Overview and Scope
Coconut oil refers to oil derived from the fruit of the tropical coconut palm tree (Cocos nucifera). Coconut oil is rich in saturated fat, making it exceptionally stable and resistant to oxidation and rancidity. It is used to reduce belly fat, prevent heart disease, curb appetite, strengthen the immune system, and stave off dementia and Alzheimer’s disease.
Sizing and Forecast
The coconut oil market size has grown strongly in recent years. It will grow from <b>$4.61 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. </b> The growth in the historic period can be attributed to culinary usage, health and wellness, cosmetic and personal care applications, non-gmo and organic option, traditional and cultural practice.
The coconut oil market size is expected to see strong growth in the next few years. It will grow to <b>$7.03 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. </b> The growth in the forecast period can be attributed to plant-based and vegan diets, functional food and beverage, clean beauty and natural cosmetic, sustainable sourcing and production, medical and therapeutic applications. Major trends in the forecast period include mct oil popularity, coconut-based dairy alternatives, hair and scalp treatments, aromatherapy and wellness oils, customizable coconut blends.
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Segmentation & Regional Insights
The coconut oil market covered in this report is segmented –
1) By Product: Virgin Coconut Oil, Coconut RBD Oil
2) By Price Point: Mass, Premium
3) By Distribution: Direct Distribution, Convenience Stores, Modern Trade Units, E-Commerce, Others Distributions
4) By Application: Food Industry, Agriculture, Cosmetics And Personal Care Industry, Chemical Industry, Other Applications
<b>Western Europe</b> was the largest region in the coconut oil market in 2023. The regions covered in the coconut oil market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increasing demand for personal care and cosmetic products is expected to propel the growth of the coconut oil market going forward. Personal care and cosmetic products refer to a wide range of consumer products that are applied to various external parts of the body, such as skin, hair, nails, lips, external genital and anal areas, teeth, and mucous membranes. Coconut oil is a natural moisturizer that can be used to hydrate and nourish the skin and hair. It is used in lotions, creams, and hair conditioners to provide deep hydration and improve the texture of the skin and hair. For instance, in April 2023, according to the International Trade Administration, a US-based government agency, sales of beauty and personal care products in China reached $88 billion in 2021, a 10% rise from the previous year. Furthermore, in January 2021, according to an article shared by Automat.ai, a Canada-based business services, software, and computer software company, in the US, sales of skincare products increased by 13% last year, while sales of makeup items increased by 1%. At that time, the growth of online beauty merchants was 24%, with skincare taking the lead. Therefore, increasing demand for personal care and cosmetic products is driving the growth of the coconut oil market.
Key Industry Players
Major companies operating in the coconut oil market include <b> Archer Daniels Midland Company, Greenville Agro Corporation, Libra Bioscience Pvt Ltd., Bunge Ltd., Cargill Incorporated, Wichy Plantation Company (Pvt) Ltd., Adani Group, Windmill Organics Ltd., Hain Celestial Group Inc., PT. Harvard Cocopro, Royce Food Corporation, Marico Ltd., Nutiva Inc., Dr. Bronner's, Kirkland's Inc., Parachute Naturalz, Golden Barrel, Spectrum Essentials, Dignity Coconuts, Harin Bio-Tech International Private Limited, Sakthi Exports, Aluan, Bo International, Shree Western G & C Ind., Jiangxi Planty Manor Health Industry Co. Ltd., HanCole Group, NMK Holdings Private Limited, K.K.P.Industries, Manchiee De Coco, Nature Pacific Pty Ltd., Cocomate, Genius Nature Herbs Pvt Ltd., Keratech Coconut Oil Pvt Ltd., Jedwards International Inc., Sun Bionaturals (India) Private Limited, Pureoilsindia, Nature's Oil, Cornitos, KPL Oil Mills (P) Ltd. </b>
The coconut oil market report table of contents includes:
1. Executive Summary
2.Coconut Oil Market Characteristics
3.Coconut Oil Market Trends And Strategies
4.Coconut Oil market analysis
5.Coconut Oil Market Size And Growth
6.Coconut Oil Segmentation
7.Coconut Oil Regional And Country Analysis
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27.Coconut Oil Competitive Landscape And Company Profiles
28. Coconut Oil Key Mergers And Acquisitions
29.Coconut Oil Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Archer Daniels Midland Company
- Greenville Agro Corporation
- Libra Bioscience Pvt Ltd.
- Bunge Ltd.
- Cargill Incorporated
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