil and its Derivatives as Effective and
Safe Antiviral Agents Against the Novel Coronavirus (CoV-2019)”. The study
involves the use of coconut oil as a possible antiviral agent against COVID-19.
The study proposes extensive research on the potential of coconut oil as a safe
agent against COVID-19, given that it has a significant amount of lauric acid,
which contains elements that have shown to have “potent antiviral properties.”
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Read More : https://www.marketresearchfuture.com/reports/coconut-oil-market-7452
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