Coconut Oil Market Research Report – Global Forecast till 2030

Coconut Oil Market Research Report: by Type (Virgin Coconut Oil, Refined Coconut Oil), by End-user (Industry, Food), and Region - Global Forecast till 2030

ID: MRFR/F-B & N/5983-CR | February 2019 | Region: Global | 141 Pages         

Coconut Oil Market

The Coconut Oil Market Size was valued at USD 7,481.30 Million by 2030, registering a CAGR of 6.4% during the forecast period 2022-2030.

Segmentation

By Type Virgin Coconut Oil Refined Coconut Oil
By End-User Industry Food
By Region North America Europe Asia-Pacific Row

Key Players

  • Phidco
  • Greenville Agro Corporation
  • Tantuco Enterprises
  • Barlean's Organic Oils LLC (US)
  • Mahavir Coconut Industries (MaxCare VCO)
  • Hain Celestial Group (US)
  • Nutiva Inc. (US)

Drivers

  • Growing awareness about the health and cosmetic benefits of coconut oil
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Coconut Oil market Overview


The coconut oil market is expected to see enormous growth over the forecast period (2022 – 2030). The market is expected to grow at a swift speed, with a CAGR (Compound Annual Growth Rate) of up to 6.4% in the coming years. The coconut oil market value is anticipated to reach around USD 7,481.30 million by the end of the year 2030. The virgin coconut oil (VCO) can be used for many applications such as cooking, consumption, cosmetics, etc.


Coconut-based oil is extracted from tender or dried coconut kernels. This oil does not have any taste or odor. The oil can be of three types – unrefined, refined, or virgin. The unrefined coconut-based oil is hardly used for consumption since it is not processed. However, virgin oil (VCO) is growing popular across the globe for consumption uses. It also renders a variety of health benefits to the consumers.


VCO can be put to use in numerous industries such as the commercial industry, beauty & personal care industry, and food & beverages industry. Moreover, the virgin oil of coconut is also used as an alternative for vegetable or other cooking oils. These exceptional qualities of the oil have led to rising demand for VCO. Hence, the market is expected to witness steady growth in the coming years.


Covid-19 Analysis Of Coconut Oil Market


The impact of Covid-19 has debilitated most small and large-scale businesses alike. Due to the lockdown and the need for physical distancing, many businesses have been forced to shut down. The Coconut oil market was one of the industries that saw a decline in its profit and market size. However, coconut oil market is expected to recover its revenue in the coming years.


The pandemic situation seems to fade with time. Most businesses will be able to revive their profit soon. Hence, when that happens, the virgin coconut oil industry too will see tremendous growth in its market size. The awareness among the global population and availability of oil worldwide is leading to its growth despite the pandemic.


Coconut Oil Market Dynamics


Drivers


A few factors may contribute to the VCO market growth. The growing awareness among people about healthier diet habits and lifestyles has made the switch to the use of virgin coconut oil. The oil renders numerous health benefits and adds exceptional taste and aroma to the food. It can also be used for better skin and improve its radiance. Hence, these factors may fuel the growth of the global VCO market.


Opportunities


The demand for virgin oil in the food & beverage industry is increasing. Moreover, so many companies that produce virgin coconut-based oil have found their way into the market. This has resolved the irregularities in the demand-supply chain. Moreover, companies are also promoting gluten-free beer very well in the market, using trends such as multiple filtering processes and easy-use packaging. Hence, these factors may provide opportunities for virgin coconut-based oil sales.


Restraints


Some factors may inhibit the growth of the coconut-based virgin oil market. The most important factor among them is the coconut oil world market price. VCO is often highly expensive. So, people cannot afford the oil for their everyday use and may switch back to cheaper oils since this may not fit in their budget. Hence, these factors may hinder market growth.


Challenges


There may be a few factors that may challenge the virgin coconut-based oil manufacturing companies. The entrance of new unsaturated fat options such as omega may compete with the coconut-based oil sales. This is because fats offer more freedom and are less expensive. They may also be easily available. Hence, these factors may challenge the key players in the market to keep increasing their oil sales.


Cumulative Growth Analysis


The global coconut oil market is expected to see enormous growth over the forecast period (2022 – 2030). The market is expected to grow at a swift speed, with a CAGR of up to 9.5% in the coming years. The market value is anticipated to reach around USD 5 billion by the end of the year 2030. However, the high price of oil may hinder market growth up to an extent.


