The global coconut oil industry is rising continually, witnessing a massive demand across the industries such as food beverages, pharmaceutical, and health wellness. Also, usages of the oil in a number of household applications stimulate the demand in the market. Besides, the vast consumption in the manufacturing of personal care cosmetic products escalates the market demand. High preference for coconut oil among consumers is a major factor bolstering the market demand exponentially.
The increase in market demand is predominantly led by the growing awareness of the health benefits of coconut oil across the globe. The populaces in the APAC region have already been well aware of the medicinal benefits of coconut oil in various pharmaceutical beauty products. On the other hand, consumers in the US and Europe are increasingly relying on this oil for its rich source of medium-chain triglycerides (MCTs), useful in vegan gourmet, weight management products, and health supplements.
According to Market Research Future (MRFR), the global coconut oil market is projected to touch the valuation of USD 8,403.3 MN by 2025, registering approximately 6.37% CAGR during the review period (2018 -2025). The important position that coconut oil holds in all major industries, including FB, pharmaceuticals, cosmetics personal care, and biofuel industry, acts as a key tailwind for the growth of the market.
Conversely, factors such as price volatility and the demand-supply gap act as a considerable barrier to the growth of the market. Nevertheless, technological advances in yielding techniques would support the growth of the market over the review period, increasing coconut production. Besides, the substantial RD investments would keep influencing the market growth in the year to come.
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Key Players:
Players active in the coconut oil market are Tantuco Enterprises Inc. (The Philippines), Naturoca (Indonesia), Phidco, Inc. (The Philippines), KPK Oils Proteins India Pvt. Ltd. (India), PT. Golden Oil (Indonesia), Greenville Agro Corporation (The Philippines), Samar Coco Products (The Philippines), Coconut Industry Investment Fund Oil Mills Group (The Philippines), Prima Industries Limited (India), SC Global Coco Products, Inc. (The Philippines), KERAFED (India), Primex Group of Companies (The Philippines), and PT. Harvard Cocopro (Indonesia), among others.
Coconut Oil Market - Segmentations
The report has been segmented into three major dynamics.
By Type : Virgin and Refined Coconut Oil.
By End-user : Industry, Food, and others.
By Regions : Americas, Europe, Asia Pacific, Middle East Africa, and Rest-of-the-World.
Global Coconut Oil Market - Geographical Analysis
Asia Pacific dominates the global coconut oil market, perceiving the most significant production of coconut. The massive production of coconuts attributes to the ample arable land and suitable weather conditions required for coconut yield in the region. Also, substantial consumption of the oil across industrial and household uses drives a large share of the market growth. The APAC coconut oil market is estimated to retain its dominance throughout the forecast period, accounting for the largest exporter for 100% natural, organic, and virgin coconut oil and 60%-70% of value addition in coconut oil produced in the region.
North America stands second in the global coconut oil market, following the APAC market closely. Factors such as huge imports of the oil, new product developments by various manufacturers, and substantial consumption of coconut oil in the burgeoning cosmetics personal care industry, drive the increase in the size of the market. Furthermore, increased cultivation of coconuts in the regions of Colombia, alongside the rising consumption of the oil in agrochemicals and cosmetics applications, impact the growth of the market.
The coconut oil market in Europe is projected to demonstrate modest growth due to the rising usages of oil as cooking oil. Besides, the increasing consumption of oil in the production of bread-spreads other food items drive the growth of the market. Moreover, augmenting demand from the pharmaceuticals personal care products industry fosters regional market growth. The European coconut oil market is estimated to witness significant growth in the future, heading with the increasing consumer awareness about coconut oil benefits.
Coconut Oil Market - Competitive Landscape
Highly competitive, the coconut oil market appears to be well-established with the presence of several noteworthy players churning the competition in this market. To gain a larger competitive share, market players adopt strategies such as mergers acquisitions, expansion, collaboration, and product/ extraction technology launch. Coconut oil producers continue expanding their product portfolio, enhancing sustainable sourcing production, increasing brand awareness widening distribution. Growth in terms of product innovations and oil-deriving techniques create strong investment opportunities for market players.
Industry/ Innovation/ Related News:
January 31, 2020 ---- Marico Limited (India), producer of Parachute coconut oil and Saffola edible oil, announced an 11% increase in its net profit for the year 2019. FMCG majors EBIDTA (earnings before interest, taxes, depreciation, and amortization) margin also expanded by 116 bps to 20.4%. Last year, the company had expanded its portfolio with a range of coconut oil, including 100% organic virgin coconut oil, natural virgin coconut oil, and naturally infused variants of cold-pressed virgin coconut oil.
January 31, 2020 ---- the Ateneo de Manila University and Spring Hill Neonatolody, Inc. published their recent study titled “The Potential of Coconut Oil and its Derivatives as Effective and Safe Antiviral Agents Against the Novel Coronavirus (nCoV-2019)”. The study involves the use of coconut oil as a possible antiviral agent against COVID-19. The study proposes extensive research on the potential of coconut oil as a safe agent against COVID-19, given that it has a significant amount of lauric acid, which contains elements that have shown to have “potent antiviral properties.”
