The global Refined Coconut Oil Market is projected to reach approx. USD 1.95 Billion by 2030, growing at a CAGR of 9.32% during the forecast period from 2022 to 2030.
Refined Coconut Oil Market Overview:
The use of virgin coconut oil in various industries such as beauty, cosmetics, and healthcare is increasing. The global refined coconut oil market is facing growth in various other markets during the forecast period. The global refined coconut oil market offers prospects for market revenue growth throughout the forecast period.
Coconut oil is a cooking oil and is considered a source of dietary fat. It is widely used as cooking oil in food industry such as bakery and confectionery products. Refined Coconut oil can be divided into several categories based on how it is extracted from the coconut meat, including virgin coconut oil and refined, bleached and deodorized coconut oil. Coconut oil is a product extracted directly from fresh copra. The latter is then extracted from dried meat or copra and undergoes a refining process to make the coconut oil edible. The health benefits associated with refined coconut oil are the key drivers for the rapid growth of the global virgin coconut oil market. Therefore,Refined coconut oil is considered a high-value coconut product for its nutritional and functional benefits.
Refined Coconut Oil market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Refined Coconut Oil market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
The global Refined Coconut Oil market is the professional and accurate study of various business perspectives such as major key players, key geographies, divers, restraints, opportunities, and challenges. This global research report has been aggregated on the basis of various market segments and sub-segments associated with the global market.
Significant Refined Coconut Oil Market Dynamics and Growth Factors:
Widely used in medical benefits
Refined Coconuts Oil are highly nutritious as they are rich in fiber, vitamins, and minerals such as sodium, magnesium, iron, phosphorus, and calcium. A variety of coconut products made from coconut may improve heart health, promote blood sugar control, aid in weight loss and stimulate brain function. Coconut water supports kidney health, protects the heart, helps maintain blood pressure levels, provides post-workout hydration, and helps manage diabetes.
Over the past few years, there has been an increase in the number of health-conscious clients across the globe. People are adopting a healthy and active lifestyle, which increases the demand for healthy food. Healthy living has become a traditional way of life with a major focus on obesity and food sensitivities. Therefore, with the improvement of people's health awareness, the demand for healthy edible oils has increased significantly.
Growing demand from the food and beverage industry
Moreover, growing demand for coconut products such as coconut milk, coconut water, copra, etc. in the food industry is one of the key factors for the market. Food and beverage manufacturers around the world have invested heavily in enhancing and developing the use of coconut products to improve the properties, flavor or nutritional value of their products. Consumers in developed countries are increasingly focused on fitness and health. As a result, active and health-conscious consumers have shifted their preferences towards natural alternatives to caffeine- and sugar-laden energy drinks.
Hence, the demand for coconut water as a natural energy drink is rapidly increasing due to its nutritional properties such as electrolytes and nutrients. Hence, growing health awareness along with the benefits of coconut products is driving the growth of the global coconut oil products market.
Industry News and Key Developments
- January 2021 – The researchers of International Islamic University of Malaysia developed a dental varnish and mouthwash made from virgin coconut oil to help prevent oral health problems. The product is developed as a natural alternative for chemical mouthwash, suitable for all age groups without any side effects.
- March 2020 - Dr. Bronner’s, a family-owned company in North America, launched its first regenerative organic certified product, virgin coconut oil. The oil achieved silver level of certification working in close partnership with Serendipol, the company’s coconut oil supplier in Sri Lanka.
Top Key Players include in the Refined Coconut Oil Market are
NMK HOLDINGS PRIVATE LIMITED, Greenville Agro Corporation, P.T. Harvard Cocopro, Naturoca, SUN BIO NATURALS INDIA PRIVATE LIMITED, Celebes, Sakthi Exports, NATURE PACIFIC PTY LTD, Cocomate, Manchiee De Coco, KKP Industry, Genius Nature Herbs Pvt Ltd, Kera, and others.
The Refined Coconut Oil market research report is categorized based on type, applications and region.
On the Basis of Type:
- Virgin Coconut Oil
- Extra Virgin Coconut Oil
On the Basis of Application:
- Beauty and Cosmetics
On the Basis of Region:
Geographically, the global Refined Coconut Oil market has been analyzed in various regions such as North America, Latin America, Middle East, Asia-Pacific, Africa, Europe, and India. The global Refined Coconut Oil region is dominating this market in the upcoming future.
Sales in the Asia Pacific region dominate the global market with sales of USD 820 million in 2020. Higher acceptance of VCOs in emerging markets in the region coupled with increasing coconut plantations and their high domestic consumption drive the market growth. The region is the largest contributor in terms of both production and consumption. The Philippines and India are the largest producers of coconut oil. The substantial increase in coconut production in India has led to an increase in the extraction of VCOs in the country. According to the Indian government, coconut production is 9.5 million tons and the country's coconut cultivation area is about 1.78 million hectares. Additionally, the Indian government is also organizing various events to highlight the health benefits of this oil, which are expected to further drive the growth of the virgin coconut oil market in the region.
Europe is the second largest market and has experienced rapid growth in recent years owing to growing consumer awareness towards healthier eating. Originally, the oil was only available in health food stores, but it is now popular in major supermarkets. Furthermore, its use in various industrial products such as cosmetics, food and beverages, and pharmaceutical products is growing. Health and wellness trends have led the European food industry to use oils in premium products. Currently, its main industrial application is in high-quality healthy snacks. Europeans are increasingly concerned about maintaining a healthy balance between diet and lifestyle, which has greatly increased the demand for healthier foods. Hence, the product has become one of the signature ingredients in healthcare products, further driving the growth of the European market.
The North American market is likely to witness impressive growth in the coming years owing to the growing demand for nutritional supplements that support overall health. Furthermore, rising demand for personal care and beauty products coupled with high disposable income in the region boosts the market growth. There has been a surge in the inclusion of VOCs in beauty products in this region as the fatty acids present in the oil help restore overall skin health. Moreover, demand for oil-infused health supplements is on the rise owing to its antibacterial effects and fat-burning properties, which is expected to further drive market growth.
Further the regions are divided into countries as follows
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Refined Coconut Oil Market report scope
The major key questions addressed through this innovative research report:
What are the major challenges in front of the global Refined Coconut Oil market?
Who are the key vendors of the global Refined Coconut Oil market?
What are the leading key industries of the global Refined Coconut Oil market?
Which factors are responsible for driving the global Refined Coconut Oil market?
What are the key outcomes of SWOT and Porter’s five analysis?
What are the major key strategies for enhancing global opportunities?
What are the different effective sales patterns?
What will be the global market size in the forecast period?
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