Value Chain Analysis


VCO is accepted for a variety of applications around the globe. The utilization of oil in many food items and sauces is expected to drive market growth. In foods, the oil adds a delicious after-taste and a powerful aroma. It can be used in sauces, fried items, gravy, or salad. The use of VCO in the beauty and personal care sector is also far-reaching. Coconut oil is highly beneficial and gives amazing results when used on the skin. Hence, the expanse of the uses of coconut oil is estimated to drive the growth of its global coconut oil market.


Segment Overview


The world coconut oil market is divided into various segments such as by type and application. Given below are the important coconut oil market segments:


By Type



  • In-natural

  • Organic


By Application



  • Pharmaceuticals

  • Beauty & Cosmetics

  • Food & Beverages

  • Others


Coconut Oil Market Regional Analysis


The regional analysis of the market is divided into Europe, Asia Pacific, North America, Latin America, and Middle East & Africa during the forecast period 2022 to 2030. Among them, the Asia Pacific region is expected to account for the biggest market size. This is because most of the key companies in the market belong to the Asia Pacific region.


Some of them are Greenville Agro Corporation, Edward & Sons Trading Corporation, and MaxCare. Moreover, the oil is utilized for various uses such as cooking, in countries like China and India, which adds to the market growth. The region is also estimated to witness the fastest growth rate. Europe may hold the second-largest share in the global market.


Likewise, North America is also expected to form a large part of the global  market size. The US has been an ardent supporter of the development of the virgin oil industry in the region. Overall, the virgin coconut oil business is estimated to boom in all regions over the forecast period.


Competitive Landscape


The virgin coconut oil industry is dominated by a few important companies. They are the key companies that offer high-quality and pure oil derived from organic coconuts. These oil manufacturing companies account for most of the market profit. They do so by implementing various market trends, such as ensuring multiple filtering of the oil, convenient-use nozzles, or attractive packing.


Key Players


Listed below are the key players of the coconut oil market with the location of their headquarters:



  • Barlean's Organic Oils LLC (US)

  • Mahavir Coconut Industries (MaxCare VCO)

  • Hain Celestial Group (US)

  • Nutiva Inc. (US)

  • Carrington Farms (US)

  • La Tourangelle (US)

  • SC Global Coco Products Inc. (Philippines)

  • Celebes Coconut Corporation (Philippines)

  • Farmerindia (India)

  • Jarrow Formulas, Inc. (US)

  • Premier Organics Inc.

  • Viva Naturals (Canada)

  • Shangai Asia Co. Ltd

  • Wichy Plantation Company (Pvt) Ltd

  • Flower Song Fine Chemical Co. Ltd

  • Garden of Life LLC (US)

  • Greenville Agro Corporation (Philippines)

  • Libra Bioscience Pvt. Ltd

  • Harvard Cocopro (Indonesia)

  • Others


Recent Developments


Here are a few major developments implemented by the key companies of the coconut oil market recently:



  • Nutiva Inc. introduced two new flavors in its Organic Liquid Coconut oil, namely, Classic and Garlic flavors.

  • The liquid oils of Nutiva Inc. contain only virgin coconut oil.


Report Overview


This report contains all information about the growth of the global coconut oil market over the forecast period. There are different sections presented that help to get in-depth information such as opportunities, challenges, drivers, Covid-19 analysis, regional analysis, competitive landscape, and others. All the information is collected from reliable primary and secondary sources to provide the expected details of the market analysis. 


Report Detail 



  • Historic Period: 2016-2021

  • Base Year: 2021

  • Forecast Period: 2022-2030


Geographically



  • North America

  • Europe 

  • Asia-Pacific

  • Rest of the world (RoW)


 



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 7,481.30 Million
  CAGR   6.4% (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units    Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   by Type, End-user and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Barlean's Organic Oils LLC (US),Mahavir Coconut Industries (MaxCare VCO),Hain Celestial Group (US),Nutiva Inc. (US),Carrington Farms (US),La Tourangelle (US),SC Global Coco Products Inc. (Philippines),Celebes Coconut Corporation (Philippines),Farmerindia (India),Jarrow Formulas, Inc. (US),Premier Organics Inc.,Viva Naturals (Canada)
  Key Market Opportunities   demand for virgin oil in the food & beverage industry is increasing
  Key Market Drivers   growing awareness among people about healthier diet habits and lifestyles


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Frequently Asked Questions (FAQ) :

The global coconut oil market is expected to attain a volume of USD 7,481.30 Million by 2030.

