Perceived health benefits continue to drive the growth of global coconut oil market. A newly published report on global coconut oil market suggests that the market will most likely witness around 5.7% rise in revenue between 2022 and 2029. During the period of projection, coconut oil market is expected to benefit from growing applications of the oil for its high saturated fat content, and rich nutritional profile, across both food, and non-food areas. An approximately US$5.3 Bn market (2021) for coconut oil is estimated to reach US$8.2 Bn toward the end of 2029, says the report.
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Coconut Oil Consumption Heightens Across F&B Sectors, Virgin Oil Sales to Rise High
Food and beverages industry will continue to be at the forefront of demand generation, which is further likely to be complemented by the growing consideration of virgin coconut oil as a preferred functional ingredient for cooking, baking, processing, and frying activities. Adoption across F&B sectors will prevail on account of the extended shelf-life, favourable smoke point, and rich antioxidant profile of coconut oil. On the other hand, non-food application are also on the rise over the recent past. Natural, plant-based, and mineral-enriched coconut oil gains solid traction as a moisturizer in cosmetics and personal care industry, which is likely to define the next leg of growth for the market. Besides, pharmaceuticals industry has also been an important consumer segment for coconut oil market participants. An expanding application base is thus expected to drive the growth of coconut oil market. The market analysis by the type of coconut oil reveals continued dominance of sales of virgin coconut oil with more than 45% share in total revenue. Refined bleached and deodorized (RBD) oil segment follows further.
Asia Pacific Maintains Top Spot in Global Coconut Oil Market with over 35% Value Share
Attributing to a huge traditional consumer base, Asia Pacific remains the epicentre of growth for coconut oil market. The region currently accounts for more than 35% share in total market valuation and the report states that this dominance will prevail throughout the period of projection owing to sustained application of high-quality coconut oil in cooking, and related applications across food industry. The market here will remain buoyant on the back of strong production and consumer dynamics, says the report. Moreover, there has been increasing demand for coconut oil from nutraceuticals, and cosmetics and personal care industries over the past few decades. Market growth will reportedly be the fastest in Asia Pacific through 2029 end, and India will remain a significant pocket for investors, as well as stakeholders. Indonesia, and Philippines are also likely to be the next key Asian markets for the participants in coconut oil market. On the other hand, North America, and Europe are projected to develop attractiveness in the next few years as both the regions have been witnessing rapidly growing traction for virgin coconut oil as a functional ingredient recently.
Role of Regulatory and Monitoring Authorities Crucial
According to the report, the contribution of entities such as the Coconut Development Board (CDB) India, the Virgin Coconut Oil Producers Association (VCOPA), the International Coconut Community, the Coconut Development Board, and the Indonesian Coconut Processing Industry Association is a significant factor associated with the growth of coconut oil market. The report also highlights some other prominent factors that will continue to influence the long-term growth of coconut oil market. The rise of eco-innovation trend is highlighted as an important growth influencer, whereas the expanding market prospects of high-value products like virgin coconut oil is likely to largely contribute toward market penetration across the US, and key European markets.
Coconut Oil Market Players
Cargill Inc., ADM, Bunge Limited, Hain Celestial, Adani Group, Nutiva Inc., Barlean's Organic Oils LLC, Greenville Agro Corp, Adams Group Inc., Connoils LLC, Ruchi Soya Industries, Associated British Foods, Archer Daniels Midland Company, Oleo-Fats Incorporated, Phidco, American Vegetable Oil Inc., SC Global, Primex Group, The Hallstar Company, PT SIMP, Sumatera Baru, Greenville Agro Corporation, Hain Celestial Group, Barlean's Organic Oils LLC, and Mahavir Coconut Industries (MaxCare VCO) constitute some of the prominent players that have been considered for detailed strategic profiling and competitive analysis in the global coconut oil market report.
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