The global coconut oil market size is USD 6,049.4 million in 2023 and is expected to reach USD 11,684.5 million by 2033. The global market is anticipated to capture a CAGR of 7% by 2033.
The increasing demand for coconut oil in various industries such as food & beverages and cosmetics & personal care is driving the global market. The adoption of coconut oil is increasing among consumers due to multiple health benefits and better tastes. The food & beverages sector is increasing the demand for coconut oil for baking goods and dairy alternatives to enhance unique flavor.
Coconut oil is natural and sustainable and is widely used for skin and hair care and medicine, fueling the global coconut oil market. The cosmetic industry utilizes coconut oil for making massage cream and hair oil due to its skin-nourishing properties. The popularity of coconut oil is rapidly growing due to its rich nutrients, weight management, brain function, and heart health, which are increasing the global market size.
Consumers growing awareness of plant-based diets and veganism are rapidly increasing the consumption of coconut oil. Reducing unhealthy fats, adding nutrition, and fighting bacteria are attracting consumers' needs. The rising population is increasing the demand for cooking oil, expanding the adoption of coconut oil. The government imposed regulations on the safety of food, high-quality production, and labeling of coconut oils in several countries.
| Attributes | Details |
|---|---|
| Coconut Oil Market Size, 2023 | USD 6,049.4 million |
| Coconut Oil Market Size, 2033 | USD 11,684.4 million |
| Value-based CAGR from 2023 to 2033 | 7% |
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The global coconut oil market grew at a remarkable historical growth, with a valuation of USD 5,719 million in 2022. The increasing demand for coconut oil due to its antioxidant and organic properties is driving consumers' desire. Consumers prefer coconut oil in their daily lives for effective skin nourishment, hair care, and better digestion.
| Historical Market Valuation, 2022 | USD 5,719 million |
|---|
Manufacturers are expanding the global market through trade policies, agreements, and tariffs among various regions. They are focused on sustainable practices to increase the production of coconut oil to attract customers, which is surging the global market revenue. The growing advanced technologies, such as packaging and processing technologies, are improving the shelf life and quality of coconut oil, contributing to the coconut oil market growth.
| Countries | Market Share (2023) |
|---|---|
| United States | 10% |
| Germany | 3.8% |
| Japan | 2.9% |
| Australia | 2.5% |
| China | 9.5% |
The United States is estimated to secure a share of 10% in the global market. The United States is a prominent player in the market. The rising end-use industries, advanced technologies, and diverse consumer base are fueling the global market revenue.
The growing economies and GDP of the United States are contributing a significant share of the global market. The United States is playing a crucial role in the international trade.
The United States market is popularly growing due to its large consumer base. The increasing demand for coconut oil for cooking and other versatile uses is advancing the United States market.
The growing popularity of health and wellness is increasing the adoption of coconut oil. The rising demand for healthy alternatives is expanding the adoption of coconut oil in the United States.
The food industry is developing various products from coconut oil, such as snacks and ethnic cuisine, due to its organic properties. It is widely used for making other coconut-based products, such as coconut oil and coconut milk.
Coconut oil is used for personal care products such as shampoos, lotions, and skincare creams in the country. The United States retailers are offering label coconut oil with different prices to their consumers with sustainability options. The growing concerns about environmental impacts adopt eco-friendly processing of coconut oil.
The United States companies are promoting their brands to attract more consumers. They are marketing their products with transparency to build trust among consumers. The shifting consumer demand for eco-friendly and organic oil is increasing the demand for coconut oil.
These factors are likely to advance the coconut oil market in the United States during the forecast period.
China holds a share of 9.5% in the global market. The growing consumer awareness of sustainability is increasing the adoption of coconut oil in China. Food manufacturers are adopting coconut oil in Chinese cuisine to enhance the taste and flavor of dishes.
Chinese cosmetic industry is widely adopting coconut oil for personal care products such as massage oil, and skin moisturizers are attracting consumer demand. The supermarkets, retailers, and online marketplace are offering coconut oil products at affordable costs to uplift the coconut oil market in China.
Key companies are offering eco-friendly coconut oil products to their consumers due to concerns about farming practices and the environment. Chinese government's focus on standard quality of food products with stringent regulations to meet customers' demand is fueling China's coconut oil market.
Germany holds a share of 3.8% of the global market. The rising awareness of health and nutrition education is increasing the adoption of coconut oil. Key companies are engaging audiences through their educational campaigns to promote their health-beneficial products.
German cuisine incorporates various recipes such as desserts, curries, and baked goods, which are fueling the market size. The rising consumer adoption of coconut oil for natural remedies, including aromatherapy, is advancing Germany's coconut oil market. Online retailers are offering numerous coconut oil products to promote wellness and boost their sales.