Global coconut oil market is expected to exhibit a strong 6.4% CAGR over the forecast period from 2022 to 2030.

Growing awareness about the health and cosmetic benefits of coconut oil is the major driver for the coconut oil market.

North America is likely to be a major market for the coconut oil industry over the forecast period.

Leading players in the coconut oil market include Phidco, Greenville Agro Corporation, and Tantuco Enterprises, among others.

Rising awareness regarding the benefits of a healthy lifestyle is boosting the sales of healthy vegetable oils such as coconut oil.


Major key players listed in the global coconut oil market include Tantuco Enterprises, Inc. (Philippines), Greenville Agro Corporation (Philippines), Coconut Industry Investment Fund Oil Mills Group (CIIF OMG) (Philippines), PT. Golden Union Oil (Indonesia), and Naturoca (DKI Jakarta) among others.


Manufacturers of coconut oil are entering these markets to create awareness and offer cost-effective products in convenient packaging. Hence, the market for coconut oil in South Korea, Ghana, and Singapore, among others, is largely untapped and offers lucrative growth opportunities to both existing and new players. The application of coconut oil in diverse industries is expected to drive market growth during the forecast period. In developed nations in Europe and North America, the consumption of edible coconut oil has expanded to high-end products in the food & beverage industry. Premium health snacks provided by prominent food manufacturers are prepared using coconut oil. The high lauric acid content in coconut oil offers antiseptic and antimicrobial properties, resulting in its use in antimicrobial soaps and lotions. Moreover, coconut oil is used as a biofuel as its combustion properties are similar to that of diesel. The combustion of coconut oil results in the reduced emission of particulates, carbon monoxide, and nitric oxide, leading to its acceptance as an environment-friendly, renewable, and biodegradable fuel.


Tantuco Enterprises, Inc. is constantly working towards product improvements in terms of quality. The company focuses on the expansion of its product lines for which it included coco methyl ester (CME) and glycerine in its product portfolio. It is also focused on providing RBD coconut oil in a variety of packaging which includes tin cans, BIB (Bag-in-Bag), drums, flexitanks, and isotanks. Moreover, the company is investing in increasing its production capacity to expand its reach in the local as well as international market.


GAC (Greenville Agro Corporation) engages in the production of a variety of products and focuses on the diversification of its product portfolio. The company aims to increase its geographical presence which is why it continuously invests in machinery and equipment which will assist in meeting growing consumer demands along with delivery deadlines. Moreover, to enhance the company’s operations, the company engages in continuous manpower training to have a strong team of skilled workers.    


Coconut Industry Investment Fund Oil Mills Group (CIIF OMG) is primarily works on sustainable programs for coconut farmer cooperatives. The company is undergoing partnership with the various cooperatives which will eventually create a steady supply of raw materials that will optimize the processing plants’ material utilization and provide viable product volume.



  1. Golden Union Oil focuses on developing and upgrading its production and refinery plants to cater to the changing consumer preferences for high-quality products. It is highly focused on improving its production processes in order to produce products that match the customer’s expectations.


Naturoca aims at offering high-quality products to its customers by adopting the latest production technologies and adhering to the production standards. The company focuses on providing organic products that are ‘organic certified’ in order to expand its customer base. Also, to maintain its market position the company is adopting competitive pricing as its main pricing strategy.


Other major manufacturers include Samar Coco Products (Philippines), Primex Group of Companies (Philippines), SC Global Coco Products, Inc. (Philippines), Phidco, Inc. (Philippines), PT. Harvard Cocopro (Indonesia), KPK Oils & Proteins India Pvt. Ltd. (India), Prima Industries Limited (India), and KERAFED (India) among many others. These companies are also found to have a high focus on strategic product launch to seek consumers’ attention towards their product range. They are also involved in the strategic agreement which will further support the company to expand and reach out to consumers across the regions. Additionally, the companies are inclined towards product promotions and strengthening their marketing base. The promotional strategy aids in retaining the existing customers and to regenerating new customer base.