Coconut Oil Global Market Report 2023
Major players in the coconut oil market are ADM, Greenville Agro Corporation, Libra Bioscience Pvt, Bunge Ltd., Cargill, Adani Group , Samar Coco Products, Adams Group Inc., Premier Organics Inc., The Hain Celestial Group Inc.
New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Coconut Oil Global Market Report 2023" - https://www.reportlinker.com/p06319913/?utm_source=GNW
, Windmill Organics, Marico Limited, SC Global, Primex Group and Wichy Plantation Company (Pvt) Ltd.
The global coconut oil market grew from $4.23 billion in 2022 to $4.48 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The coconut oil market is expected to grow to $6.46 billion in 2027 at a CAGR of 9.6%.
The coconut oil market consists of sales of virgin coconut oil, desiccated coconut, coconut milk, coconut skimmed milk.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The coconut oil refers to oil derived from the fruit of the tropical coconut palm tree (Cocos nucifera).Coconut oil is rich in saturated fat, making it exceptionally stable and resistant to oxidation and rancidity.
It is used to reduce belly fat, prevent heart disease, curb appetite, strengthen the immune system, and stave off dementia and Alzheimer’s disease.
Western Europe was the largest region in the coconut oil market in 2022. The regions covered in the coconut oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of coconut oil are virgin coconut oil and coconut RBD oil.Virgin coconut oil refers to unrefined, cold-pressed coconut oil which is not bleached, hydrogenated, or deodorized.
In comparison to the powerful flavor of coconut oil, it has a faint coconut flavor.The oils are priced in mass and premium segments and distributed through direct distribution, convenience stores, modern trade units, e-commerce and others.
The food industry, agriculture, cosmetics & personal care industry, chemical industry and others use coconut oils.
Increased demand for organic personal care and cosmetic products is expected to propel the growth of the coconut oil market.Organic personal care and cosmetic products mainly comprise plant ingredients and do not contain chemicals such as aluminum salts and petrochemicals, which are harmful to health and skin.
Coconut oil is used in these organic personal care and cosmetic products for moisturizers and soaps.It helps in reducing infections and healing wounds.
For instance, according to the CBI Ministry of Foreign Affairs report, in 2020, the Netherlands-based center for the promotion of imports for developing countries, Germany is the leader in natural cosmetics in the European region, holding a 35% share of Europe’s natural cosmetic market accounting €1.4 billion in the year 2020.
The strategic partnership is a key trend in the coconut oil market.Companies are partnering with coconut oil companies to leverage each other’s resources and expand into new markets.
For instance, in April 2022, CocoTherapy, a US-based company that provides organic virgin coconut and MCT oil brands for pets, entered into a partnership with Matrix Partner.This partnership will help produce engaging content and ads for the business’s target audience.
Matrix Partners will specifically assist CocoTherapy in expanding its Facebook presence.To build relationships with CocoTherapy’s current and potential customers, Matrix’s team will leverage its experience managing pet brand social media platforms and staying abreast of pertinent trends.
Matrix Partners is a US-based marketing and communications agency.
In August 2021, Nutiva, a US-based company that manufactures organic plant-based food, acquired Coconut Secret for an undisclosed amount.The acquisition will expand Nutiva’s presence in areas with high population trends and manufacture more coconut-related products.
Consumers can get delicious, clean, sustainable pantry essentials from Nutiva and Coconut Secret, which are now required ingredients in most recipes. Coconut Secret is a US-based company producing and selling coconut oils and snacks.
The countries covered in the coconut oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The coconut oil market research report is one of a series of new reports that provides coconut oil market statistics, including coconut oil industry global market size, regional shares, competitors with a coconut oil market share, detailed coconut oil market segments, market trends and opportunities, and any further data you may need to thrive in the coconut oil industry. This coconut oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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