Global Coconut Oil market trends 2024, Forecast To 2033
26 Jan, 2024
The coconut oil market has exhibited robust growth, increasing from $4.61 billion in 2023 to $5.03 billion in 2024, reflecting a 9.2% CAGR. The historical surge is linked to culinary usage, health and wellness trends, cosmetic and personal care applications, the preference for non-GMO and organic options, and traditional cultural practices. Moving forward to 2028, the market is projected to expand to $7.03 billion, with an anticipated 8.7% CAGR. Future growth is attributed to the rise of plant-based and vegan diets, the demand for functional food and beverages, clean beauty and natural cosmetics, sustainable sourcing and production, and medical and therapeutic applications. Key trends include the increasing popularity of MCT oil, coconut-based dairy alternatives, hair and scalp treatments, aromatherapy, and customizable coconut blends.
Global Coconut Oil Market Key Driver
The coconut oil market is experiencing growth driven by the rising demand for personal care and cosmetic products. Coconut oil, known for its natural moisturizing properties, is extensively used in skincare and hair care products. In April 2023, the International Trade Administration reported that beauty and personal care product sales in China reached $88 billion in 2021, representing a 10% YoY increase. Additionally, skincare product sales in the U.S. grew by 13% in January 2021. The increasing consumer inclination towards personal care products is fueling the demand for coconut oil, contributing to market growth.
Get A Free Sample Of The Global Coconut Oil Market ReportGlobal Coconut Oil Market Segments
The global coconut oil market covered in this report is segmented –
1) By Product: Virgin Coconut Oil, Coconut RBD Oil
2) By Price Point: Mass, Premium
3) By Distribution: Direct Distribution, Convenience Stores, Modern Trade Units, E-Commerce, Others Distributions
4) By Application: Food Industry, Agriculture, Cosmetics And Personal Care Industry, Chemical Industry, Other Applications
Major Coconut Oil Industry Players
Archer Daniels Midland Company, Greenville Agro Corporation, Libra Bioscience Pvt Ltd., Bunge Ltd., Cargill Incorporated, Wichy Plantation Company (Pvt) Ltd., Adani Group, Windmill Organics Ltd., Hain Celestial Group Inc., PT. Harvard Cocopro, Royce Food Corporation, Marico Ltd., Nutiva Inc., Dr. Bronner's, Kirkland's Inc., Parachute Naturalz, Golden Barrel, Spectrum Essentials, Dignity Coconuts, Harin Bio-Tech International Private Limited, Sakthi Exports, Aluan, Bo International, Shree Western G & C Ind., Jiangxi Planty Manor Health Industry Co. Ltd., HanCole Group, NMK Holdings Private Limited, K.K.P.Industries, Manchiee De Coco, Nature Pacific Pty Ltd., Cocomate, Genius Nature Herbs Pvt Ltd., Keratech Coconut Oil Pvt Ltd., Jedwards International Inc., Sun Bionaturals (India) Private Limited, Pureoilsindia, Nature's Oil, Cornitos, KPL Oil Mills (P) Ltd.
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Coconut Oil Market Overview
Coconut oil refers to oil derived from the fruit of the tropical coconut palm tree (Cocos nucifera). Coconut oil is rich in saturated fat, making it exceptionally stable and resistant to oxidation and rancidity. It is used to reduce belly fat, prevent heart disease, curb appetite, strengthen the immune system, and stave off dementia and Alzheimer’s disease.
Coconut Oil Global Market Report 2023 provides data on the global coconut oil market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The coconut oil market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.