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The global coconut oil market reached approximately 3.9 million tons in 2023. The market is projected to grow at a CAGR of 1.20% between 2024 and 2032, reaching a volume of around 4.37 million tons by 2032.
Global Coconut Oil Market Report Summary | Description | Value |
Base Year | Million Tons | 2023 |
Historical Period | Million Tons | 2018-2023 |
Forecast Period | Million Tons | 2024-2032 |
Market Size 2023 | Million Tons | 3.9 |
Market Size 2032 | Million Tons | 4.37 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 1.20% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 1.9% |
CAGR 2024-2032 - Market by Country | India | 2.0% |
CAGR 2024-2032 - Market by Country | China | 2.0% |
CAGR 2024-2032 - Market by Product Type | Virgin | 1.4% |
CAGR 2024-2032 - Market by Application | Food and Beverages | 1.4% |
Market Share by Country 2023 | USA | XX% |
Rising usage of coconut oil for cooking purposes, skincare, and in the dental care sector are some of the prominent market drivers. In the skincare sector, it can be used to provide moisture to the skin, offer relief from skin conditions such as dermatitis, and act as a conventional sunscreen. As per a study published in the National Library of Medicine, coconut oil can block around 20 percent of sun rays.
Moreover, virgin coconut oil may possess antioxidant properties that can reduce stress levels and help combat depression. Coconut oil demand is further boosted for its use in the dental care sector for oil-pulling purposes as it can reduce bacteria Streptococcus mutans and lower the risk of inflammation and plaque.
Companies are formulating innovative products with the implementation of coconut oil. For instance, AAK announced the launch of AkoVeg 163-14 in March 2024, a blend of coconut oil and insoluble fibre flake, which can develop plant-based meat, with no cholesterol.
Demand for organic products, application across various sectors and sustainability concerns are a few elements shaping up the coconut oil market dynamics and trends.
May 2023
Waitrose has launched its new own label Coconut Oil, the United Kingdom's first to be both organic and Fairtrade. The coconut oil was manufactured by the Sonmic Organic and Natural Farmers' Association of SONFA.
February 2022
Dabur India Ltd has announced the launch of "Virgin Coconut Oil', further strengthening its presence in the coconut oil market. Dabur Virgin Coconut Oil is 100% Natural; it can be used for cooking and is traditionally also used for Skin & Hair Health and as massage oil. It would be available on Amazon, India's leading e-commerce platform, at Rs. 399 for 500 ml.
Organic products
One of the major trends in the global coconut oil market is the rising demand for organic and natural products. With the growing health and environmental concerns, consumers are seeking organic certification and no chemicals added to coconut oil. This trend comes to increase organic coconut oil production and sales.
Application across various sectors
Another trend of the coconut oil market is the rise in coconut oil use outside of food applications. A large and increasing quantity of coconut oil is used for personal care, particularly in skincare and haircare products. Apart from that, it is also applied in biofuels and industrial uses. Of course, such diversification can only prove its versatility and increasingly wide-ranging recognition of the benefits in several industries.
Sustainability concerns
Sustainability is rapidly becoming a key focus area in the coconut oil market. Companies, in an effort to reduce the negative impact of the production process on the environment, have started to get involved in sustainable sourcing through fair trade and eco-friendly methods of production. This has been driven by consumer preference for ethically manufactured products and enhanced awareness about environmental issues.
Another major trend boosting the coconut oil demand growth is the growing share of premium and specialty products. Consumers are ready to accept a more expensive cost because of the additional benefits of coconut oil, such as enhanced purity, unique processing, or specific health claims. This trend is very much in keeping with a general movement of consumers toward looking for high-quality, more functional ingredients in their diet and personal care composition. Therefore, brands are coming up with and advertising premium coconut oil products given the changing trend in consumer preference.
As per coconut oil industry analysis from the Food and Agriculture Organisation, in 2022, global coconut production will be led by Indonesia with an output of 17.13 million metric tonnes. Next comes the Philippines with 14.77 million metric tonnes, followed by India at 14.68 million metric tonnes. Only these three countries dominate the world coconut sector since their suitable climatic conditions contribute much to its overall production.
Sri Lanka, although much smaller in land area compared with the top three, ranks fourth with a production of 2.46 million metric tonnes, underlining the country's role in the coconut industry. Brazil, the top producer in the Americas, is forecast to yield 2.33 million metric tonnes, indicating the fast-paced rise in the world market. Vietnam turned 1.68 million and Mexico 1.29 million metric tons, respectively.
