London, April 04, 2023 (GLOBE NEWSWIRE) -- In recent years, there has been a steady increase in the adoption of coconut oil in various cooking applications around the world. This can be attributed to the various health benefits of coconut oil, such as improved skin and oral health, antimicrobial and antioxidant properties, as well as weight-loss potential. The use of coconut oil has also been found to aid in reducing seizures and hunger, and in promoting fat burning. Greater awareness of the benefits of healthier living is leading to a higher demand for organic products. An increase in the prevalence of veganism is another element that is expected to further contribute to the growth trajectory of the global coconut oil market as these consumers look to substitute butter with virgin coconut oil.
Besides cooking applications, coconut oil is also extensively used in personal care and pharmaceutical spaces due to its moisturizing and nourishing properties. A study by Fairfield Market Research highlights that the global coconut oil market was valued at US$5.3 Bn in 2021 and is slated to expand at a projected CAGR of 5.7% over the forecast period.
Key Research Insights
• The global coconut oil market was valued at US$5.3 Bn in 2021
• Indonesia in the largest consumer nation of coconut oil
• Asia Pacific to account for over 45% of the global coconut oil industry
• The largest coconut oil company in the world is Wilmar International Ltd.
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Insights into Segmentation Analysis
The global coconut oil market is segmented based on – Form, Product Type, Application, and Region. Based on the ‘Product Type’ market segmentation, the ‘Virgin Coconut Oil’ sub-segment accounted for the majority share of over 50%. With respect to ‘Application,’ the 'Food & Beverage’ sub-segment was the largest shareholder, accounting for over 70% of this global market. However, cosmetics and personal care applications are expected to gain significant traction in the years ahead.
Key Report Highlights
• The food end-user sector accounted for over 70% of the global coconut oil market
• Virgin coconut oil is the most popular type, garnering more than a 50% share of this market
• The nutraceutical end-user sub-segment to index considerable growth in the years ahead
• Cooking oil accounted for over 60% share of the global coconut market
Insights into Regional Analysis
A comprehensive study by Fairfield Market Research suggests that the Asia Pacific region is expected to remain a frontrunner in the global coconut oil market, both in terms of production and consumption. Owing to the increasing availability of diverse, cost-effective virgin coconut oil, as well as a large consumer base, consistent product launches, and the promising prospects of usage in nutraceuticals, this market is expected to sustain its dominance over the forecast period. North America is a mature market for coconut oil, and this is expected to remain.
Key Market Players
Wilmar International Ltd., Cargill, ADM (Archer Daniels Midland), Bunge Loders Croklaan, Hain Celestial, Adani Group, Nutiva Inc., Barlean's Organic Oils LLC, Greenville Agro Corp., Adams Group, and Connoils LLC., constitute some of the major competitors steering the competitive landscape of global coconut oil market.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2029 | |
| Market Size in 2019 | US$5.3 Bn | |
| Estimated Market Size in 2026 | US$8.2 Bn | |
| CAGR | 5.7% | |
| Key Players | Wilmar International Ltd., Cargill, ADM, Bunge Loders Croklaan, Hain Celestial, Adani Group, Nutiva Inc., Barlean's Organic Oils LLC, Greenville Agro Corp., Adams Group, and Connoils LLC. | |
The Global Coconut Oil Market is Segmented as Below:
By Form Coverage
- Dry Coconut
- Wet Coconut
By Type Coverage
- RBD
- Virgin
- Crude
By Form Coverage
- Organic
- Conventional
By Application Coverage
- Food & Beverages
- Snacks & Cereals
- Nutritional Products
- Beverages
- Convenience foods
- Others
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- Cargill
- ADM
- BUNGE
- HAIN CELESTIAL
- ADANI GROUP
- Nutiva Inc.
- Barlean's Organic Oils LLC
- Greenville Agro Corp
- Adams group
- Connoils LLC
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Global Coconut Oil Market Outlook, 2019 - 2029
4. North America Coconut Oil Market Outlook, 2019 - 2029
5. Europe Coconut Oil Market Outlook, 2019 - 2029
6. Asia Pacific Coconut Oil Market Outlook, 2019 - 2029
7. Latin America Coconut Oil Market Outlook, 2019 - 2029
8. Middle East & Africa Coconut Oil Market Outlook, 2019 - 2029
9. Competitive Landscape
10. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/coconut-oil-market/more-information
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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