USD 4.9 billion
Coconut Oil Market Size, Share, Growth Analysis, By Type(Refined Coconut Oil, Virgin Coconut Oil, Organic Coconut Oil, and Others), By Application(Cooking, Skin Care, Hair Care, Industrial Applications), By Processing Type(Cold Pressed, Expeller-Pressed, Solvent Extracted, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30K2047 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
94
|Figures:
76
Coconut Oil Market Insights
Global Coconut Oil Market size was valued at USD 4.9 billion in 2022 and is poised to grow from USD 5.59 billion in 2023 to USD 11.08 billion by 2031, growing at a CAGR of 6.40% in the forecast period (2024-2031).
In recent years, the global coconut oil market has been changing consumer preferences and demands by increasing consumer awareness regarding the health benefits of coconut oil, attributed to its medium-chain fatty acids, driving its demand in various industries.
The cosmetic and personal care sector has witnessed significant uptake due to the oil's moisturizing properties. Additionally, the food industry values coconut oil for its culinary versatility and perceived health advantages.
However, challenges include price fluctuations influenced by factors like weather conditions and geopolitical events affecting coconut production.
As sustainability gains prominence, the market witnesses a growing demand for organic and ethically sourced coconut oil.
Regional trends indicate robust growth in Asia-Pacific, particularly in countries like India, Indonesia, and the Philippines, where coconut cultivation is prominent. The global Coconut Oil market is poised for continued expansion, influenced by evolving consumer preferences, health consciousness, and sustainable practices in the industry.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Virgin Coconut Oil,
Fastest Growth
Organic Coconut Oil
Growth Rate
6.40% CAGR
Global Coconut Oil Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Coconut Oil Market Segmental Analysis
The global coconut oil market is segmented into four major segments i.e. by type, application, processing type, and region. Based on type, it is divided into refined coconut oil, virgin coconut oil, organic coconut oil, and others. Based on application, it is bifurcated as cooking, skin care, hair care, industrial applications, and others. Based on processing type it is segregated into, cold pressed, expeller-pressed, solvent extracted, and others. Based on region, the market is segmented into Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa.
Analysis by Type
VCO is often perceived as a healthier option due to its extraction process that retains more of the natural compounds found in coconuts. This aligns with the prevalent consumer preference for healthier and natural products. The cosmetic and personal care industry increasingly values VCO for its moisturizing and skin-nourishing properties. This demand contributes to the dominance of VCO, as it finds applications in skincare and haircare products.
Increasing health consciousness and awareness of environmental sustainability drive the demand for organic coconut oil. Consumers associate organic products with fewer pesticides, chemicals, and a more eco-friendly production process. Organic coconut oil is often perceived as a healthier option as it is produced without synthetic additives. This resonates with the broader health and wellness trends, encouraging consumers to opt for organic alternatives.
Analysis by Application
Coconut oil, especially in the form of Virgin Coconut Oil (VCO), is widely used in cosmetic and personal care products due to its natural moisturizing properties. It is a key ingredient in skincare and haircare items, contributing to its dominance in this application segment. The cosmetic and personal care industry is experiencing a growing demand for products with natural and organic ingredients. Coconut oil aligns with this trend, being a natural and versatile ingredient, driving its prominence in formulations.
Coconut oil's versatility in cooking applications, including frying, baking, and sautéing, positions it as a fast-growing segment in the food industry. It caters to the increasing consumer preference for healthier cooking oils. As consumers become more health-conscious, they seek alternatives to traditional cooking oils. Coconut oil, particularly Virgin Coconut Oil (VCO), is perceived as a healthier option due to its medium-chain fatty acids, contributing to its rapid growth in the food sector.
Global Coconut Oil Market By Type
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Coconut Oil Market Regional Insights
Asia-Pacific, particularly countries like Indonesia, the Philippines, and India, dominates the coconut oil market due to its significant coconut production. The availability of raw materials contributes to the region's leadership in coconut oil production and consumption. Coconut oil is deeply ingrained in the culinary traditions of many Asian-Pacific countries. Its versatile use in traditional dishes contributes to a consistent demand, making the region a key consumer and producer of coconut oil.
The North American market is experiencing a surge in health-conscious consumer behavior. As coconut oil is perceived as a healthier alternative in cooking and as an ingredient in various products, its demand is on the rise. The increasing use of coconut oil in the North American food industry, driven by trends such as plant-based diets and clean eating, contributes to the region's fast growth. Coconut oil is sought after as a cooking oil and ingredient in various food products.