Finally, Papua New Guinea, Thailand, and Malaysia round out the top ten, with projected productions of 1.19 million, 0.81 million, and 0.54 million metric tonnes respectively. While significantly smaller in production scale compared with the leaders, these nations are important players in their respective regions and help diversify the demand of the global coconut market.
“Coconut Oil Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Nature
Market Breakup by Source
Market Breakup by Product Type
CAGR 2024-2032 - Market by | Product Type |
Virgin | 1.4% |
RBD | 1.3% |
Crude | XX% |
Market Breakup by Application
CAGR 2024-2032 - Market by | Application |
Food and Beverages | 1.4% |
Pharmaceuticals | 1.3% |
Cosmetic and Personal Care | XX% |
Market Breakup by Region
CAGR 2024-2032 - Market by | Region |
Asia Pacific | 1.9% |
Latin America | 1.6% |
North America | XX% |
Europe | XX% |
Middle East and Africa | XX% |
Organic Coconut Oil To Gain Traction For Health Conscious Consumers Globally
It is expected that the organic segment in the coconut oil market is poised to grow exponentially. The change in consumer behaviour refers to increased awareness among consumers concerning health and the environment, thereby reaching out to more chemical-free and sustainably sourced products. Organic coconut oil thus comes across as a much healthier and eco-friendly option than conventional peers. Moreover, raising concerns regarding food safety and the environment increases the consumption of organic options and hence boosts the overall demand of coconut oil industry.
Asia Pacific Region To Dominate The Global Market For The Presence Of Various Coconut Producing Countries
The coconut oil industry in Asia-Pacific region is likely to pull the most significant demand for coconut oil. The growth in demand could be triggered by the presence of the large coconut-producing countries in the region, such as the Philippines and Indonesia, where the oil finds its uses both in rooted culinary traditions and local industries. Additionally, disposable incomes are increasing in countries like India and China, while health consciousness fuels demand in the region for coconut oil as a versatile ingredient used in both food and personal care products. This upward trend in demand is also further supported by the existing installed production capacity in the region.
CAGR 2024-2032 - Market by | Country |
India | 2.0% |
China | 2.0% |
Brazil | 1.9% |
Mexico | 1.6% |
Japan | 1.6% |
Australia | 1.5% |
USA | XX% |
Canada | XX% |
UK | XX% |
Germany | XX% |
France | XX% |
Italy | XX% |
Saudi Arabia | XX% |
Key players in the coconut oil market strive to enhance the quality of products, increase their presence in markets through innovation and sustainability, and meet the growing demand from consumers seeking organic and ethically sourced options.
Cargill Inc., founded in 1865 and headquartered in Minneapolis, Minnesota, utilises its extensive global distribution network to ensure the widespread availability of its coconut oil products across various markets. The company is committed to sustainable and ethical sourcing practices, focusing on minimising environmental impact and supporting local farming communities. Cargill also invests significantly in research and development to create new applications and enhance the functionality of coconut oil in both food and non-food industries.
Archer Daniels Midland (ADM) Company, established in 1902 and headquartered in Chicago, Illinois, enhances its global market presence through strategic acquisitions and partnerships, which bolster its supply chain capabilities. ADM is dedicated to sustainable agricultural practices and innovative processing technologies to maintain high-quality, ethical production. The company incorporates coconut oil into a diverse range of food and industrial applications, leveraging its extensive product portfolio to meet varied customer needs.
Bunge Limited, founded in 1818 and based in St. Louis, Missouri, capitalises on its robust global sourcing and distribution network to ensure a consistent supply and expand into new markets. The company is committed to sustainable sourcing practices, aiming to minimise environmental impact while supporting local communities. Bunge focuses on product innovation, developing new formulations and applications for coconut oil, particularly in the food, personal care, and biofuel industries.
Adams Group, established in 1987 and headquartered in Dallas, Texas, operates with a vertically integrated business model that oversees the entire production process to ensure quality control and efficiency. The company invests in developing strong, recognizable brands for its coconut oil products, which enhances market visibility and consumer trust. Adams Group prioritises research and development to explore new uses and benefits of coconut oil, staying ahead of market trends and consumer demands.
The Coconut Company, founded in 2005 and based in London, UK, emphasises organic certification to appeal to consumers seeking high-quality, natural products free from chemicals and additives. The company diversifies its product line to include a range of coconut-based items, such as coconut oil and sugar, addressing various consumer needs. The Coconut Company is committed to sustainable sourcing practices, working directly with farmers to ensure fair trade and eco-friendly production processes.
