New York, US, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Coconut Oil Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Coconut Oil Market Information by Type, End-user, and Region - Forecast till 2030”, the market is estimated to acquire a size of over USD 7,481.30 Million by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 6.4% during the review timeframe.
Market Scope:
Extracting oil from fresh or dried coconut kernels is what makes coconut oil. It is impossible to detect the oil's absence of flavor or aroma. There are three distinct varieties of oil: virgin, refined, and unrefined. Coconut oil that has not been refined is rarely utilized as a food source.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 7,481.30 Million |
| CAGR | 6.4% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Type, End-user, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Consumer Preference For Healthy Vegetable Oils |
| Increasing Application Scope |
Competitive Dynamics:
Only a handful of companies can be considered "major players" in the virgin coconut oil market. They are the most prominent providers of organic coconut oil of the highest quality. The vast majority of the industry's revenue is generated by these oil producers. They accomplish this by adapting their products to meet the needs of consumers in accordance with current trends in the market, such as providing oil that has been filtered numerous times, coming with nozzles that are easy to use, and being presented in appealing packaging.
The major players of the market are:
- Barlean's Organic Oils LLC (US)
- Mahavir Coconut Industries (MaxCare VCO)
- Hain Celestial Group (US)
- Nutiva Inc. (US)
- Carrington Farms (US)
- La Tourangelle (US)
- SC Global Coco Products Inc. (Philippines)
- Celebes Coconut Corporation (Philippines)
- Farmerindia (India)
- Jarrow Formulas, Inc. (US)
- Premier Organics Inc.
- Viva Naturals (Canada)
- Shangai Asia Co. Ltd
- Wichy Plantation Company (Pvt) Ltd
- Flower Song Fine Chemical Co. Ltd
- Garden of Life LLC (US)
- Greenville Agro Corporation (Philippines)
- Libra Bioscience Pvt. Ltd
- Harvard Cocopro (Indonesia)
Market USP:
Market Drivers
Coconut oil is a popular hair oil since it is an excellent hair care product that helps to maintain healthy hair and add shine. Because of its anti-aging, antimicrobial, antioxidant, and anti-inflammatory characteristics, it is also utilized for full-body massage. Moreover, coconut oil is a popular cooking fat in many Southeast Asian nations. Since coconut oil contains so little in the way of unsaturated fatty acids, it helps the body keep its cholesterol levels where they should be, so lowering the risk of cardiovascular disease. As a dietary fat, it is used in the production of many different types of food, including flavored milk, newborn milk powder, ice cream, candies, and breads. The expansion of the coconut market could result from a number of different sources. Many people have begun using virgin coconut oil as a result of a growing awareness about the benefits of adopting healthier eating and living practices. The oil improves the food's flavor and aroma while also providing several health benefits. Skin health and glow can also be enhanced with its help. Therefore, this may be good news for the worldwide VCO market.
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Market Restraints
The demand for virgin oil made from coconuts could be stymied by a number of problems. The price of coconut oil on the international market is the most crucial of them. The cost of VCO is typically quite significant. So, consumers can't really afford to use this oil on a regular basis, and they might go back to using other, cheaper oils. As a result, it's possible that these variables will slow down the expansion of the market.
COVID-19 Analysis:
Covid-19 has had a crippling effect on businesses of all sizes. Many stores have closed because of the lockdown and the necessity of keeping a safe distance. Profit and demand in the coconut oil business, for example, have been on the fall. Nonetheless, the coconut oil market is forecast to recoup its income in the following years.
Time seems to be helping the epidemic problem. It won't be long before most companies see a rise in their bottom line again. And when that happens, demand for virgin coconut oil will skyrocket. Despite the pandemic, its growth is being fueled by widespread education and the accessibility of oil around the world.
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Market Segmentation:
By Type
Organic segment is likely to gain momentum over the review period.
By Application
Food & Beverages is expected to acquire substantial value over the review period.
Regional Analysis:
The Asia-Pacific region is anticipated to be the largest market. This is due to the fact that many of the most important players in the market originate in Asia and Oceania. Coconut products have found widespread application in the baking and cooking industries across several Asian countries. As more people learn about the health advantages and practical applications of coconut goods, such as coconut oil, its use in the food business grows. Coconut RBD oil is becoming increasingly popular for usage in cooking and beauty products. Since coconut oil has a lower fat level than most other oils, it is increasingly being used in the production of baked goods and sweets. So, the rising number of hotels, restaurants, and fast food chains, as well as the rising number of people who use coconut oil to cook, will drive the regional market forward in the coming years.
Similarly, the North American market is forecast to account for a sizable share of the total worldwide industry. The United States has been a staunch ally in the push for the expansion of the region's virgin oil sector. For the forecasted time period, the virgin coconut oil market is expected to expand globally.
In 2020, Europe captured a sizable portion of the coconut oil market, and this trend is anticipated to continue for the duration of the forecasted market. The rising popularity of baked goods, snacks, candies, and premade meals all contain coconut oil, which is expected to boost the industry at a rapid pace. Europe's burgeoning cosmetics and personal care market has led to a rise in demand for coconut oil. The rising demand for coconut oil is expected to be driven by factors such as the expanding urban population and the rising interest in healthful eating. Due to its high medium-chain fatty acid content, coconut oil may improve your health in a variety of ways. Accordingly, the aforementioned factors will likely play a significant role in propelling the Europe coconut oil market forward over the forecast period.
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