Coconut Oil Market Size Projected to Exceed US$9 Billion by 2030, Predicts Fairfield Market Research in a New Report

Driven by Health and Versatility, the Global Market for Coconut Oil has been Poised to Exhibit a Promising Rate of Growth in the Years to Come. The Market Size Reached US$5.9 Billion in 2023, Suggests a Newly Published Report by Fairfield Market Research.

London, April 02, 2024 (GLOBE NEWSWIRE) — Global coconut oil market is experiencing a surge in popularity, fueled by a growing consumer interest in natural and healthy products. According to a recent report by Fairfield Market Research, the market is expected to reach a value of US$9.1 Bn by 2030, reflecting a healthy CAGR of 6.3% during the forecast period (2023-2030).

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REPORT SCOPE

Report Attributes Details
Base Year 2022  
Forecast Year 2023 – 2030
Market Size in 2022 US$5.9 Bn
Estimated Market Size in 2030 US$9.1 Bn
CAGR 6.3%  
Growth Drivers
  • Growing Awareness About Health Benefits of Virgin Coconut Oil
  • Increasing Demand for Odourless and Tasteless RBD Oil in F&B
  • Rising Boom Around Functional F&B Products
Segmentation
  • By Nature (Conventional, Organic)
  • By Product Type (Virgin, Refined, Crude)
  • By End-use Industry (Food and Beverages, Pharmaceutical, Cosmetics and Personal Care, Household/Retail, Others)
Regional Coverage
  • North America (US, Canada)
  • Europe (Germany, UK, France, Italy, Turkey, Russia, Rest of Europe)
  • Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)

This growth is attributed to several key trends influencing consumer behavior, including the shifting preferences towards natural and organic products, health benefits, and versatility across food and personal care. Consumers are increasingly opting for natural and organic ingredients in their food and personal care products. Coconut oil, perceived as a natural and versatile product, aligns perfectly with this trend.

Coconut oil has gained significant recognition for its perceived health benefits. It is believed to contain lauric acid, a medium-chain triglyceride that may aid digestion and boost metabolism. Additionally, it is lauded for its high smoke point, making it suitable for various cooking applications.

Coconut oil’s uses extend far beyond the kitchen. Its moisturizing properties make it a popular ingredient in personal care products like lotions, soaps, and hair care products. This multi-functionality broadens its market reach.

Key Research Insights

  • Virgin oil remains the most popular product type with nearly 45% market share.
  • Conventional coconut oil continues to be the sought-after variety over its organic counterpart.
  • With more than 45% revenue contribution, Asia Pacific retains the leadership position.

Insights into Segmentation Analysis

Conventional Coconut Oil Reigns Supreme

The conventional coconut oil segment emerged as the frontrunner in 2023, primarily due to its affordability and widespread consumer appeal.

Consumers are increasingly turning to conventional coconut oil for its invaluable nutritional benefits, driving the segment’s expansion across industries.

The increased usage of conventional coconut oil in the food and beverage and personal care industries is further fueling market growth, showcasing its versatility and utility in diverse applications.

Organic Category Poised for Rapid Growth

The organic coconut oil category is projected to experience the fastest market growth, attributed to its 100% natural goodness.

Organic oils, preserved without heat, retain the nutritious worth of coconuts, including high dietary fiber, vitamins, and minerals, appealing to health-conscious consumers.

The demand for organic coconut oil is expected to soar throughout the forecast period, driven by its healthful qualities and increasing consumer awareness.

Virgin Oil Tops Sales Charts

The virgin coconut oil category emerged as the bestseller in 2023, favored for its natural extraction process and rich coconut taste and aroma.

Virgin coconut oil is extracted directly from fresh coconut meat through natural processes, preserving antioxidants, vitamins, and medium-chain fatty acids.

The various benefits of virgin coconut oil, including its antiviral, antibacterial properties, and easy digestion, contribute to its popularity among consumers.

Refined Category Set for Substantial Growth

The refined coconut oil category is anticipated to witness substantial growth in the projected period, driven by its neutral flavor, extended shelf life, and increased stability.

