Market Size of Coconut Oil Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.32 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Coconut Oil Market Analysis
The coconut oil market is projected to register a CAGR of 6.34% during the forecast period, 2022-2027.
Coconut oil as an ingredient has been widely accepted in different industries such as food and beverage, cosmetics, personal care, and pharmaceuticals. With the ongoing expansion of end-use industries, the demand for coconut oil is also increasing in the worldwide market over the past few years. Further, the rising trend of plant-based cosmetics and personal care products is accelerating the production and processing of industrial-grade coconut oil across key coconut-producing countries. Additionally, several coconut associations have been established in different countries to regulate the industry operations which include Virgin Coconut Oil Producers Association (VCOPA), Indonesian Coconut Processing Industry Association, Coconut Development Board, and International Coconut Community, among others. These associations are primarily engaged in monitoring of trade, export, cultivation, and processing of coconut across the respective country. For instance, in India, Coconut Development Board (CDB) is a statutory body established under the Ministry of Agriculture, Government of India for the integrated development of coconut oil production. Moreover, by seeking the involvement of these government agencies, the manufacturers are gaining the trust of the coconut oil and other coconut by-products, which is another reason that is enabling the consumers with increasing demand for coconut oil.
In the short term, the trading of coconut oil has been significantly affected due to the inter-country war between Russia and Ukraine. For instance, according to the market study, in 2020, Russia was the 34th largest exporter of coconut oil across the globe as it exported USD 3.6Million in coconut oil, whereas, due to the war between these respective countries, in 2022, Russia has marked the coconut oil-exporting of USD 634Thousand and an importing of USD 18.4M which is a negative trade balance of USD 1.7Million. Thus, coconut oil trading is being affected across the globe.
Coconut Oil Industry Segmentation
The study scope considers coconut oil used as an ingredient in different end-use industries including pharmaceuticals, food and beverage; and cosmetics and personal care manufacturing. Coconut oil is produced mainly by a solvent extraction process. The coconut endosperm is removed and dried to yield the dried coconut meat, also known as copra, and subsequently, solvents are applied to maximize oil extractability. The global coconut oil market is segmented by product type, application, and by geography. By product type, the market is segmented into refined coconut oil, unrefined coconut oil, and other types of coconut oils. By application, the market is segmented into food and beverages, pharmaceuticals, cosmetics, and personal care. It provides an analysis of emerging and established economies across the world, comprising North America, Europe, South America, Asia-Pacific, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| By Products Type | |
| Refined Coconut Oil | |
| Un-Refined Coconut Oil | |
| Other Types of Coconut Oil |
| By Application | |
| Food and Beverages | |
| Pharmacetuticals | |
| Cosmetic and Personal Care |
| By Geography | |||||||||
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Coconut Oil Market Size Summary
The coconut oil market is experiencing significant growth, driven by its widespread acceptance across various industries such as food and beverage, cosmetics, personal care, and pharmaceuticals. The increasing demand for plant-based cosmetics and personal care products is particularly boosting the production of industrial-grade coconut oil in key coconut-producing countries. The establishment of several coconut associations worldwide, such as the Virgin Coconut Oil Producers Association and the Coconut Development Board, is helping to regulate industry operations, including trade, export, and processing. These associations, along with government support, are fostering consumer trust and contributing to the rising demand for coconut oil. However, geopolitical tensions, such as the conflict between Russia and Ukraine, have negatively impacted coconut oil trading, affecting global market dynamics.
Coconut oil is increasingly being used as a staple ingredient in cosmetic and personal care products, driven by its perceived health benefits and compatibility with organic and vegan formulations. Its antiseptic properties and ability to act as a natural moisturizer have made it a popular choice for products like lip balms, shampoos, and moisturizers. In the food and beverage sector, particularly in the Asia-Pacific region, coconut oil is a common ingredient, with growing consumer awareness of its health benefits boosting its use in packaged foods. Governments in key countries are promoting the expansion of coconut oil processing capacities to meet rising demand. The global coconut oil market is highly competitive, with major companies like Cargill and Celebes Coconut Corporation focusing on product development, capacity expansion, and strategic mergers and acquisitions to capture untapped markets.
Coconut Oil Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Products Type
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2.1.1 Refined Coconut Oil
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2.1.2 Un-Refined Coconut Oil
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2.1.3 Other Types of Coconut Oil
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2.2 By Application
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2.2.1 Food and Beverages
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2.2.2 Pharmacetuticals
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2.2.3 Cosmetic and Personal Care
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 Spain
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East & Africa
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Coconut Oil Market Size FAQs
What is the current Coconut Oil Market size?
The Coconut Oil Market is projected to register a CAGR of 6.32% during the forecast period (2024-2029)
Who are the key players in Coconut Oil Market?
The Archer-Daniels-Midland Company, Cargill, Incorporated , GREENVILLE AGRO CORPORATION, Gustav Heess and SBH Foods Pvt. Ltd. are the major companies operating in the Coconut Oil Market.
