Global Natural Coconut Oil Market Size Estimated to Reach $2.7 Billion by 2027
Research Reports
Apr 14, 2022
Global Natural Coconut Oil Market size is estimated to reach $2.7 billion by 2027. Furthermore, it is poised to grow at a CAGR of 6.1% over the forecast period of 2022-2027. Coconut oil is derived from the kernel of matured coconuts made from the coconut palm and contains 80-90% of saturated fat but the less amount of unsaturated fat needs hydrogenation. Coconut oil is used as an edible oil in many countries as it contains lauric acid and recently the popularity of coconut oil is raised owing to its various health benefits. Coconut oil is the most common food oil used as a dietary fat source. It’s commonly used as a cooking oil and in the culinary industry, including baking and confectionery. Virgin coconut oil (VCO) and refined, bleached, As well as deodorized coconut oil, are two forms of coconut oil that are separated by how they are extracted from the coconut meat (RBD). Coconut oil is a product made from the flesh of fresh coconut. The processing of coconut oil (VCO) differs from that of RBD. The latter is made from dried beef or copra and through a refining procedure before becoming edible. As the trend of coconut oil increases, people claim that it can help burn belly fat, suppress appetite, enhance the immune system, prevent heart disease, and prevent dementia and Alzheimer’s disease. Coconut production is projected to be over 55 million tons per year around the world. The three largest coconut producers in the world are Indonesia, the Philippines, and India.
The robust growth in the end-use industries such as food, cosmetics, and even pharmaceutical are some of the factors driving the global natural coconut oil Industry forward in the projected period of 2022-2027.
Global Natural Coconut Oil Market Segment Analysis- By Type
The natural coconut oil market based on type can be further segmented into Virgin Coconut Oil and Extra Virgin Coconut Oil. Virgin Coconut Oil held a dominant market share in the year 2021. Virgin coconut oil is healthier than other oils which increase its usage in cooking purposes. Recently, the consumption of omega fatty acid rising among consumers as it helps them to lead a healthy lifestyle and thus growing the demand for virgin coconut oil. This oil is considered edible oil and recently, according to Economics times, edible oil export soar by 54% in 2020.
However, extra virgin coconut oil is estimated to be the fastest-growing, with a CAGR of 6.7% over the forecast period of 2022-2027. Extra virgin coconut oil is used in a variety of applications such as food, cosmetics, pharmaceuticals, etc. Recently, people are using natural cosmetic products as it is healthy for the skin and do not cause any harm so, manufacturers are using extra virgin coconut oil for making natural cosmetics products. Moreover, rising cholesterol level among customers gives rise to the usage of extra virgin coconut oil as it contains antioxidants which help in reducing the cholesterol level.
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Global Natural Coconut Oil Market Segment Analysis- By Application
The natural coconut oil market based on the application can be further segmented into Food, Pharmaceuticals, and Cosmetics. Food held a dominant market share in the year 2021. The use of natural coconut oil increases in the food industry as people are becoming more health-conscious and they need products that provide various health benefits. Moreover, the demand for plant-based food surging among consumers further surges the demand for natural coconut oil.
However, Cosmetics is estimated to be the fastest-growing, with a CAGR of 7.5% over the forecast period of 2022-2027. It is owing to the robust need and growth of using natural ingredients in making the products healthy and safe. Natural coconut oil is used in body oil, hair oil, and various other cosmetic products. During the pandemic, the demand for natural skin care products surged which gives rise to the development of the cosmetic industry.
Global Natural Coconut Oil Market Segment Analysis- By Geography
The natural coconut oil market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held a dominant market share of 50% in the year 2021 and is anticipated to grow at the fastest CAGR of 5.3%. It is owing to the rising consumption of coconut in a variety of applications that gives rise to the production of coconut oil. Moreover, the growing trend of adopting pure products among the population surges the demand for coconut oil. According to an article published in NCBI, India’s yearly coconut production is estimated to be around 2,044 crores, with a total area of 19.8 lakh hectares. Kerala is India’s top producer, accounting for over 40% of the country’s total coconut production. Currently, India becomes the biggest exporter of coconut oil and export nearly 8,441 tonnes in 2020.