Other key players profiled in the global coconut oil market report are Tantuco Enterprises, Inc., CIIF OMG, Royce Food Corporation and Mangga Dua, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Nature |
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Breakup by Source |
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Breakup by Product Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Coconut Oil Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Coconut Oil Market Analysis
8.1 Key Industry Highlights
8.2 Global Coconut Oil Historical Market (2018-2023)
8.3 Global Coconut Oil Market Forecast (2024-2032)
8.4 Global Coconut Oil Market by Nature
8.4.1 Organic
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Conventional
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Coconut Oil Market by Source
8.5.1 Dry Coconut
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Wet Coconut
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Coconut Oil Market by Product Type
8.6.1 RBD
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Virgin
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Crude
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Coconut Oil Market by Application
8.7.1 Food and Beverages
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Pharmaceuticals
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Cosmetic and Personal Care
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.8 Global Coconut Oil Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Coconut Oil Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Coconut Oil Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Coconut Oil Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Coconut Oil Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Coconut Oil Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Trade Data Analysis (HS Code – 151319)
15.1 Major Exporting Countries
15.1.1 By Value
15.1.2 By Volume
15.2 Major Importing Countries
15.2.1 By Value
15.2.2 By Volume
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Cargill Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Archer-Daniels-Midland Company
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Bunge Limited
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Greenville Agro Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Adams Group
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 The Coconut Company
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Tantuco Enterprises, Inc.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 CIIF OMG
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Royce Food Corporation
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Mangga Dua
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Coconut Oil Market: Key Industry Highlights, 2018 and 2032
2. Global Coconut Oil Historical Market: Breakup by Nature (Million Tons), 2018-2023
3. Global Coconut Oil Market Forecast: Breakup by Nature (Million Tons), 2024-2032
4. Global Coconut Oil Historical Market: Breakup by Source (Million Tons), 2018-2023
5. Global Coconut Oil Market Forecast: Breakup by Source (Million Tons), 2024-2032
6. Global Coconut Oil Historical Market: Breakup by Product Type (Million Tons), 2018-2023
7. Global Coconut Oil Market Forecast: Breakup by Product Type (Million Tons), 2024-2032
8. Global Coconut Oil Historical Market: Breakup by Application (Million Tons), 2018-2023
9. Global Coconut Oil Market Forecast: Breakup by Application (Million Tons), 2024-2032
10. Global Coconut Oil Historical Market: Breakup by Region (Million Tons), 2018-2023
11. Global Coconut Oil Market Forecast: Breakup by Region (Million Tons), 2024-2032
12. North America Coconut Oil Historical Market: Breakup by Country (Million Tons), 2018-2023
13. North America Coconut Oil Market Forecast: Breakup by Country (Million Tons), 2024-2032
14. Europe Coconut Oil Historical Market: Breakup by Country (Million Tons), 2018-2023
15. Europe Coconut Oil Market Forecast: Breakup by Country (Million Tons), 2024-2032
16. Asia Pacific Coconut Oil Historical Market: Breakup by Country (Million Tons), 2018-2023
17. Asia Pacific Coconut Oil Market Forecast: Breakup by Country (Million Tons), 2024-2032
18. Latin America Coconut Oil Historical Market: Breakup by Country (Million Tons), 2018-2023
19. Latin America Coconut Oil Market Forecast: Breakup by Country (Million Tons), 2024-2032
20. Middle East and Africa Coconut Oil Historical Market: Breakup by Country (Million Tons), 2018-2023
21. Middle East and Africa Coconut Oil Market Forecast: Breakup by Country (Million Tons), 2024-2032
22. Major Exporting Countries by Value
23. Major Importing Countries by Value
24. Major Exporting Countries by Volume
25. Major Importing Countries by Volume
26. Global Coconut Oil Market Structure
In 2023, the coconut oil industry reached an approximate volume of 3.9 million tons.
The market is estimated to grow at a CAGR of 1.20% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around 4.37 million tons by 2032.
The market is being driven due to the rising usage of coconut oil for cooking purposes, skincare, and in the dental care sector.
The key trends aiding the market include a shift towards organic farming, technological advancements in the production process, and growing usage in developing economies.
Regions considered in the market are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Based on nature, market segmentations include organic and conventional.
Different product types are RBD, virgin, and crude.
The major players in the market are Cargill Inc., Archer-Daniels-Midland Company, Bunge Limited, Greenville Agro Corporation, Adams Group, The Coconut Company, Tantuco Enterprises, Inc., CIIF OMG, Royce Food Corporation, and Mangga Dua.
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