North America Coconut Oil Market Report and Forecast 2024-2032

North America Coconut Oil Market Size

The North America Coconut Oil Market reached 566.61  KMT in 2023. The market is expected to grow at a CAGR of 1.10% between 2024 and 2032, reaching 628.22 KMT by 2032.

North America Coconut Oil Market Outlook

• As per the United States Department of Agriculture (USDA) FAS, production of coconut oil in 2023-24 was 3.77 million metric tonnes.

• World consumption of coconut oil in 2023-24 was 3.68 million metric tonnes, as per the USDA Foreign Agricultural Service.

• As per the United States Department of Agriculture (USDA) FAS, world imports of coconut oil in 2023-24 were 1.87 million metric tonnes.

North America Coconut Oil Market Growth

The North America Coconut Oil Market is bound to see growth from the food and beverage industry owing to rising awareness of the health benefits of consuming coconut oil.

Coconut oil is used in cooking, baking, and frying, and is also used in various types of salads as a form of topping and dressing. It is used in making snack foods confectionery items and as a dairy alternative such as coconut milk in drinks because of its taste and rich texture. Due to its natural composition, it is a popular choice among health-conscious consumers.

As of March 2024, global Sweden-based company AAK introduced AkoVeg in New Jersey in the United States. AkoVeg is a coconut oil and fibre flake product which enables individuals to produce plant-based meat. Owing to the growth in plant-based meat consumption, the AkoVeg is expected to witness a significant growth.

Coconut oil is highly treasured in the pharmaceuticals industry due to its medicinal properties whereby it may be found as an ingredient in dietary supplements, skincare products and medicinal preparations. Its moisturizing quality makes it skin-friendly and hence suitable for certain healthcare applications. The demand for coconut oil is also driven by factors such as research into its therapeutic properties.

North America Coconut Oil Market Segmentation

North America Coconut Oil Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• RBD

• Virgin

• Crude

Market Breakup by Nature

• Conventional

• Organic

Market Breakup by Source

• Wet Coconut

• Dry Coconut

Market Breakup by Application

• Food and Beverages

• Pharmaceuticals

• Cosmetic and Personal Care

• Others

Market Breakup by Country

• United States of America

• Canada

North America Coconut Oil Market Share

Conventional coconut oil leads growth in the coconut oil market in the domestic region given that it is extracted using traditional methods and conventional agricultural practices. Conventional coconut oil has various applications including baking, cooking, skincare, haircare, and commercial uses.

Leading Companies in the North America Coconut Oil Market

Major market players are expanding their outreach through investments in sustainable production practices and environmentally friendly products.

• Archer-Daniels-Midland Co.

• Cargill Inc.

• Hain Celestial Group, Inc.

• Schwabe North America, Inc.

• Bunge Global S.A.

• Nutiva Inc.

• ConnOils LLC

• VedaOils

• Bo International

• Gustav Heess GmbH

• Wildly Organic

• Farm Boy Company Inc.

• Viva Naturals Inc.

• Others

Key Highlights of the Report