Coconut Oil Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.32 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Coconut Oil Market Analysis
The coconut oil market is projected to register a CAGR of 6.34% during the forecast period, 2022-2027.
Coconut oil as an ingredient has been widely accepted in different industries such as food and beverage, cosmetics, personal care, and pharmaceuticals. With the ongoing expansion of end-use industries, the demand for coconut oil is also increasing in the worldwide market over the past few years. Further, the rising trend of plant-based cosmetics and personal care products is accelerating the production and processing of industrial-grade coconut oil across key coconut-producing countries. Additionally, several coconut associations have been established in different countries to regulate the industry operations which include Virgin Coconut Oil Producers Association (VCOPA), Indonesian Coconut Processing Industry Association, Coconut Development Board, and International Coconut Community, among others. These associations are primarily engaged in monitoring of trade, export, cultivation, and processing of coconut across the respective country. For instance, in India, Coconut Development Board (CDB) is a statutory body established under the Ministry of Agriculture, Government of India for the integrated development of coconut oil production. Moreover, by seeking the involvement of these government agencies, the manufacturers are gaining the trust of the coconut oil and other coconut by-products, which is another reason that is enabling the consumers with increasing demand for coconut oil.
In the short term, the trading of coconut oil has been significantly affected due to the inter-country war between Russia and Ukraine. For instance, according to the market study, in 2020, Russia was the 34th largest exporter of coconut oil across the globe as it exported USD 3.6Million in coconut oil, whereas, due to the war between these respective countries, in 2022, Russia has marked the coconut oil-exporting of USD 634Thousand and an importing of USD 18.4M which is a negative trade balance of USD 1.7Million. Thus, coconut oil trading is being affected across the globe.
Coconut Oil Market Trends
This section covers the major market trends shaping the Coconut Oil Market according to our research experts:
Increasing Demand for Coconut Oil in Personal Care Segment
Coconut oil and other coconut-based products have been perceived as a healthy ingredient for beauty enhancement by communities all around the world, especially in tropical and coastal regions, which in turn has influenced the manufacturers to use coconut oil as a staple ingredient in cosmetic and personal care products. Moreover, cosmetics infused with virgin coconut oil are widely accepted as modern consumers are increasingly inclined towards organic and vegan skincare and hair care solutions. As a result, many personal care brands are replacing mineral oil with coconut oil in their cosmetics and personal care products range as coconut oil consists of triglycerides, combined with stable saturated medium-chain fatty acids (lauric acid, C10 capric acid, and C8 caprylic acid) with the same occlusive and hydrophobic characteristics that mineral oil has. Further, the antiseptic properties of coconut oil due to the lauric acid have promoted it as a staple ingredient in lip balms, shampoo, soaps, and moisturizers in recent years. Besides, coconut oil is a natural moisturizer, it locks the moisture of lips and makes them soft and supple, thereby, manufacturers are engaged in manufacturing coconut oil-based lip care products. For instance, in June 2022, REM beauty, the beauty brand owned by American actress Ariana Grande launched a new product called Essential Drip Lip Oil, featuring coconut oil for lip hydration and glossy shine.
Asia-Pacific is the Largest Market
Coconut and coconut-based products are being used as one of the most common ingredients for various food and beverage products across the Asia-Pacific region. For instance, in South India, there are several private label snack brands that specialize in savory snacks fried in coconut oil. Furthermore, increasing consumer awareness about the health benefits associated with plant-based food is driving the application of coconut oil in the packaged food industry. Moreover, coconut oil has been widely preferred to enhance skin and hair health since ancient times in the culture of Asian countries including India, Indonesia, and Thailand, among others. Furthermore, the government across key countries is promoting the expansion of coconut oil processing capacity to cater to rising demand across application industries. For instance, in February 2021, the Japanese government provided a grant of USD 66,648 through the Grant Assistance for Grassroots Human Security Projects (GGP), for a project for the installation of coconut oil production facilities in the Mullaitivu district. Thus, the rising coconut oil demand from end-use industries to formulate the products as per evolving consumer preferences for vegan and organic cosmetics, personal care products, and packaged food is expected to boost the growth in Asia pacific coconut oil market.
