The global coconut oil market is thriving due to increased demand driven by its organic and antioxidant properties. Consumers are turning to coconut oil for skincare, haircare, and digestion. In the United States, the market is booming, fueled by versatile usage and health-conscious trends.
NEWARK, Del, Oct. 02, 2023 (GLOBE NEWSWIRE) — The global coconut oil market valuation is US$ 6,049.4 million in 2023 and is expected to reach US$ 11,684.5 million by 2033. The global market is likely to register a CAGR of 7% through 2033.
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Several trends are contributing to a key role in the global market. A few of these are as follows:
Organic and Non-GMO Products: The increasing demand for organic and non-GMO products is increasing the demand for coconut oil. Consumers are increasing the adoption of clean-label, organic, and natural products.
Sustainability and Ethical Sourcing: Manufacturers are concerned about the environment and are producing sustainable coconut oil production processes. They are offering clean packaging solutions with ethical sourcing practices to maintain a healthy environment.
Virgin and Extra Virgin Coconut Oil: The demand for virgin and extra virgin coconut oil is rising due to its natural flavor, high-quality, and purity foam. Its less processed and more natural nutrients are popularly growing among customers.
Popularity of Plant-based Products: Fitness freak consumers are rapidly surging the adoption of coconut oil to maintain healthy fats and minerals and enhance their digestion.
Flavored Coconut Oil: Key companies are promoting their brands by adding natural ingredients with coconut oil, such as garlic-infusion coconut oil. Due to its uniqueness and biological properties, consumers are attracted to enhance their experiences.
Packaging Innovation: Manufacturers are offering advanced packaging solutions to reduce environmental impacts. They are promoting their brands with innovative packaging styles to reduce carbon footprints.
Local Sourcing: Consumers are more focused on paying attention to products that are made from local sourcing. It leads to enhancing and supporting local economies.
eCommerce: The rapidly growing e-commerce offering varieties of coconut oil is attracting consumers to buy these products with suitable discounts.
Premium Products: The adoption of high-quality and premium products by consumers due to their original taste, fragrance, and purity are driving the global market size.
“Quality of products is the quality of life. Sustainable practices adopted by consumers promote sales of high-quality products. The rising awareness about organic and natural coconut oil is contributing to the growth of the coconut oil market”, opines Ronak Shah, Associate Vice President at Future Market Insights, Inc.
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Key Takeaways coconut oil market:
- The global coconut oil market is registering a CAGR of 7% from 2023 to 2033.
- The United States holds a maximum share of 10% by dominating the global market.
- Japan accounts for a share of 2.9% of the global market in 2023.
- Germany significantly drives the global market with its vintage home decor, with a share of 3.8%.
- With a share of 9.5%, China is rapidly advancing in the global market.
Key Players Adding Values in the Global Coconut Oil Market:
The essential players highly consolidate the global market. They are innovating advanced and innovative products to build their business portfolio in the global market. These players are adopting strategic innovations, agreements, collaborations, and mergers to uplift the global market size.
Companies are launching new products in exhibitions to promote their brand value and reach more audiences to boost their sales. The key players are focusing on consumers’ requirements and offering them a solution. The adoption of these tactics will help in achieving their goals.
Key Segments in the Coconut Oil Market:
- Organic Coconut Oil
- Conventional Coconut Oil
By Product Type:
- Virgin or Extra Virgin
- Partially Hydrogenated
By End-use sector:
- Food and Beverages
- Cosmetics and Personal Care
- Household/ Retail
By Distribution Channel:
- Business to Business
- Business to Consumer
- Hypermarkets/ Supermarkets
- Traditional Grocery Store
- Convenience Stores
- Specialty Stores
- Online Retail
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s related ongoing Coverage on the Food and Beverage Market Domain:
Coconut Sugar Market: is projected to increase from US$ 3,635.3 million in 2023 to US$ 4,936.2 million by 2033. Sales of the coconut sugar market are expected to increase at 3.6% CAGR over the forecast period between 2023 and 2033.
Coconut Flour Market: is estimated to be valued at USD 2,100 Million in the year 2022 and is estimated to grow at an unprecedented rate to achieve a value of USD 6,699 Million by the year 2032 with a CAGR of 12.3% during the assessment period 2022 to 2032.
Coconut Milk Market: is estimated to hold a market value of USD 1152.71 Million in the year 2022, and owing to the versatile adoption of coconut milk and demand for coconut milk it is expected to have a robust growth rate registering a CAGR of 7% and reaching a healthy coconut milk market size of USD 2131.6 Million by the year 2032.
Coconut Derived Surfactants Market: is likely to be evaluated at US$ 1,886.9 million in 2023. The market is expected to reach US$ 2,606.8 million in 2033 and exhibit immense growth at a CAGR of 3.3% in the forecast period.
Desiccated Coconut Market: is estimated to be valued at US$ 8.2 Bn in 2022 and is projected to reach US$ 13.7 Bn by 2032. The global market is set to grow at a CAGR of 5.3% from 2022 to 2032.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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