London, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Between the forecast years 2022 and 2029, global coconut oil market is expected to demonstrate 5.7% growth in revenue. Fairfield Market Research in its latest published report estimates the market to jump from US$5.3 Bn in recorded in 2021 to US$8.2 Bn by 2029 end. There are several associations worldwide that have been playing a crucial active role in promoting cultivation, processing, trade, exports, and consumption of coconut and allied products, which remain vital toward the expansion of coconut oil market. The report marks significant contribution of entities like the International Coconut Community, the Virgin Coconut Oil Producers Association (VCOPA), the Coconut Development Board (CDB) India, the Indonesian Coconut Processing Industry Association, and the Coconut Development Board. Application has been rising on the back of the perceived coconut oil benefits. The high saturated fat content of coconut oil that makes it spoilage- and oxidation-resistant, and naturally extends its shelf-life is prominently driving coconut oil sales, especially in the tropical conditions.
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Key Research Insights
- Food and beverages industry remains the top consumer
- Sales of virgin coconut oil dominant with over 45% market share, followed by refined bleached and deodorized (RBD) oil segment
- Asia Pacific currently accounts for over 35% market value share, whereas North America, and Europe represent a collective share of more than 40%
Insights into Segmental Analysis
Coconut oil continues to find extensive application across food and beverages industry for activities like cooking, baking, frying, and sautéing, owing to its high smoke point, and desirable antioxidant properties. Food and beverages industry will continue to register the largest revenue share in global coconut oil market. Soaring preference for plant-based ingredients in cosmetics, and personal care products has been fuelling sales of coconut oil across the beauty industry. Coconut oil has been garnering traction as a natural, plant-based moisturizing agent based on its rich mineral and oil content. With proven coconut oil benefits for hair and skin, demand has been escalating across cosmetics and personal care industries apart from the traditional consumer industries like pharmaceuticals, and food and beverages will drive the growth of coconut oil market, suggests the report. This is expected to present the market with new revenue generation opportunities. Growing adoption for application in a wealth of new launches in hair oils, shampoos and conditioners, serum, and sunscreen lotions is likely to accelerate the growth of coconut oil market.
Key Report Highlights
- Apart from a heavy setback that the coconut market face during the initial months of COVID-19 pandemic in form of the disrupted value chain, the market has faced a substantial impact of the recent Russia-Ukraine unrest. Both the crises significantly influenced the trade scenario in global coconut oil market according to Fairfield Market Research. Russia has been among the important exporters of coconut oil worldwide and the prolonged war situation led to a concerning trade imbalance that has held its own influence on the coconut oil market, involving a number of stakeholders, investors, as well as potential participants
- The rise of eco-innovation trend, and growing inclination toward high-value products like virgin coconut oil as a preferred premium functional cooking ingredient offer a collective push to production volumes. This would uplift the potential profit margins for industry leaders
Insights into Regional Analysis
With more than 35% of the total market valuation, Asia Pacific continues to be at the forefront in global coconut oil market. A large, sustained traditional consumer base, frequent new launches, and growing coconut oil uses in cooking is expected to account for the buoyancy of the market here. Proliferating adoption across beauty and personal care industry, and nutraceuticals is also likely to remain instrumental to the build-up of coconut oil market in Asia Pacific. The report projects the region to exhibit fastest growth through 2029 and the coconut oil market size in India will especially remain notable, says the report. Strong, fruitful presence of tropical regions has been working to the advantage of Asia Pacific’s coconut oil market according to the report. The region has been one of the largest coconut producer and top coconut oil producing countries, as well as a major consumer.
However, although India, Philippines, and Indonesia remain the key producers, the report highlights the rise of coconut oil market in the US as well. Europe, a leading consumer for Philippines, is also developing a lucrative market for coconut oil consumption, especially post-2016. The western regions are more likely to witness newer avenues emerging for virgin coconut oil market as the oil has been gaining traction as a functional ingredient for its exceptional mineral and vitamin E content. Coconut oil production in North American, and European regions is currently low to cater to the ascending demand, which keeps the coconut oil prices high across these regions. It thus upholds the lucrativeness of these markets, making them desirable for potential investors.
Key Companies in Global Coconut Oil Market
Cargill, ADM, Bunge Limited, Hain Celestial, Adani Group, Nutiva Inc., Barlean's Organic Oils LLC, Greenville Agro Corp, Adams group, Connoils LLC
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2029 | |
| Market Size in 2021 | US$5.3 Bn | |
| Estimated Market Size in 2029 | US$8.2 Bn | |
| CAGR | 5.7% | |
| Key Players | Cargill, ADM, Bunge Limited, Hain Celestial, Adani Group, Nutiva Inc., Barlean's Organic Oils LLC, Greenville Agro Corp, Adams group, Connoils LLC | |
Market Segmentation
Form Coverage
- Dry Coconut
- Wet Coconut
Type Coverage
- RBD
- Virgin
- Crude
Form Coverage
- Organic
- Conventional
Application Coverage
- Food & Beverages
- Snacks & Cereals
- Nutritional Products
- Beverages
- Convenience foods
- Others
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
- Asia Pacific
Leading Companies
- Cargill
- ADM
- BUNGE
- HAIN CELESTIAL
- ADANI GROUP
- Nutiva Inc.
- Barlean's Organic Oils LLC
- Greenville Agro Corp
- Adams group
- Connoils LLC
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Source-wise Analysis
- Form-wise Analysis
- Application-wise Analysis
- Type-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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