As per FMI, the global coconut oil market is projected to grow from US$ 3.6 Billion in 2022 to around US$ 6.1 Billion by 2032, with overall coconut oil sales accelerating at 5.4% CAGR throughout the forecast period (2022 to 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 consumers for organic products has forced 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, the rapid growth of the food service 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.
“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 the 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), product type (Virgin or Extra Virgin, Refined, and Partially Hydrogenated), 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.
About the Food & Beverage Division at Future Market Insights
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