Pune, June 08, 2023 (GLOBE NEWSWIRE) -- According to a recent market study by Quince Market Insights, the global Coconut Oil Market size was valued at USD 6214.6 Million in 2023 and is projected to reach at USD 11,064.4 million at a CAGR of 6.62% between 2023-2032. Coconut oil production is mainly concentrated in tropical regions like the Philippines, Indonesia, and India, where it holds promising opportunities in local markets. These countries possess favorable agricultural and climatic conditions for cultivating coconuts, along with well-established infrastructure for processing and exporting coconut oil.
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Economic growth and increasing disposable incomes in emerging markets are also contributing to the coconut oil industry expansion. The global coconut oil market has witnessed significant growth, influenced by factors such as consumer preferences, production dynamics, supply patterns, and regional demands. This oil is widely consumed both domestically and internationally, serving as popular cooking oil and an essential ingredient in various traditional dishes, particularly in tropical areas.
The coconut oil market has been divided based on type, source, Nature, application and, region.
Some Significant Market Developments Considered in the Report:
- November 2019: Cargill, BASF, Procter & Gamble (P&G), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH worked together in a development partnership financed by the German Federal Ministry for Economic Cooperation and Development (BMZ) to establish a certified coconut oil supply chain and improve the livelihoods of coconut farmers in the Philippines and Indonesia.
- The partners' collective expertise contributes to the success of the Sustainable certified coconut oil production (SCNO) initiative. The company's partners provide their expertise in market dynamics and trends, while GIZ adds its experience in farmer training and supporting sustainable norms.
COVID-19 Impact on the Global Coconut oil Market
As per the QMI team, the demand for coconut oil has been moderate post the COVID-19 recovery. It is anticipated to grow at a high rate during the analysis period.
Many countries across the globe have enforced strict lockdown norms to control the spread of the pandemic, which is hampering all kinds of business activities. The COVID-19 pandemic had a mixed impact on the textured protein market. The pandemic had led to a boom in demand for plant-based food items, as consumers became more health-conscious and opted for protein-rich and plant-based food options, which had led to huge demand for textured protein as a meat substitute.
Global Coconut oil Market Analysis by Region
The coconut oil market is geographically segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Among these regions, North America is projected to experience the highest growth rate during the forecast period. The coconut oil market is experiencing a notable increase in demand primarily driven by customers' growing inclination towards natural and organic items. In recent years, there has been an observable change in consumer behavior favoring healthier and more sustainable alternatives. This has resulted in a higher demand for coconut oil as a versatile and natural substitute for various uses.
Coconut oil, renowned for its abundant medium-chain fatty acids and other beneficial components, is gaining recognition as a healthier choice compared to other cooking oils. Furthermore, the surge in health-conscious individuals seeking natural ingredients for personal care products has led to a rise in the utilization of coconut oil in cosmetics, skincare, and hair care applications. The United States, Canada, and Mexico actively import coconut oil to meet the demands of their respective markets. This increase signifies a strong and growing demand for coconut oil from both consumers and industries in the US.
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Some Major Findings of the Coconut oil Market Report Include:
- Major global market trends and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth coconut oil Market analysis by the segments, along with an analysis of trend-based insights and factors
- The major market players operating in the global coconut oil market include Adams Group (Germany), Aluani (Philippines), Archer Daniels Midland Company (Us), Cargill, Incorporated (Us), Celebes Coconut Corporation (Philippines), Connoils (Us), Greenville Agro Corporation (Philippines), Royce Food Corporation (Philippines), Sun Bionaturals (India) Private Ltd (India), Tantuco Enterprises, Inc. (Philippines).
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global coconut oil market
- Impact of COVID-19 on the global coconut oil market
Leading Companies & Their Analysis
The global coconut oil market is highly competitive owing to a large number of industry players. The market provides various opportunities for new entrants due to changing consumer preferences and the easy availability of raw materials. Furthermore, major players engage in competitive strategies such as new product launches, joint ventures, strengthening of online presence, and capacity expansions.
- Adams Group (Germany)
- Aluani (Philippines)
- Archer Daniels Midland Company (Us)
- Cargill, Incorporated (Us)
- Celebes Coconut Corporation (Philippines)
- Connoils (Us)
- Greenville Agro Corporation (Philippines)
- Royce Food Corporation (Philippines)
- Sun Bionaturals (India) Private Ltd (India)
- Tantuco Enterprises, Inc. (Philippines)
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Market Segmentation
- Type Outlook (Revenue, USD Million, 2019 - 2032)
- Virgin Coconut Oil
- RBD Coconut Oil
- Crude Coconut Oil
- Others
- Source Outlook (Revenue, USD Million, 2019 - 2032)
- Dry Coconut
- Wet Coconut
- Nature Outlook (Revenue, USD Million, 2019-2032)
- Conventional
- Organic
- Application Outlook (Revenue, USD Million, 2019-2032)
- Food Industry
- Cosmetics & Personal Care Industry
- Others
- Regional Outlook (Revenue, USD Million, 2019 - 2032)
- North America
- US
- Canada
- Mexico
- Europe
- UK
- France
- Italy
- Spain
- Netherlands
- Belgium
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Indonesia
- Thailand
- Philippines
- Singapore
- Vietnam
- Malaysia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Columbia
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
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