Global Natural Coconut Oil Market Drivers
Growing demand for natural cosmetic products inclusive of natural coconut oil has readily aided the market growth
People nowadays are primarily concerned with taking the best possible care of their hair and skin. Women are the primary purchasers of beauty and personal care items all around the world. Customers’ preferences have shifted away from artificial chemical products and toward natural ones in recent years. During the forecast period, the coconut oil market is expected to develop due to an increase in the use of organic and natural goods. The adoption of organic products is heavily influenced by social media platforms. Manufacturers are focusing on color cosmetics and scents, while natural cosmetics for hair and skincare continue to impact growth plans. The growing popularity of natural cosmetic colors created from pigments found in fruits and vegetables is also benefiting market participants. According to premium beauty news, Natural and organic cosmetics sales have increased at an annual rate of +7% over the last five years and are predicted to reach 5 billion euros by 2023.
The demand for natural coconut oil is increasing in the food and beverage industry which is set to drive market growth
Owing to the numerous health benefits of coconut oil, it is widely employed in a variety of ready-to-eat snacks, which will drive demand and growth in the coconut oil market in the future years. Furthermore, coconut oil is a preferable option for baking butter or oil because it is less expensive and helps the baked product taste lighter. Furthermore, the use of coconut oil in food goods is highly beneficial in obtaining quick energy, which is driving up demand for coconut oil among food makers. Coconut oil has gained importance as a dietary fat owing to its high content of lauric acid. It can be used for producing margarine and shortenings. Coconut oil is preferred as fat in the preparation of filled milk, infant milk powder, confectionery, and bakery products. Owing to its stable character, coconut oil is the preferred fat for deep frying.
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Global Natural Coconut Oil Market Challenges
High dependency on the import of coconut oil is one of the factors impeding market growth
Manufacturers in a variety of locations throughout the world depend on the imports of coconut oil from areas where it is readily available for the production of a variety of products. This creates a mismatch between demand and supply for coconut oil, raising the prices of various end goods and thus limiting demand as well as growth in the coconut oil market. Several countries, such as India, have enough coconut oil to export; nevertheless, enterprises in other countries must purchase it, raising the overall cost of their products. According to Global Trade Magazine, the United States is the world’s largest market for imported refined coconut oil, accounting for 29% of global imports.
Global Natural Coconut Oil Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Global Natural Coconut Oil top 10 companies include:
The Hain Celestial Group, Inc.,
Archer Daniels Midland Company,
Bunge Limited,
Adani Wilmar Limited,
QNET,
Windmill Organics Ltd,
Marico Limited,
Cargill Corporation,
ANDY ALBAO CORPORATION,
Premier Organics Inc.
Recent Developments
In March 2020, Bunge Loders Croklaan introduced a new oils portfolio for companies in the plant-based meat industry. The sensory qualities of traditional meat products could be replicated with the help of these new additives.
In February 2020, QNET introduced a new health and wellness product named Nutriplus Virgin Coconut Oil (VCO) to their lineup. Cold-pressed, unrefined, pure, and organically extracted from the fresh milk of high-quality organic coconuts from Kerala, the premium Virgin Coconut oil.
In May 2019, Parachute Advanced Coconut Creme Oil, a unique blend of nourishing coconut oil and soft coconut milk, was introduced by Marico. This oil would reintroduce the benefits of oiling in a modern style, combining the softness of coconut milk with the power of coconut oil.
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Key Takeaways
In terms of geography, Asia-Pacific dominated the market in 2021. It is owing to the rising consumption of coconut in a variety of applications that gives rise to the production of coconut oil. Moreover, the growing trend of adopting pure products among the population surges the demand for coconut oil.
The robust growth in the applications such as food, cosmetics, and even pharmaceuticals are some of the factors driving the Global Natural Coconut Oil Market. However, higher dependency on the import of coconut oil among manufacturers is some of the factors impeding the market growth.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Global Natural Coconut Oil Market Report.
Related Reports:
A. Global Extra Virgin Coconut Oil Market
https://www.industryarc.com/Research/Global-Extra-Virgin-Coconut-Oil-Market-Research-513448
B. Palm Kernel Oil And Coconut Oil Based Natural Fatty Acids Market
https://www.industryarc.com/Research/Palm-Kernel-Oil-And-Coconut-Oil-Based-Natural-Fatty-Acids-Market-Research-510920
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