DUBAI, United Arab Emirates, Oct. 04, 2022 (GLOBE NEWSWIRE) -- As per FMI, the global coconut oil market is projected to grow from US$ 3.6 Bn in 2022 to around US$ 6.1 Bn by 2032, with overall coconut oil sales accelerating at 5.4% CAGR throughout the forecast period (2022-2032).
Rising usage of coconut oil across various end-use industries such as food & beverage, household, and cosmetics & personal care is driving demand in the global market and the trend is likely to continue during the forecast period.
The way consumers are perceiving organic products can be seen in their purchasing patterns, which are changing continuously with time. The effects of organic products on consumer health are the most influential factors for the expansion of the organic products market. The increasing trend among the consumers for organic products has forced the manufacturers to offer products of organic nature.
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This has also benefited the manufacturers in increasing their sales and better catering to the increasing need for healthy and natural food products. The growing demand for organic products is expected to positively influence the growth of coconut oil market during the assessment period.
The producers of coconut oil have seen a positive outlook post the digital consumers' awareness phase. The rising penetration of both e-business and retail stores is expected to boost sales of the coconut.
Similarly, rapid growth of the foodservice industry, growing awareness about the health benefits of coconut related products, and increasing investments in research and development related to the product are expected to bolster market growth during the forecast period.
Key Takeaways from the Coconut Oil Market Study
- By product type, the virgin or extra virgin coconut oil segment is expected to grow at the highest CAGR of 6.1% during the forecast period.
- Based on nature, the organic coconut oil segment is expected to grow at a robust CAGR of 6.3% throughout the forecast period.
- North America and Europe together hold the largest share in the global coconut oil market.
- Sales of coconut oil in Philippines are projected to grow at a robust pace during the forecast period.
- India will continue to remain one of the lucrative markets for coconut oil during the forthcoming years.
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“People's fondness for coconut oil has increased due to its various health benefits, and the market for coconut oil has seen a moderate rise in the last decade on account of its applications in personal care and cosmetics, such as hair care and skincare products’, said a lead analyst at FMI.
High Nutrient Density of Coconut Oil Expected to Drive Market Growth Over the Next Ten Years
Coconut is known to possess nutrients like potassium, sodium, magnesium, calcium, and phosphorus. These same five essential electrolytes also exist in the human body. It is a good source of vitamins of the B and C groups. Many studies have proven that coconut has more protein content than cow’s milk.
Coconut is also perceived to contain lauric acid that is present in the mother’s milk. Lauric acid is recognized for its immune-boosting, antioxidant, anti-fungal, antibacterial, and antiviral properties. It has less fat and is low in calories, carbohydrates, and sugars. The nutrient-rich coconut oil has sparked interest amongst the health-conscious consumer base resulting in the rising demand for coconut oil.
Who is Winning?
Some of the leading companies offering coconut oil are Adani Wilmar, Ruchi Soya Industries, Associated British Foods, Cargill Inc., Archer Daniels Midland Company, Bunge Limited, Adams Group Inc., American Vegetable Oil Inc., Phidco, SC Global, Oleo-Fats Incorporated, PT SIMP, Primex Group, Sumatera Baru, The Hallstar Company, Greenville Agro Corporation, and Others.
These leading manufacturers are focusing on increasing their sales by moving towards online retail. Besides this, they are adopting strategies such as new product launches, mergers, acquisitions, and collaborations to expand their customer base.
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Get Valuable Insights into Coconut Oil market
Future Market Insights, in its new offering, provides an unbiased analysis of the coconut oil market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the coconut oil market based on nature (organic coconut oil and conventional coconut oil), by product type (Virgin or Extra Virgin, Refined, and Partially Hydrogenated), by end-use (food and beverages, cosmetics and personal care, pharmaceutical, household/ retail, and others), by distribution channel (business to business and business to consumer), and across seven major regions.
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Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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Explore FMI’s Extensive Coverage on Food & Beverage Domain:
Coconut Flour Market Share : The global coconut Flour Market is estimated to be valued at USD 2,100 Mn in the year 2022 and is estimated to grow at an unprecedented rate to achieve a value of USD 6,699 Mn by the year 2032
Coconut Milk Market Growth : Demand for coconut milk it is expected to have a robust growth rate registering a CAGR of 7% and reaching a healthy coconut milk market size of USD 2131.6 Million by the year 2032.
Desiccated Coconut Market Size : The global desiccated coconut market is estimated to be valued at US$ 8.2 Bn in 2022 and is projected to reach US$ 13.7 Bn by 2032. The global market is set to grow at a CAGR of 5.3% from 2022 to 2032.
Coconut Derived Surfactants Market Value : The global coconut derived surfactants market size is likely to be evaluated at US$ 1,821 Mn in 2022 and is expected to reach US$ 3,342.012 Mn in 2032 and exhibit immense growth at a CAGR of 6.3% in the forecast period.
Coconut Fatty Acids Market Forecast : The sales of coconut fatty acids in the market are projected to create an incremental opportunity of over 4 Bn by 2022, rising at a CAGR of nearly 4% to 5% during the forecast period 2022-2032.
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