Edible oils have become a hot topic in the consumer goods industry. Coconut oil, one of the well-known oils, is known globally thanks to its inclusion in fragrances and other industries. They are available in two major formats – refined and virgin. The coconut oil market is headed for a meteoric growth thanks to the leaning of consumers towards health and wellness.
The coconut oil market is predicted to inflated its size to USD 8,403.3 million by 2025, as per the report by Market Research Future (MRFR). It stood at USD 4909 million in 2017 and may experience a surge in valuation at a CAGR of 6.37% from 2018 to 2025 (forecast period).
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The slow rancidification of coconut oil compared to olive and canola oil coupled with its health benefits is likely to spur the market growth over the forecast period. Preference of cooking oil which assists in the breakdown of fats is likely to push the coconut oil market volume is anticipated to reach 6,569.8 kilotons (KT) by 2025.
Rising demand for edible oils in Europe and North America combined with its scope across industrial sectors such as cosmetics & personal care, biofuels, and pharmaceuticals can spur the market demand over the forecast period.
However, health concerns regarding the unsaturated fat content by various international organizations coupled with the downvote for its use can be challenging for the market.
Key Players and Industry Buzz
Novel Blends – Coconut oil is being increasingly used in other products to enhance its aroma or taste. Manufacturers are increasingly acquiring coconut oil-based companies to streamline their production process. In May 2019, Transcanna Holdings decided to acquire Biovelle, a hemp-based coconut oil producer. The success of this acquisition can drive the sales of coconut oil exponentially and increase the offerings of the former.
Reputed names in the Coconut Oil Market include Greenville Agro Corporation, Primex Group of Companies, Tantuco Enterprises Inc., KERAFED, Phidco, Inc., Prima Industries Limited, PT. Harvard Cocopro, Coconut Industry Investment Fund Oil Mills Group, Samar Coco Products, SC Global Coco Products, Inc., Naturoca, KPK Oils & Proteins India Pvt. Ltd., and PT. Golden Oil. The competition in the market is dictated by changing consumer spending patterns and consumer outlook towards organically derived oils.
Geographically, the coconut oil market is segmented into Europe, Asia Pacific, Central & South America (CSA), North America, and the Middle East & Africa.
The APAC region held the largest market share thanks to being home to coconut cultivating countries. This can be credited to countries such as Malaysia, the Philippines, and India being major exporters of coconut. But the region may face a scarcity in supply due to natural calamities such as cyclones engulfing local states of India. The support by various governments in increasing their production capacity of local producers will positively impact the market. This is exemplified by the rollout of policies by the Coconut Development Board in Kerala, a state in India. The regional volume is slated to touch 2,533.8 KT by 2025.
The North American region can experience growth due to being demand for premium products in small quantities. Inclination towards healthy living and rise in disposable income levels are factors expected to play a major role for the market regionally. The 2018 Farm Bill signed in the United States has opened the floodgates for investments which can be fruitful for the global coconut oil market growth.
The Europe Coconut Oil Market is expected to touch a high valuation thanks to value-added products derived using coconut oil. Awareness of lauric acid content in the oil coupled with its application in biofuels and cosmetics is predicted to drive market growth. Changing health habits and adoption of virgin coconut oil in their diets is likely to work in favor of the market. The regional market growth can grow at a positive note due to the Netherlands being the biggest buyer of coconut oil. Stringent food safety regulations may hinder growth prospects in the region.
Browse the market data and information spread across 141 pages with 280 data tables and 21 figures of the report “Coconut Oil Market Report – Forecast 2018-2025” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/coconut-oil-market-7452
The Coconut Oil Market is segmented by type and end-user.
By type, the market covers two major segments – refined and virgin. The virgin oil segment can touch a valuation of USD 2,143.6 million by 2025 thanks to the high purity level associated with the edible oil. In addition, its use in the preparation of various culinary dishes is likely to drive the segment demand to 1,750.4 KT by the end of the forecast period. Other factors driving the segment growth are heavy infusion of capital by value-added producers of coconut and supportive government policies encourages production.
By end-user, the Coconut Oil Market consists of food and industry. Between the two, the industry segment is anticipated to exhibit the highest CAGR of 6.66% during the forecast period thanks to the constant demand for the oil in hair care and personal care products.
Browse Related Reports:
Virgin Coconut Oil Market Information by Type (Organic and Inorganic), by Application (Cooking, Cosmetics, Healthcare and others), Distribution Channel (Store Based and Non-Store Based) and Regions – Forecast to 2023
Organic Virgin Coconut Oil Market Information by Application (Food & Beverages, Personal Care Products, Health Care Products) and Region (America, Africa, Asia Pacific and Rest of World) forecast till 2022
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