Refined coconut oil finds extensive usage in baking, frying, cooking, as well as in cosmetics and personal hygiene products, showcasing its versatility and utility.

The neutral flavor and scent of refined coconut oil make it a preferred choice for domestic preparations and in creating cosmetics and personal care products.

Food & Beverage Sector Leads Consumption

The food and beverages segment emerged as the leading consumer sector in 2023, owing to the extensive usage of coconut oil in culinary and pastry industries worldwide.

Growing awareness of the benefits and practical qualities of coconut products, including coconut oil, is driving up demand in the global food sector, particularly in Asian and European countries.

Coconut RBD oil remains the preferred option among consumers for various culinary preparations, further solidifying its position in the food and beverage sector.

Cosmetics & Personal Care Sector to Witness Rapid Growth

The cosmetics and personal care category is expected to experience the fastest growth within the forecast timeframe, driven by the increasing demand for VCO-based hair and skin care products.

VCO-based products are extensively purchased for their cleansing, antibacterial, and moisturizing qualities, contributing to market expansion.

Due to its ability to penetrate the skin completely and its moisturizing properties, VCO is increasingly used in cosmetics as a highlighter, lip gloss, and makeup primer, fueling market growth.

For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/coconut-oil-market

Key Report Highlights

  • While virgin coconut oil enjoys significant popularity, conventional coconut oil is expected to maintain a strong presence in the market due to its affordability and widespread appeal.
  • The personal care segment presents significant growth opportunities for coconut oil. The increasing demand for natural and organic cosmetics is expected to propel its use in this sector.
  • As the market expands, concerns regarding sustainable sourcing of coconuts may arise. The report suggests that the industry may need to address these concerns to ensure long-term growth.

Insights into Regional Analysis

Asia Pacific Emerges as the Primary Regional Market

The Asia Pacific region is anticipated to be the largest consumer of coconut oil globally.

This dominance can be attributed to several factors, including Extensive use of coconut in various cuisines across the region, growing awareness of the potential health benefits of coconut oil, presence of major coconut oil producers like India, and Indonesia within the region.

Countries like China, and India are witnessing a surge in the availability of coconut oil products, driving the dominance of the Asia Pacific region in the coconut oil market.

Coconut oil is gaining traction due to its perceived health benefits, particularly in the Asia Pacific region. Consumers are increasingly turning to coconut oil as they become more aware of its potential health advantages.

With a growing appreciation for natural medicines and traditional health practices, consumers in Asia Pacific are embracing coconut oil as a natural remedy.

Many culinary and cultural traditions in Asia Pacific are deeply rooted in the use of coconut and its derivatives, such as coconut oil. This cultural connection is driving the increased demand for coconut oil in the region.

Europe Benefits from Health and Wellness Drive

Europe’s heightened focus on wellness and health is fueling the expansion of the coconut oil market in the region.

The European market is experiencing a growing demand for natural and functional ingredients, driving the popularity of virgin coconut oil.

Virgin coconut oil is increasingly seen as a healthier substitute for conventional cooking oils in Europe, attributed to its perceived health benefits such as boosting immunity and metabolism.

As Europeans prioritize healthier lifestyles, the demand for virgin coconut oil continues to rise, reflecting the region’s evolving dietary preferences.

The coconut oil market in both Asia Pacific, and Europe is poised for significant growth, driven by consumer preferences for natural and healthier alternatives in their diets. With the rising awareness of coconut oil’s potential health benefits and its cultural significance, the market is expected to witness sustained expansion in the coming years.

Key Companies in Global Coconut Oil Market

  • Archer Daniels Midland Company
  • Bunge Limited
  • Ruchi Soya Industries
  • Adani Wilmar
  • Associated British Foods
  • Cargill Inc.
  • Adams Group Inc
  • American Vegetable Oil Inc.
  • Phidco
  • SC Global
  • Oleo-Fats Incorporated

Global Coconut Oil Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – (By Nature Coverage, By Product Type Coverage, By End User Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/coconut-oil-market

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