Chicago, Oct. 20, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the global Coconut Oil Market size is estimated to be valued at USD 5.7 billion in 2022. It is projected to reach USD 7.4 billion by 2027, recording a CAGR of 5.5%, in terms of value. The Increasing demand of natural ingredients in the food and cosmeceutical industry to drive the coconut oil market.
Coconut oil is a source of many oleochemicals such as fatty acids, methyl esters, and fatty alcohol. For cooking and toiletry purposes, it is commonly used in the form of filtered coconut oil. Virgin coconut oil, which is high-quality oil, is prepared from the milk extracted from the raw kernel. This type of coconut oil is most suitable as a massage oil for babies.
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Pharmaceutical market is a relatively untapped and small market in comparison to other non-food applications and the rapidly growing food & beverage market.
Coconut oil is used as one of the components of cosmetic ingredients, majorly as a smoothening agent and as a source of smooth skin and to improve the dryness of skin and hairs. Companies are focusing on the development of extraction and processing of coconut oil to discover new beauty applications. Coconuts are the primary source of coconut oil. Coconut oil in food and beverages acts as a cooking oil replacer to enhance the flavor. It is a source of carbohydrates, which helps in improving digestibility.
Increasing use of Coconut oil in bakery products
Coconut oil is gaining popularity in the US due to several health benefits offered by it; it helps in reducing weight, strengthening the immune system, preventing heart disease, and staving off dementia and Alzheimer’s disease. In the food industry, coconut oil is used extensively in baked products, processed foods, and infant formulas. The use of organic coconut oil in the bakery coupled with the increasing growth of the bakery industry is projected to propel the demand for coconut oil.
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Based on nature, the organic segment is projected to be the fastest growing during the forecast period
Organic farming of coconut allows the use of organic fertilizers such as compost manure, farmyard manure, fish meal, blood meal, neem cake, groundnut cake, and bone meal. Different countries have different sets of rules to be followed to get coconuts certified as organic produce. Due to the increasing demand for organic products worldwide, the demand for organic coconut oil is also increasing.
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The Asia Pacific coconut oil market is valued at USD 3.1 billion in 2021 and is projected to reach USD 4.2 billion by 2027, growing at a CAGR of 5.4% during the forecast period. The Asia Pacific coconut oil market is projected to witness significant growth due to the presence of several players in the region. The Asia Pacific region is one of the major coconut oils producing regions. It is driven by the robust growth of the food, cosmetics, and pharmaceutical industries, which has supported the industry to gain acceleration in this market.
Key Players:
The key players in this market include Tate & Lyle (UK), Emsland (Germany), Ingredion Incorporated (US), and Avebe (Netherlands).
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