Coconut Oil Market Status and Forecast to 2024
Market Research Future (MRFR) predicts that the global coconut oil market is anticipated to touch a size of USD 8,403.3 million by 2025. It previously stood at USD 4,909 million in 2017. It can expand at 6.37%% CAGR from 2018 to 2025 (forecast period).
Preference of healthy oils for cooking purposes coupled with rising health consciousness among consumers is projected to drive market growth over the forecast period. The benefits of the oil which aid in digestion and assist in building up resistance against germs and bacteria can facilitate growth.
The wide scope of the applications of coconut oil offer new opportunities to the Coconut Oil Market Report. An instance includes health snacks produced by food manufacturers are prepared with coconut oil. In addition, the cosmetics sector uses the oil in the manufacture of soaps, detergents, lotions, and hair oil.
The global coconut oil market is segmented by type and end-user.
By type, refined coconut oil accounted for 74.22% share in 2017, while virgin coconut oil held close to 25.78% share in the same year. Refined coconut oil can accrue USD 5,899.7 million by 2025, exhibiting 6.20% CAGR over the assessment period. This segment can accumulate close to 4,819.5 kilotons (KT) by 2025. Virgin oil can generate USD 2,143.6 million by 2025 and predicted to accumulate a demand of 1,750.4 KT. The segment can give its credit to its growth to high health consciousness levels of consumers and the aging populace.
By end-user, food held close to 58% share of the coconut oil market in 2017, while the industry segment accounted for 42% share in the same year. The food segment can touch a size of USD 4,595.3 million by 2025, registering 6.15% CAGR during the assessment period. This can be attributed to the use of coconut oil in various Asian cuisines. In addition, its awareness and benefits in Western countries can fuel the segment growth. The industry segment can accrue close to USD 3,448 million by 2025 at 6.66% CAGR over the forecast period. The inclusion of coconut oil as a primary ingredient in hair care and personal care products is predicted to facilitate segment growth.
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Geographically, the coconut oil market is segmented into Europe, Asia Pacific (APAC), North America, Central & South America, and the Middle East & Africa (MEA). APAC accounted for 39.73% market share in 2017, followed by Europe (24.64%), North America (21.13%), Central & South America (9.20%), and MEA (5.30%).
The APAC region can generate close to USD 3,094.2 million by 2025, at 5.91% CAGR over the forecast period. This can be attributed to its huge consumption of the oil thanks to its inclusion in domestic cuisines in the region. Major application in cosmetics, pharmaceuticals, and personal care is predicted to fuel the regional coconut oil market growth. The region can command a demand of 2,533.8 KT by 2025, at 3.35% CAGR over the forecast period.