The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Coconut Oil Global Market Report 2024 offers crucial insights into the coconut oil market help businesses analyse and build stronger strategies.

The coconut oil market has witnessed a robust growth trajectory, expanding from $4.61 billion in 2023 to $5.03 billion in 2024, showcasing an impressive Compound Annual Growth Rate (CAGR) of 9.2%. This growth is attributed to a myriad of factors, including culinary usage, health and wellness trends, cosmetic and personal care applications, the popularity of non-GMO and organic options, and the influence of traditional and cultural practices.

Future Projections: A Pathway to Strong Growth

Anticipating sustained momentum, the coconut oil market is poised for strong growth, projecting an increase to $7.03 billion in 2028, fueled by a robust CAGR of 8.7%. The growth in the forecast period is fueled by factors such as the rise of plant-based and vegan diets, the surge in functional food and beverage consumption, the growing preference for clean beauty and natural cosmetics, sustainable sourcing and production practices, and the increasing adoption of coconut oil in medical and therapeutic applications. Noteworthy trends in this period include the popularity of MCT oil, coconut-based dairy alternatives, the rise of hair and scalp treatments, the integration of aromatherapy and wellness oils, and the emergence of customizable coconut blends.

Personal Care and Cosmetic Products: A Driving Force

– Nourishing Skin and Hair

The escalating demand for personal care and cosmetic products is set to drive the coconut oil market forward. Coconut oil, known for its natural moisturizing properties, is extensively utilized in lotions, creams, and hair conditioners to provide deep hydration and enhance the texture of the skin and hair. In 2021, beauty and personal care product sales in China reached $88 billion, witnessing a 10% increase from the previous year. Similarly, in the US, skincare product sales experienced a 13% growth, outpacing the 1% increase in makeup sales. This shift towards skincare is evident in the 24% growth of online beauty merchants.

– Key Market Players

Major companies contributing to the coconut oil market include Archer Daniels Midland Company, Greenville Agro Corporation, Bunge Ltd., Adani Group, Marico Ltd., and Dr. Bronner’s. These industry leaders are pivotal in meeting the surging demand for coconut oil in the personal care and cosmetic industries, driving market growth.

Introduction of Cold Press Technology: A Growth Driver

– Preserving Nutrients and Authentic Flavor

Technological advancements play a crucial role in driving innovation in the coconut oil market. Major companies are focusing on introducing new products and solutions using innovative technologies like cold press technology. This gentle extraction process preserves the nutrients and antioxidants in coconut oil. For example, Dabur India Ltd. launched Virgin Coconut Oil using cold press technology, maintaining the coconut’s natural sweetness, essential nutrients, scent, and flavor. This product also contains medium-chain triglycerides (MCTs), known for aiding energy release and weight management.

Strategic Acquisitions Broaden Product Offerings

– Expanding Market Presence

Strategic acquisitions are shaping the landscape of the coconut oil market. In August 2021, Nutiva acquired Coconut Secret, enhancing Nutiva’s position and expanding its coconut-based product offerings. The acquisition aims to meet the rising demand for clean, sustainable pantry essentials, providing consumers with a diverse range of coconut-related products.

Market Segmentation Insights

The coconut oil market is segmented based on:

1. Product:
   • Virgin Coconut Oil
   • Coconut RBD Oil
2. Price Point:
   • Mass
   • Premium
3. Distribution:
   • Direct Distribution
   • Convenience Stores
   • Modern Trade Units
   • E-Commerce
   • Others Distributions
4. Application:
   • Food Industry
   • Agriculture
   • Cosmetics And Personal Care Industry
   • Chemical Industry
   • Other Applications

Regional Dominance

Western Europe emerged as the largest region in the coconut oil market in 2023, showcasing the region’s significant role in the market’s growth.

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Read The Full Coconut Oil Market Report Here:

https://www.thebusinessresearchcompany.com/report/coconut-oil-global-market-report

The Coconut Oil Global Market Report 2024  provides a comprehensive outlook of the coconut oil market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The coconut oil market forecast offers a thorough analysis on coconut oil market size, coconut oil market share, prominent players and their strategies.

The Table Of Content For The Coconut Oil Market Include:
1. Coconut Oil Market Executive Summary
2. Coconut Oil Market Segments
3. Coconut Oil Market Size And Coconut Oil Market Growth Rate
4. Key Coconut Oil Market Trends
5. Major Coconut Oil Market Drivers
……
25. Key Mergers And Acquisitions In The Coconut Oil Market
26. Top Coconut Oil Companies
27. Coconut Oil Market Opportunities And Strategies
28. Coconut Oil Market, Conclusions And Recommendations
29. Appendix

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