Global Coconut Oil Market is estimated at USD 4.65 billion in 2020 and is projected to reach USD 8.76 billion by 2030, growing at a CAGR of 5.4% from 2021 to 2030.
Coconut oil is primarily used as a hair oil due to its excellent conditioning properties that promote hair health, shine and growth. It is also used for body massage due to its anti-aging, antibacterial, antioxidant and anti-inflammatory properties. Additionally, coconut oil is used in cooking in many Asian countries. Coconut oil is low in unsaturated fatty acids, which helps maintain good cholesterol levels in the body and reduces the risk of heart disease. Moreover, increasing use of coconut oil in personal care, cosmetics, chemical, and food industries is expected to boost the demand for coconut oil during the forecast period.
Growing health awareness among consumers is driving the growth of the coconut oil market significantly. The many health benefits associated with Virgin coconut oil (VCO) are expanding their application in medical consumables and pharmaceuticals to maintain good health. VCOs are rich in healthy fatty acids and contain vitamins, minerals and antioxidants. The product type is reportedly gaining traction as a dietary supplement ingredient around the world and is growing in popularity among health-conscious individuals. Furthermore, coconut oil is also used in the pharmaceutical industry, especially by patients suffering from diabetes, as it helps with the efficient utilization of blood sugar. According to International Diabetes Federation (IDF), in 2019, there were approximately 463 million adults living with diabetes, which showcases a huge growth potential for the virgin coconut oil industry.
Product Type Insights
Based on product type, coconut RBD oil segment contributed the most to the market at USD 2,545 million in 2020 and is expected to reach USD 5,189.1 million by 2030, at a CAGR of 4.6%. Rising health-conscious consumers and increasing awareness of the benefits of coconut RBD oil are contributing significantly to the growth of the coconut oil market during the forecast period. Boosting energy levels and reducing the risk of heart attacks and strokes are some of the health benefits of coconut oil. Supermarkets and convenience stores are popular distribution channels for coconut RBD oil. Additionally, increasing use of coconut RBD oil in the food, cosmetics and personal care industries is expected to contribute to the growth of the coconut oil market during the forecast period.
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Application Insights
Based on application, the food industry segment was the largest contributor to the market with USD 1,332.8 million in 2020 and is expected to reach USD 2,682.6 million by 2030, at a CAGR of 4.6 during the forecast period. Coconut oil is commonly consumed along with other coconut products in the food industry. Many countries in Asia and Europe use coconut products extensively in the food and bakery industries. Coconuts containing coconut oil growing awareness of product benefits and functional properties is driving increased demand in the global food industry. Consumers prefer to use coconut RBD oil for home cooking. Coconut oil has a low fat content compared to other oils, so it is rapidly growing in demand in the production of baked goods and confectionery. Therefore, growth in hotel chains, restaurants, fast food outlets, and increasing use of coconut oil for cooking are expected to contribute to the market growth during the forecast period.
Distribution Channel Insights
According to the market trends, on the basis of distribution channel, the e-commerce segment is growing at highest CAGR growth rate and is estimated to reach $1,130.00 million by 2030. E-commerce platforms are becoming a popular medium for purchasing due to the easy availability of products and the possibility of home delivery to the customer. Moreover, the increasing penetration of various online portals in developed and developing countries and the increasing number of offers and discounts have led to an increasing number of consumers purchasing cooking oils through online channels. Additionally, the online sales channel is a key factor in expanding consumer reach, making it the largest source of revenue for some businesses. Hence, the factors mentioned above will fuel the growth of the coconut oil market during the forecast period.
Regional Insights
Asia Pacific dominates the world market in terms of sales in 2020. Rising acceptance of VCOs in emerging markets in the region, coupled with rising coconut plantations and high domestic consumption, are driving market growth. The region makes the largest contribution to both production and consumption. The Philippines and India are the largest producers of coconut oil. A significant increase in coconut production in India has increased the extraction of VCOs in the country. According to the Indian government, coconut production is 9.5 million tonnes and the country’s coconut plantation area is about 1.78 million hectares. Additionally, the Indian government has emphasized the health benefits of oil by organizing various campaigns which are expected to further accelerate the growth of the virgin coconut oil market in the region.
Europe is the second largest market and has grown rapidly in recent years due to consumer awareness of healthier diets. It is also increasingly used in a variety of industrial products, including cosmetics, food and beverages, and pharmaceuticals. Health and wellness trends have led the European food industry to use oils in high-quality products. At present, the main industrial use is in high-quality healthy snacks. Europeans’ growing interest in a healthy balance of diet and lifestyle has significantly increased the demand for healthier foods. The product has therefore become one of the iconic ingredients in health and wellness products, further driving its growth in the European market.
Key Companies Insights
Global Coconut Oil Market is expected to be moderately competitive due to the large number of players across the industry. Due to changing consumer trends, many companies are expanding their product portfolios to gain a competitive edge in the market. Moreover, manufacturers are increasingly engaged in R&D activities related to the products that are used in manufacturing of the coconut oil. They are also expanding their production capacities to meet growing demand for the coconut oil from the application industry. Some prominent players in the global coconut oil market include:
- Adani Group
- ADM
- Bunge Ltd.
- Cargill
- Edward & Sons Trading Co.
- Greenville Agro Corporation
- Hain Celestial
- Healthy Traditions, Inc.
- Librabioscience
- Marico Ltd
- Nutiva Inc.,
- The Coconut Company (Uk) Ltd.
- Wichy Plantation Company (Pvt) Ltd
- Windmill Organics Ltd
- Others
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Segments
By Nature
- Organic
- Conventional
By Source
- Dry Coconut
- Wet Coconut
By Product Type
- RBD
- Virgin
- Crude
By Application
- Food & Beverage
- Agriculture
- Cosmetics and Personal Care
- Chemical Industry
- Others
By Packaging
- Bottle
- Jar
- Can
- Pouch
- Tanks
- Others
By Distribution Channel
- Convenience stores
- Modern trade units
- E-Commerce
- Others
Regional Analysis
The countries covered in the regional analysis of the report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter’s Five Force Model and SWOT analysis are used to study the global Coconut Oil market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Coconut Oil would help in identifying future applications in this market.
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Objectives of the Study:
• To provide with an exhaustive analysis on the Global Coconut Oil Market by Product, By Application, By End User and by Region.
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions— North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
• To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions
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