Coconut oil market size to be worth US$ 7,481.30 million by 2030

NEW YORK, US, Jan. 25, 2023 (Globe Newswire) — Coconut oil market overview

According to a comprehensive research report by Market Research Future (MRFR), “Coconut oil market Information by type, end user and region – forecast to 2030The market is estimated to have a volume of more than $7,481.30 million by the end of 2030. The report further predicts that the market will thrive at a healthy CAGR of over 6.4% during the review time frame.

Market range:

Extracting the oil from fresh or dried coconut kernels is what makes coconut oil. It is impossible to detect that there is no flavor or smell in the oil. There are three different types of oil: virgin, refined and unrefined. Unrefined coconut oil is rarely used as a food source.

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Report Scope:

report attribute details
market size in 2030 7,481.30 million US dollars
compound annual growth rate 6.4% (2022-2030)
base year 2021
forecast period 2022-2030
Historical data 2020
prediction units Value (US$ million)
report coverage Revenue forecasts, competitive landscape, growth drivers, and trends
Covered slices By type, end user and region
Geographic coverage North America, Europe, Asia Pacific, and Rest of the World (RoW)
Major market drivers Consumer preference for healthy vegetable oils
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Competitive Dynamics:

Only a few companies can be considered as ‘major players’ in the virgin coconut oil market. They are the leading providers of the highest quality organic coconut oil. The vast majority of industry revenues are generated by these oil producers. They achieve this by adapting their products to meet the needs of consumers according to current trends in the market, such as providing oil that has been filtered several times, which comes with easy-to-use nozzles, and is presented in attractive packaging.

The major players in the market are:

  • Barlean’s Organic Oils LLC (United States)
  • Mahavir Coconut Industries (MaxCare VCO)
  • Hen Heavenly Group (USA)
  • Nutiva Inc. (United State)
  • Carrington Farms (USA)
  • Torangel (United States)
  • SC Global Coco Products Inc. (Philippines)
  • Celebes Coconut Corporation (Philippines)
  • Farmirindia (India)
  • Jarrow Formulas, Inc. (United State)
  • Premier Organics Inc.
  • Viva Naturals (Canada)
  • Shanghai Asia Co., Ltd
  • Weichi Plantation Co., Ltd
  • Flower Song Fine Chemicals Co., Ltd
  • Garden of Life LLC (United States)
  • Greenville Agro Corporation (Philippines)
  • Libra Bioscience Pvt. Ltd
  • Harvard Kokopro (Indonesia)

Market USP:

Market drivers

Coconut oil is a popular hair oil because it is an excellent hair care product that helps maintain healthy hair and add shine. Due to its anti-aging, antimicrobial, antioxidant and anti-inflammatory properties, it is also used for a full body massage. Moreover, coconut oil is a common cooking fat in many Southeast Asian countries. Since coconut oil contains very little unsaturated fatty acid, it helps the body maintain blood cholesterol levels where they should be, thus reducing the risk of cardiovascular disease. As a dietary fat, it is used in the production of many different types of food, including flavored milk, newborn infant formula, ice cream, puddings, and baking. Coconut market expansion can result from a number of different sources. Many people have started using coconut oil as a result of the growing awareness of the benefits of adopting healthier eating and living practices. The oil improves the flavor and aroma of food while providing many health benefits. Skin health and glow can also be improved with its help. So, this could be good news for the VCO market all over the world.

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market restrictions

The demand for virgin oil made from coconuts can be hampered by a number of problems. The price of coconut oil in the international market is the most important one. The cost of a VCO is usually very large. Therefore, consumers cannot afford to use this oil on a regular basis, and may revert to using other, cheaper oils. As a result, it is possible that these variables may slow market expansion.

COVID-19 analysis:

Covid-19 has had a crippling impact on businesses of all sizes. Many stores are closed due to the lockdown and the need to maintain a safe distance. The profit and demand in the coconut oil business, for example, has been declining. However, the coconut oil market is expected to regain its revenue in the following years.

Time seems to help solve the problem of the epidemic. It won’t be long before most companies see their bottom line rise again. And when that happens, the demand for virgin coconut oil will skyrocket. Despite the pandemic, its growth is fueled by the spread of education and access to oil around the world.

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Market Segmentation:

by type

The organic segment is likely to gain momentum during the review period.

Depending on the application

Food and beverage items are expected to gain significant value during the review period.

Regional analysis:

Asia Pacific is expected to be the largest market. This is due to the fact that many of the most important players in the market originate in Asia and Oceania. Coconut products have found wide application in the baking and culinary industries of many Asian countries. As more people learn about the health benefits and practical applications of coconut commodities, such as coconut oil, its use in the food industry grows. RBD Coconut Oil is becoming increasingly popular for use in cooking and beauty products. Since coconut oil has a lower fat content than most other oils, it is increasingly used in the production of baked goods and confectionery. So, the growing number of hotels, restaurants, and fast food chains, as well as the growing number of people using coconut oil for cooking, will drive the regional market forward in the coming years.

Likewise, the North American market is expected to account for a significant share of the total industry worldwide. The United States has been a staunch ally in pushing for the expansion of the virgin oil sector in the region. For the projected time period, the virgin coconut oil market is expected to expand globally.

In 2020, Europe captured a significant portion of the coconut oil market, and this trend is expected to continue throughout the forecast market period. The growing popularity of baked goods, snacks, desserts, and ready meals all contain coconut oil, which is expected to boost the industry at a rapid pace. The booming cosmetics and personal care market in Europe has led to an increased demand for coconut oil. The growing demand for coconut oil is expected to be driven by factors such as the expanding population in urban areas and the growing interest in healthy eating. Being high in medium-chain fatty acids, coconut oil may improve your health in several ways. Accordingly, the above factors are likely to play an important role in driving the European coconut oil market forward during the forecast period.

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