Global Coconut Oil Market By Region
- Largest
- Fastest
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Coconut Oil Market Dynamics
Drivers
Increasing Consumer Awareness of Health and Wellness
- The increasing awareness and adoption of healthier lifestyles and dietary choices play a significant role. Coconut oil, particularly varieties like Virgin Coconut Oil (VCO), is perceived as a natural and beneficial alternative, driving demand in both the food and cosmetic industries. The versatile culinary applications of coconut oil, coupled with its rising popularity in various cuisines, contribute to its market expansion. Furthermore, the cosmetic and personal care industry's increasing preference for natural ingredients, where coconut oil is recognized for its moisturizing properties, further boosts market growth.
Restraints
High Susceptibility of Coconut Production to Environmental Factors
- One of the main market restraints is the susceptibility of coconut production to environmental factors, including weather conditions and natural disasters. Such unpredictability can lead to fluctuations in coconut yields, impacting the overall coconut oil supply chain and potentially causing price volatility. Additionally, the geographical concentration of coconut cultivation in specific regions makes the market susceptible to geopolitical events and trade disruptions. Price sensitivity is another restraint, as the production costs of coconut oil can vary, and fluctuations in raw material prices may affect the affordability of coconut oil-based products.
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Coconut Oil Market Competitive Landscape
The competitive environment of the coconut oil market is dynamic and marked by the presence of diverse players striving for market share. The industry leaders focus on strategic initiatives such as mergers, acquisitions, and partnerships to enhance their market position and broaden their product offerings. Additionally, the market sees active participation from regional and local players, contributing to competition and catering to specific consumer preferences. The coconut oil market is characterized by innovations, with companies emphasizing product quality, sustainability, and diverse applications, particularly in the food and cosmetic industries.
Top Player’s Company Profiles
- Cargill, Incorporated
- Bunge Limited
- Greenville Agro Corporation
- Gustav Heess
- SBH Foods Pvt. Ltd.
- Connoils LLC
- Tantuco Enterprises, Inc.
- Celebes Coconut Corporation
- CIIF OMG
- Aluan
- Sun Bionaturals Private Ltd
- Bo International
- Shree Western G & C Ind.
- Aromaax International
- Adams Group
- Nutiva
- Carrington Farms
- Dr. Bronner's
- NOW Foods
- Spectrum Essentials
Recent Developments
- In July 2023, Marico Limited confirmed the finalization of agreements to secure a controlling interest in Satiya Nutraceuticals, the proprietor of the brand "The Plant Fix-Plix," a plant-based nutrition brand emphasizing clean labels in the digital realm. The acquisition, an all-cash transaction, involves Marico purchasing a majority stake in Satiya Nutraceuticals. Known for its Parachute Coconut oil, Marico Limited strategically expands its portfolio through this investment in the growing market for plant-based nutrition.
- In February 2023, Metro Pacific Investments Corp, a conglomerate based in the Philippines, is set to acquire a 33% stake in Axelum Resources Corp for 5.32 billion pesos (USD 97.7 million), as reported by the coconut products manufacturer and exporter. The move comes as Metro Pacific strategically expands its agribusiness holdings amidst favorable commodity prices. Reliable sources indicate that discussions have been underway for Metro Pacific to secure a substantial interest in Axelum, marking a notable development in their ongoing negotiations.
Coconut Oil Key Market Trends
Rising Consumer Awareness and Increased Use of Natural and Organic Products
- The growing consumer inclination towards natural and organic products, influencing the demand for organic coconut oil. Health-conscious consumers are seeking clean-label options, and organic coconut oil aligns with this trend. Additionally, the market is experiencing a surge in the popularity of value-added coconut oil products, such as infused or flavored varieties, catering to diverse culinary and cosmetic preferences. Sustainability is emerging as a significant trend, with consumers showing increased interest in ethically sourced and environmentally friendly coconut oil. The cosmetic and personal care industry is witnessing a rising adoption of coconut oil in various formulations, driven by its natural moisturizing properties.
Coconut Oil Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global coconut oil market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market experiences robust growth driven by increasing consumer awareness of health benefits and culinary versatility. However, environmental factors affecting coconut production and price fluctuations pose challenges. Virgin Coconut Oil (VCO) dominates due to its perceived health advantages. Asia-Pacific leads in production and consumption, while North America witnesses rapid growth. Key trends include a rising demand for organic coconut oil, sustainability initiatives, and innovations in flavored varieties. The cosmetic and food industries fuel market expansion, emphasizing natural ingredients. Overall, the coconut oil market reflects a dynamic landscape shaped by health-conscious choices, sustainability, and diverse applications.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.9 billion |
| Market size value in 2031 | USD 11.08 billion |
| Growth Rate | 6.40% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Coconut Oil Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Coconut Oil Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Coconut Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Coconut Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Coconut Oil Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Coconut Oil Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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