According to the latest report published by SPER Market Research, the coconut oil market estimated to reach USD 5498 million by 2030 with a CAGR of 4.8%.
The growth of this market is due to the increase in the use of coconut oil in cosmeceutical. The major commercial product of coconut is Coconut oil. Refined coconut oil is used in the manufacture of biscuits, chocolates, confectionery, ice-creams, margarine and for the manufacture of pharmaceutical agents.
The food & beverage industry in total affected drastically, by the outbreak of COVID-19 pandemic. The import and export activities hampered due to impose of lockdowns by different countries lead to the interruption in the supply chain. Consumers are shifting toward products that are favourable for their health. This is expected to boost the demand for coconut oil, the demand for cosmetic products with organic natural ingredients is expanding, and this will further drive the coconut oil market.
The virgin segment is the second-largest market share in the coconut oil market. Virgin coconut oil is broadly used in the baking, confectionery, and beverage industries due to its creamy and tropical flavour. Due to its antioxidant properties the oil is used in functional foods, cosmetic products, and pharmaceutical products. The dry coconut is anticipated the largest market share in the coconut oil market.
Cosmetics & personal care products segment and the conventional segment are projected to account the second-largest market share and larger share in the coconut oil market respectively during the forecast period.
Coconut oil is produced from copra and fresh coconut meat. Being a naturally produced fruit in farms, coconut production is prone to diseases and floods, which decrease production. This could negatively impact the supply of copra and fresh coconut meat required to produce coconut oil. Studies have proved that coconut oil increases blood cholesterol, including harmful LDL, triglycerides.
Bio fuel has similar properties to conventional diesel fuel. Coconut oil exhaust contains far less harmful emissions than that of conventional diesel exhaust. In Pacific countries coconut oil is used in transport and electricity generation. The adaptation of bio fuel produced from coconut oil in diverse countries presents abundant opportunities for the coconut oil market.
The global Coconut oil market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Adams Group, ADM, Aluan, Aromaax, International, Bo International, Bunge Limited, Cargill Incorporated, Celebes Coconut Corporation, CIIF OMG, Connoils LLC, Greenville Agro Corporation, Hancole, Jiangxi Planty Manor Health Industry Co., Ltd., Mangga Dua, Novel Nutrients Pvt. Ltd., Rmayra Naturals, Royce Food Corporation, Shree Western G & C Ind., Sun Bionaturals Private Ltd, Tantuco Enterprises, Inc..
SPER Market Research study aims to provide market dynamics, demand and supply with yearly forecast to 2030. This report provides data for the growth estimates and forecasts of the Coconut oil market for the pharmaceutical industry as well as cosmeceuticals. This report also provides the data for key regional segments of North America, Europe, Asia Pacific, and Rest of the World.
This study also encompasses various drivers and restraining factors for this market for the forecast period. Various growth opportunities are also discussed in the report.