Coconut Oil Market - Global Industry Analysis (2019 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Coconut Oil Market - Global Industry Analysis (2019 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Supported by the significant role of entities like the Coconut Development Board (CDB) India, the International Coconut Community, the Indonesian Coconut Processing Industry Association, the Coconut Development Board, and the Virgin Coconut Oil Producers Association (VCOPA), global coconut oil market is all set for a strong growth outlook in the next few years. Up from the revenue worth US$5.3 Bn attained in 2021, coconut oil market is expected to reach the valuation of US$8.2 Bn toward the end of 2029. Fairfield Market Research suggests in a newly published report that the market for coconut oil will witness around 5.7% growth during 2022 - 2029 and the perceived health benefits will remain the key driving force. The high saturated fat content, longer shelf-life, and wide applicability across both food- and non-food applications are projected to uplift the growth prospects of coconut oil market through 2029 end.

Key Highlights into Global Coconut Oil Market

Food and beverages industry continues to register the maximum consumption of coconut oil

Virgin coconut oil remains dominant in terms of sales with more than 45% share in market value

The market faced a heavy setback amidst COVID-19 pandemic as the entire value chain was disrupted. The recent Russia-Ukraine war situation also held a significant impact on the performance of market in terms of trade

Increasing consumer inclination toward high-value products will continue to act as a substantial push factor for virgin coconut oil

With more than 35% market share, Asia Pacific will retain the lead through 2029, while North America, and Europe hold a collective revenue share of over 40%

Food Industry Continues to Register Maximum Coconut Oil Consumption, Virgin Oil Sought-after

The report offers detailed strategic insights into the top performing product categories in global coconut oil market. Making up for over 45% of the total sales, virgin coconut oil continues to be the top selling category, followed further by refined bleached and deodorized (RBD) oil. Coconut oil on the back of its rich nutritional profile, high smoke point, and antioxidant content has been a favoured ingredient across the various sectors of food industry. With plant-based, natural ingredients rapidly taking over their conventional counterparts, coconut oil is expected to penetrate deeper across both food and non-food application areas. The report also indicates strong growth opportunities arising in cosmetics and personal care industry. The market has been witnessing a profound push with frequent new launches of coconut oil-based products across the most popular categories like hair oils, serum, shampoos and conditioners, and sunscreen.

Asia Pacific’s Spearheads, Developed Western Markets Gain an Uptick with Boom Around Virgin Coconut Oil

With the lead of key producers like India, Indonesia, and Philippines, Asia Pacific is likely to maintain dominance in global coconut oil market. The region contributes nearly 35% share in the overall market valuation banking on the largest, traditional base of both producers, and consumers. While cooking and other food applications keep the demand afloat across food industry, notable spike in the uptake by manufacturers of nutraceuticals, and cosmetics and personal care products will further drive the coconut oil market forward in Asia Pacific. India remains the critically important market, says the report. It also highlights the rise of coconut oil market across North America, and Europe as both the regions unlock new avenues for coconut oil producers from across the world. The report attributes this growing attractiveness to the remarkably expanding market for virgin coconut oil.

Leading Players in Coconut Oil Market

Cargill Inc., Archer Daniels Midland Company, ADM, Hain Celestial, Bunge Limited, Adani Group, Nutiva Inc., Adams Group Inc., Barlean's Organic Oils LLC, Connoils LLC, Associated British Foods, Oleo-Fats Incorporated, Phidco, Ruchi Soya Industries, SC Global, Primex Group, The Hallstar Company, American Vegetable Oil Inc., PT SIMP, Sumatera Baru, Hain Celestial Group, Greenville Agro Corporation, Mahavir Coconut Industries (MaxCare VCO), Barlean's Organic Oils LLC.