Coconut Oil Market Size was valued at USD 5.21 billion in 2023. The Coconut Oil industry is projected to grow from USD 5.54 billion in 2024 to USD 8.5638 billion by 2032, exhibitinga compound annual growth rate (CAGR) of 5.58% during the forecast period (2024 - 2032). Rising health concerns and the increasing use of coconut oil in personal care, cosmetics, chemical, and food industry are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
RBD coconut oil is made from dried coconut with a fatty acid profile rich in medium-chain triglycerides (MCTs). Coconut oil and its special MCTs are digested differently, straight from the GI tract to the liver, helping the body to produce instant, steady energy. It is excellent for extensive frying because of its high smoking point (450 degrees Fahrenheit) and the fact it does not contain a coconut aroma or taste, so the coconut won't interfere with the flavoring of other foods. The high levels of lauric and caprylic acid also make it a great choice for cooking since these fats are known to fight inflammation caused by unstable polyunsaturated fatty acids, making them a healthier oil to prepare food products. It is also used as a 1:1 replacement for butter, margarine, and other oils in daily cooking, baking, frying, and other food products. This factor drives the Market CAGR.
Additionally, Due to the great nutritional benefits of coconut oil, it is regarded as one of the healthiest oils available. Coconut oil aids in coconut oil and the prevention of atherosclerosis, as well as lowering the risk of cancer and bacterial infections, according to various studies conducted by researchers worldwide. Coconut oil is abundant in medium-chain fatty acids, which provide consumers with a lot of energy while also helping them to lose weight. Its usage in the pharmaceutical industry has increased in recent years due to its attractive health benefits. As a result, producers are concentrating on supplying their products for use in pharmaceutical items, which will enhance revenue and profitability.
Similarly, growing awareness about coconut oil's high nutritional content and health benefits among the common masses is expected to bolster market growth during the next ten years. Various companies are even launching awareness programs to educate people about the health benefits of coconut. For instance, Parachute Advanced Ayurvedic Coconut Hair Oil recently launched its latest campaign on using coconut oil for hair health. This will further expand the Coconut Oil market revenue in the upcoming years.
The Coconut Oil market segmentation, based on type, includes virgin coconut oil and refined coconut oil. The virgin coconut oil segment dominated the market. Virgin coconut oil is extracted directly from fresh coconut meat. It is done using natural methods such as dry processing, fermentation, churning (centrifugal separation), cold compression, and wet milling; hence, no bleaching or deodorizing occurs. Due to this, virgin coconut oil has more aroma and taste of the coconut compared to RBD oil. It has many advantages, which include the health benefits from the retained vitamins and antioxidants, the antimicrobial and antiviral activity from the lauric acid components, and its easy digestibility due to the presence of medium-chain fatty acids (MCFA). These factors will drive the coconut oil market segment during the study period.
Figure1: Coconut Oil Market, by Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Coconut Oil market segmentation, based on end-user, includes industry, food. The food category generated the most income. Coconut oil adds nutritional & functional value to the final food products. It also has a high smoking point, making it a preferable choice among food product manufacturers.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American coconut oil market will dominate this market, owing to their increasing consumption of many food preparations such as bakery products, snacks, confectioneries, and ready-to-eat meals, which will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: COCONUT OIL MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Coconut Oil market is the second-largest market share due to increased demand from the cosmetics and personal care industry. Further, the German Coconut Oil market held the largest market share, and the UK Coconut Oil market was the fastest-growing market in the European Region.
The Asia-Pacific Coconut Oil Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due torapid urbanization and growth in demand from consumers for food with nutritional benefits is anticipated to boost demand for coconut oil in this Region. Moreover, China’s Coconut Oil market held the largest market share, and the Indian Coconut Oil market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Coconut Oil market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The coconut oil industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Coconut Oil industry to benefit clients and increase the market sector. In recent years, the Coconut Oil industry has offered some of the most significant advantages to medicine. Major players in the Coconut Oil market, includingBarlean's Organic Oils LLC (US), Mahavir Coconut Industries (MaxCare VCO), Hain (US), Nutiva Inc. (US), Carrington Tourangelle (US), SC Coco (Philippines), Celebes Coconut Celestial Group Farms (US), La Products Inc. Corporation (Philippines), Farmerindia (India), Jarrow Formulas, Inc. (US), Premier Organics Inc., and Viva Naturals (Canada)., and others, are attempting to increase market demand by investing in research and development operations.
Bunge Limited is an American agribusiness and food company incorporated in Bermuda and headquartered in St. Louis, Missouri, United States. As well as being an international soybean exporter, it is also involved in food processing, grain trading, and fertilizer. It competes with Cargill and Archer Daniels Midland.Bunge planned to build a state-of-the-art, sustainable production facility in the Port of Amsterdam. It will enable the company to offer a broader, more innovative product portfolio of sustainable plant-based oils and fats.
Marico Limited is an Indian multinational consumer goods company providing consumer products and services in health, beauty, and wellness. With its headquarters in Mumbai, Marico is present in over 25 countries across Asia and Africa.Marico, a leading packaged consumer goods company, announced that it would expand its distribution network across pharmacies, beauty stores, and specialized food outlets in rural areas by adding a slew of new products, including virgin coconut oil and honey, to its portfolio.
Coconut Oil Industry Developments
November 2021: Bunge planned to build a state-of-the-art, sustainable production facility in the Port of Amsterdam. It will enable the company to offer a broader, more innovative product portfolio of sustainable plant-based oils and fats.
February 2020: Bunge Limited launched a new portfolio of products to help replicate meat's taste, texture, and cooking experience. This portfolio includes specialty fat fractions, shortenings: flakes, and emulsifiers that leverage high-stability sunflower, canola, coconut, and palm fruit oils.
July 2019: Bunge Limited launched a new portfolio of products to help replicate meat's taste, texture, and cooking experience. This portfolio includes specialty fat fractions, shortenings: flakes, and emulsifiers that leverage high-stability sunflower, canola, coconut, and palm fruit oils.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 5.21 billion |
| Market Size 2024 | USD 5.54 billion |
| Market Size 2032 | USD 8.563 billion |
| Compound Annual Growth Rate (CAGR) | 5.58% (2024-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-user, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Barlean's Organic Oils LLC (US), Mahavir Coconut Industries (MaxCare VCO), Hain (US), Nutiva Inc. (US), Carrington Tourangelle (US), SC Coco (Philippines), Celebes Coconut Celestial Group Farms (US), La Products Inc. Corporation (Philippines), Farmerindia (India), Jarrow Formulas, Inc. (US), Premier Organics Inc., and Viva Naturals (Canada) |
| Key Market Opportunities | Untapped Markets In Asia-Pacific And Africa |
| Key Market Dynamics | Growing awareness about the health and cosmetic benefits of coconut oil |
Coconut Oil Market Highlights:
Frequently Asked Questions (FAQ) :
The Coconut Oil market was valued at USD 5.21 Billion in 2023.
The market is projected to grow at a CAGR of 5.58 during 2024-2032.
North America had the largest share of the market
The key players in the market areBarlean's Organic Oils LLC (US), Mahavir Coconut Industries (MaxCare VCO), Hain (US), Nutiva Inc. (US), Carrington Tourangelle (US), SC Coco (Philippines), Celebes Coconut Celestial Group Farms (US), La Products Inc. Corporation (Philippines).
The virgin coconut oil category dominated the market in 2023.
The food category had the largest share of the market.
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