Coconut Oil Industry Overview
The global coconut oil market is highly competitive in nature with key companies adopting different strategies such as product development, expansion of production capacity, and investment in advanced processing technologies. Additionally, industry participants are focusing on mergers and acquisitions to expnad their business across untapped markets. Some of the majr players operating in the global coconut oil market are, Celebes Coconut Corporation, Royce Food Corporation, GREENVILLE AGRO CORPORATION, and Cargill, Incorporated, among others.
Coconut Oil Market Leaders
The Archer-Daniels-Midland Company
Cargill, Incorporated
GREENVILLE AGRO CORPORATION
Gustav Heess
SBH Foods Pvt. Ltd.
*Disclaimer: Major Players sorted in no particular order
Coconut Oil Market News
- In June 2022, Cargill Inc., a prominent player in the coconut oil market, acquired Dalmia olive oil business to forge ahead with new product launches. Moreover, Cargill Inc. invested approximately USD 17.5 million in Izegem edible vegetable oil refinery to upgrade its production capacity.
- In August 2020, Treelife, a Cotabato-based manufacturer of organic products has expanded its business by investing in the virgin coconut oil (VCO) production.
- In May 2020, GVK investments, producers of AVA virgin coconut oil with support from HortiFresh under its' Innovation fund, is expanding the processing capacity and range of products marketed, training staff, and providing market opportunities to smallholder farmers.
Coconut Oil Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Products Type
5.1.1 Refined Coconut Oil
5.1.2 Un-Refined Coconut Oil
5.1.3 Other Types of Coconut Oil
5.2 By Application
5.2.1 Food and Beverages
5.2.2 Pharmacetuticals
5.2.3 Cosmetic and Personal Care
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 Spain
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 The Archer-Daniels-Midland Company
6.3.2 Cargill, Incorporated
6.3.3 GREENVILLE AGRO CORPORATION
6.3.4 Gustav Heess
6.3.5 SBH Foods Pvt. Ltd.
6.3.6 The Coconut Company
6.3.7 TANTUCO ENTERPRISES, INC.
6.3.8 ISA Regal International
6.3.9 LUONG QUOI COCONUT CO., LTD
6.3.10 Simple Mills
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
9. DISCLAIMER
Coconut Oil Industry Segmentation
The study scope considers coconut oil used as an ingredient in different end-use industries including pharmaceuticals, food and beverage; and cosmetics and personal care manufacturing. Coconut oil is produced mainly by a solvent extraction process. The coconut endosperm is removed and dried to yield the dried coconut meat, also known as copra, and subsequently, solvents are applied to maximize oil extractability. The global coconut oil market is segmented by product type, application, and by geography. By product type, the market is segmented into refined coconut oil, unrefined coconut oil, and other types of coconut oils. By application, the market is segmented into food and beverages, pharmaceuticals, cosmetics, and personal care. It provides an analysis of emerging and established economies across the world, comprising North America, Europe, South America, Asia-Pacific, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| By Products Type | |
| Refined Coconut Oil | |
| Un-Refined Coconut Oil | |
| Other Types of Coconut Oil |
| By Application | |
| Food and Beverages | |
| Pharmacetuticals | |
| Cosmetic and Personal Care |
| By Geography | |||||||||
| |||||||||
| |||||||||
| |||||||||
| |||||||||
|
Coconut Oil Market Research FAQs
What is the current Coconut Oil Market size?
The Coconut Oil Market is projected to register a CAGR of 6.32% during the forecast period (2024-2029)
Who are the key players in Coconut Oil Market?
The Archer-Daniels-Midland Company, Cargill, Incorporated , GREENVILLE AGRO CORPORATION, Gustav Heess and SBH Foods Pvt. Ltd. are the major companies operating in the Coconut Oil Market.
Which is the fastest growing region in Coconut Oil Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Coconut Oil Market?
In 2024, the Asia-Pacific accounts for the largest market share in Coconut Oil Market.
What years does this Coconut Oil Market cover?
The report covers the Coconut Oil Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Coconut Oil Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Coconut Oil Industry Report
Statistics for the 2024 Coconut Oil market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Coconut Oil analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
