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Coconut Oil Market Analysis

The coconut oil market is projected to register a CAGR of 6.34% during the forecast period, 2022-2027.

Coconut oil as an ingredient has been widely accepted in different industries such as food and beverage, cosmetics, personal care, and pharmaceuticals. With the ongoing expansion of end-use industries, the demand for coconut oil is also increasing in the worldwide market over the past few years. Further, the rising trend of plant-based cosmetics and personal care products is accelerating the production and processing of industrial-grade coconut oil across key coconut-producing countries. Additionally, several coconut associations have been established in different countries to regulate the industry operations which include Virgin Coconut Oil Producers Association (VCOPA), Indonesian Coconut Processing Industry Association, Coconut Development Board, and International Coconut Community, among others. These associations are primarily engaged in monitoring of trade, export, cultivation, and processing of coconut across the respective country. For instance, in India, Coconut Development Board (CDB) is a statutory body established under the Ministry of Agriculture, Government of India for the integrated development of coconut oil production. Moreover, by seeking the involvement of these government agencies, the manufacturers are gaining the trust of the coconut oil and other coconut by-products, which is another reason that is enabling the consumers with increasing demand for coconut oil.

In the short term, the trading of coconut oil has been significantly affected due to the inter-country war between Russia and Ukraine. For instance, according to the market study, in 2020, Russia was the 34th largest exporter of coconut oil across the globe as it exported USD 3.6Million in coconut oil, whereas, due to the war between these respective countries, in 2022, Russia has marked the coconut oil-exporting of USD 634Thousand and an importing of USD 18.4M which is a negative trade balance of USD 1.7Million. Thus, coconut oil trading is being affected across the globe.

Coconut Oil Market Trends

This section covers the major market trends shaping the Coconut Oil Market according to our research experts:

Increasing Demand for Coconut Oil in Personal Care Segment

Coconut Oil Industry Segmentation

The study scope considers coconut oil used as an ingredient in different end-use industries including pharmaceuticals, food and beverage; and cosmetics and personal care manufacturing. Coconut oil is produced mainly by a solvent extraction process. The coconut endosperm is removed and dried to yield the dried coconut meat, also known as copra, and subsequently, solvents are applied to maximize oil extractability. The global coconut oil market is segmented by product type, application, and by geography. By product type, the market is segmented into refined coconut oil, unrefined coconut oil, and other types of coconut oils. By application, the market is segmented into food and beverages, pharmaceuticals, cosmetics, and personal care. It provides an analysis of emerging and established economies across the world, comprising North America, Europe, South America, Asia-Pacific, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).