Japan is estimated to register a share of 2.9% of the global market. The increasing adoption of traditional medicine practices such as Kampo is flourishing Japan's coconut oil market. The growing cultural adaption in Japan to conventional medical treatments is increasing the demand for coconut oil.
The increasing number of cooking classes and courses is increasing the adoption of coconut oil in Japan. The innovations of new cuisines and health awareness in cooking workshops are advancing the Japanese market. The growing number of wellness services and beauty spas are rapidly increasing the adoption of coconut oil to promote skin care.
The coconut oil market in Australia holds a 2.5% share of the global market. Coconut oil has become a sought-after product in Australia due to its versatility. It is used not only in cooking but also in skincare, haircare, and as a dietary supplement.
The demand for coconut oil has been driven, in part, by the increasing awareness of its potential health benefits. Some consumers believe that it can promote heart health, aid in weight management, and improve skin and hair health.
The market offers a wide variety of coconut oil products, including virgin coconut oil, refined coconut oil, and organic coconut oil. The choice between these options often depends on consumer preferences and intended uses.
Principal Consultant
| Top Product | Virgin/Extra Virgin Coconut Oil |
|---|---|
| Market Share (2023) | 80.7% |
Based on product type, virgin/extra virgin coconut oil secured 80.7% of the coconut oil market share. Virgin/extra virgin coconut oil is highly preferred in the global market due to its potential health benefits high-quality and purity foam. The increasing demand for chemical-free cooking oil is raising the adoption of virgin/extra virgin coconut oil.
Virgin/extra virgin coconut oil contains nutritional value, such as antioxidants. These dietary values promote a healthy life with better minerals and support digestion. Virgin/extra virgin coconut oil boosts the flavor of cooking dishes to present mouth-watering food to food lovers. On the other hand, due to its high quality and purity, virgin/extra virgin coconut oil improves hair loss and skin conditions.
Asian countries are using these oils for ayurvedic uses to treat skin conditions and related diseases. Due to its premium quality, the prices of these oils are relatively high at marketplaces. These factors are likely to increase the demand for virgin/extra coconut oil in the coming years.
| Top End-use Sector | Household/Retail |
|---|---|
| Market Share (2023) | 31.44% |
Based on the end-use sector, the household/retail sector is estimated to dominate the global coconut oil market by securing a share of 31.44%. The demand for coconut oil is widely used in several applications, such as food & beverages, household/retail, and pharmaceuticals. The increasing cooking channels, online influencers, and upsurging food services are rapidly fueling the global market revenue.
The growing nutritional and healthy cooking are increasing the demand for coconut oil. Coconut oil is widely used for various types of dishes, such as sweet, sour, and savory, which are upsurging in the global market. The increasing trends of natural and organic products for home remedies are enhancing the global market size.
The global coconut oil market needs to be more cohesive by the number of essential players. The key players are investing huge amounts in research and development activities to upsurge the global demand. These players are developing high-quality, eco-friendly, and pure coconut oil to fulfill end users' requirements. They maintain a hygiene process to develop coconut oil to provide organic products to their consumers without any toxicity.
The key players are adopting various marketing tactics to fuel the global market size. These marketing tactics are mergers, acquisitions, collaborations, acquisitions, partnerships, and product launches. They are promoting their products at international markets, exhibitions, and trade shows to reach more audiences and boost their sales.
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Recent Developments in the Coconut Oil Market
The coconut oil market valuation is USD 382.5 million in 2023.
The United States is the biggest market for coconut oil.
The coconut oil market is likely to capture a CAGR of 7% through 2033.
The growing focus on organic coconut oil products for a healthy lifestyle.
Ruchi Soya Industries, Adani Wilmar, and Associated British Foods are the key players in the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Nature 5.1. Organic 5.2. Conventional 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 6.1. Virgin or Extra Virgin 6.2. Refined 6.3. Partially Hydrogenated 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Food and Beverages 7.2. Cosmetics and Personal Care 7.3. Pharmaceutical 7.4. Household/ Retail 7.5. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 8.1. Business to Business 8.2. Business to Consumer 8.2.1. Hypermarkets/ Supermarkets 8.2.2. Traditional Grocery Store 8.2.3. Convenience Stores 8.2.4. Specialty Stores 8.2.5. Online Retail 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Adani Wilmar 19.2. Ruchi Soya Industries 19.3. Associated British Foods 19.4. Cargill Inc. 19.5. Archer Daniels Midland Company 19.6. Bunge Limited 19.7. Adams Group Inc. 19.8. American Vegetable Oil Inc. 19.9. Phidco 19.10. SC Global 19.11. Oleo-Fats Incorporated 19.12. PT SIMP 19.13. Primex Group 19.14. Sumatera Baru 19.15. The Hallstar Company 19.16. Greenville Agro Corporation 20. Assumptions & Acronyms Used 21. Research Methodology
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Coconut Oil Market
